Managing the financial aspect of a business can be tricky if you don’t know much about accounting. That is why hiring a bookkeeper can help you. An accountant is also necessary for managing the tax reports of the company.
If you want to hire a bookkeeper in Canada, you may want to know about the accountant cost for small business. The best thing is you’re in the right place. Here is everything you need to know about it.
How Much Does Accountant Cost For Small Business In Canada?
An accountant can cost you different amounts, depending on their specialty. The price you will have to pay for the hourly services of a bookkeeper is $150 to $400. This is mainly the cost for small businesses, so the price may vary if your business size is bigger.
Typically, $150 to $250 is the average accountant cost for small business options in Canada. The minimum amount is $60 for minor services. Meanwhile, the figure can rise up to $400 if you require complex accounting services.
How Much Does A Tax Accountant Cost For Small Business In Canada?
Tax accountants are different from regular bookkeepers because they mainly deal with the tax documents of the company. You may hire such an individual annually during the tax period. The average tax accountant cost for small businesses is $300 per hour.
The starting price for an accountant for a small business is $147. This figure can rise up to $457 per hour. The amount will depend on the tax forms of your company and how organized your books were already.
If errors in your books are low, the accountant will not have to charge high for correcting the mistakes.
Factors That Affect The Accountant Cost For Small Business
Here are the top factors that will affect the price for an accountant for small businesses:
- Size Of Your Small Business
The size of your business will affect the cost of your accountant significantly. If your company is a new startup, you may not require much help with bookkeeping. This means that accountants will not have to work for long hours, reducing their average hourly cost.
Meanwhile, the accountant costs for an expanding small business will be higher because of more sales. You may also want to consider whether hiring an accountant on an hourly salary or monthly pay is better.
- Type Of Service
Accountants offer different services to companies, depending on their specialty. This is because some offer simple services while others offer expertise in complex calculations. Tax accountants charge greater than regular accountants because they specialize in thorough services.
The best part is that many accountants offer a free consultation initially. So you can easily decide whether the individual is suitable for your Canadian business or not.
This is everything you need to know about the accountant cost for small businesses. You can hire an individual to manage your books, offer business advice, and much more. Remember to use a professional accounting firm to get the best service in Canada. Also, considering NetSuite ERP Optimization can provide comprehensive accounting solutions, helping you streamline your financial operations effectively and efficiently.