Last updated: 24th May 2019
The cost of business accounting services stands at around $48/hr. However, the final price usually differs from job to job with the lowest possible price at approximately $33/hr and the highest at about $69/hr.
Business accounting prices from real customers
He hired an accountant to do the bookkeeping for his private company in Hornsby. The job also involved providing advice on business taxation, BAS, GST, and processing payroll.
TOTAL COST: $2,100
He needed an accountant to lodge the tax returns for his business on the Gold Coast. The job also included lodging of personal tax returns.
TOTAL COST: $1,922
He hired an accountant to help him handle his business taxes. The business has been trading in Beacon Hill for more than five years and operates as a trust.
TOTAL COST: $1,400
Costs of common business accounting and advice jobs
|Business Accounting Task||Typical Quoted Prices|
|Profit and loss statement||$300|
|Business tax advice||$500|
|Assist in closing down a business||$660|
|Tax returns for a business (partnership)||$750|
Factors that will determine the cost of your job
Business accounting covers a variety of tasks. Because of this, business accountants consider several factors when determining the cost of their services.
If you need regular updating (monthly, quarterly, annually, etc.) of books, it’s best to hire one accountant or business to take care of it for you. This can give you more savings than when you hire accountants for just one-off jobs. Also, accountants typically charge hourly rates, so jobs that require longer hours to complete will naturally be more expensive. However, if you hire them for a regularly recurring job, you might get a discounted price for all the services you’ll require.
You can expect costs to rise if you have a strict deadline — for instance, if you forgot to lodge your business tax return earlier and you only have a few days left for filing. Your accountant would have to work faster in order to meet the deadline and lodge your returns on time. Of course, this will cost you a higher fee.
Business accountants handle different aspects like bookkeeping, bank reconciliations, financial statement preparation, and business re-structuring. These tasks have different levels of difficulty, so accountants charge varying fees for these services. Obviously, the cost of your job depends on the specific task/s you need done. You can ask your accountant if they offer packages that can be customised to suit your needs. This way, you can set a proper budget and maybe save a few bucks.
Rates vary depending on the sate
Business accountants in New South Wales, Queensland, and South Australia charge the same average rate, which is $45/hr. This is slightly lower than the average cost of business accounting services in Victoria and Western Australia, which is about $50/hr. Meanwhile, at approximately $55/hr, the Australian Capital Territory has the highest average price for the same type of service.
It’s definitely a good thing that you can leave the hassle of accounting to knowledgeable experts. This way, you can focus more on growing your own business. You can find professional accountants on ServiceSeeking.com.au.
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