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The average rating for Bark Business Accountants is 4.87, based on 174,655 reviews
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Considering outsourcing your business accounting? Read our handy guide to find out how much you can expect to pay for business accounting services.
Whether you’re operating your business as a sole proprietor or a corporation, 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 analyzed, interpreted, and reported to both stakeholders and government organizations.
If you’re a small business, it can be tempting to keep 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.
For large corporations, outsourcing 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.
The decision to outsource 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 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 US business accounting providers is given below.
| Average cost (per hour) | $60 |
| Minimum cost (per hour) | $40 |
| Maximum cost (per hour) | $300 |
The cost of business accounting services will be influenced by several factors including:
Business structure
Annual turnover
Accounting services required
The price that you’ll pay for business accounting services 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 typically find that the cost of business accounting services will be lower for sole proprietors and partnerships, whilst corporations will face higher levels of fees as a result of their more complex requirements.
The annual turnover of your business will also influence the cost of business accounting services. Generally, 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.
The price you’ll pay for your business accounting 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.
It can be tempting to keep your accounting in-house, especially if you’re operating as a sole proprietor. 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 find that their accounts can 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 will allow you 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.
The average rating for Bark Business Accountants is 4.87, based on 174,655 reviews
5/5
based on 174,655 reviews
