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How much do Business Accounting Services cost?

$120 - $380 per hour
Average Price

What is the price of Business Accounting Services?

Thinking about outsourcing 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?  

Every business has a legal duty to maintain accurate financial records, whether you’re operating as a sole proprietor or a corporation. These records must be reported for tax purposes. Business accounting involves accurately recording your financial data so that it can be analyzed, interpreted, and reported to both stakeholders and government organizations.

For small businesses, it can be tempting to keep your accounting in-house. In fact, many sole proprietors start out by maintaining their own accounts, only to realize 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 minimizing the chances of mistakes being made.

As a large corporation, opting to outsource your accounts to a professional accountant often 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?

Choosing to outsource your business’ accounting to a professional accountant can save you both time and effort. Not only that, but it will also help you 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 many factors, including the structure of your business 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 Canadian business accounting providers is given below.

Average cost of Business Accounting Services
Average cost (per hour)$160
Minimum cost (per hour)$120
Maximum cost (per hour)$380

What changes the price of Business Accounting Services?

The price you’ll be quoted for your business accounting services will be influenced by several factors including:

  • Business structure

  • Annual turnover

  • Accounting services required

Business structure

The cost of outsourcing your business accounts will be impacted 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 the price of business accounting will be lower for smaller businesses such as sole proprietors and partnerships, whilst corporations will face higher levels of fees as a result of their more complex requirements.

Annual turnover

The annual turnover of your business will also have an impact on the price of business accounting services. The more income your business generates, 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 your business accounting will also be influenced by the types of accounting services that your business requires. 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?

For sole proprietors, it’s often tempting to keep your 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.

Large corporations with a high annual turnover will often find that their accounts quickly become overwhelming, taking 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 go on vacation.

Outsourcing your business accounting can enable you to concentrate on what really matters to your business whilst your business accounting is left 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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