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How much do Business Accounting Services cost?

Average Price
$80 - $320 per hour

What is the price of Business Accounting Services?

Are you considering hiring someone to manage your business accounting? Read our handy guide to find out how much you can expect to pay for business accounting services.

What are Business Accounting Services?

Whether you’re a sole trader or a company, every business has a legal duty to maintain accurate financial records. These records must be reported for tax purposes. Business accounting involves accurately recording your financial data so that it can be analysed, interpreted, and reported to both stakeholders and government organisations.

For small businesses, it can be tempting to keep accounting in-house. In fact, many sole traders start out by maintaining their own accounts, only to realise that it becomes a challenging task as the business grows larger. Outsourcing your business’ accounts to an accountant can save you both time and effort, as well as minimising the chances of mistakes being made.

If you’re a larger company, outsourcing your accounts to a professional accountant simply makes sense. It’s one less function for you to worry about overseeing – you can focus on what’s really important to your business whilst the professional accountant deals with your business finances.

How much do Business Accounting Services cost?

Outsourcing your business’ accounting to a professional accountant can save you both time and effort. Not only that, but it will help to ensure that you comply with legal requirements. But how much do business accounting services cost?

The cost of hiring an accountant for your business finances will depend on the structure of your business, your annual turnover, and the accounting services that you require. Although there is no fixed rate for business accounting services, a breakdown of average costs of outsourcing your accounting based on Australian business accounting providers is given below.

Average cost of Business Accounting Services
Average cost (per hour)$120
Minimum cost (per hour)$80
Maximum cost (per hour)$320

What changes the price of Business Accounting Services?

The price that you’ll pay for business accounting services will depend on several factors including:

  • Business structure

  • Annual turnover

  • Accounting services required

Business structure

The cost of business accounting services will be influenced by the structure of your business. This is because different business structures have differing legal obligations when it comes to maintaining records and filing taxes.

You’ll often find that business accounting services will be lower in cost for sole traders and partnerships, whilst companies will face higher levels of fees as a result of their more complex requirements.

Annual turnover

The annual turnover of your business will also impact the price of business accounting services. The more your business earns, the more accounting will need to be done. That’s why accountants often base their fees on the annual turnover of your business. The higher your annual turnover, the higher your accountancy fees are likely to be.

Accounting services required

The cost of business accounting services will also depend on the types of accounting services that you require. For example, a small business that only needs help with their taxes and payroll will attract a significantly lower fee than a large corporation that requires regular financial reports, departmental budgets and business forecasting.

Is it worth outsourcing your accounting?

Some businesses, particularly sole traders, opt to keep their accounting in-house. However, you’ll need to have experience in accounts and a good working knowledge of the legal requirements to ensure that you don’t end up with a fine.

For larger corporations with a high annual turnover, accounts can quickly become overwhelming and take over your day-to-day work. Hiring an in-house accountant is certainly an option, but you’ll need to make sure that you’ve got back up for when they call in sick or take a holiday.

By outsourcing your accounting, you’ll be able to concentrate on what really matters to your business whilst leaving your business accounting to the experts. You can feel confident in the knowledge that your legal duties will be complied with, and you’ll be less likely to be hit with a fine.

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