Entrepreneurship & Small Business

How much do you pay for your accounting service?

  • Last Updated:
  • Aug 14th, 2019 8:19 pm
[OP]
Sr. Member
User avatar
Feb 9, 2009
514 posts
67 upvotes
Vancouver

How much do you pay for your accounting service?

I'm not a fan of paying monthly for accounting service. It's great for the accounting firm but not so great for their clients..

I've found an accountant that is charging:

  • T2 - $2,000 (includes T5, financial statements, adjustments) our business is really simple
  • Bookkeeping - $58 per hour
  • GST/PST - $58 per hour
  • General CPA help - $155 per hour
5 replies
Newbie
User avatar
Nov 18, 2012
22 posts
7 upvotes
Vancouver
pkpower wrote:
Aug 13th, 2019 6:14 pm
I'm not a fan of paying monthly for accounting service. It's great for the accounting firm but not so great for their clients..

I've found an accountant that is charging:

  • T2 - $2,000 (includes T5, financial statements, adjustments) our business is really simple
  • Bookkeeping - $58 per hour
  • GST/PST - $58 per hour
  • General CPA help - $155 per hour
That's pretty standard. That's on the low side of what I would charge (I run my own CPA firm in Surrey BC). $58 an hour for bookkeeping (GST/PST is bookkeeping work) is on the low side, typical rates are between $50 - 75 / hour. Important part isn't the price, but your comfort level and if the person / firm you are doing your year end with is giving you the answers you need to succeed.

When I deal with clients and they cringe at the $2,000 to $4,000 price point for doing a corporate year end, It is usually because they shouldn't be incorporated in the first place. If you have to pay $2,000 in year end fees and your business nets only $50,000 before paying yourself, that accounting fee definitely hurts a lot. But if the number is $250,000 .. good chance you might not even bat an eye at that point.
Deal Addict
User avatar
Jun 12, 2003
2845 posts
54 upvotes
Markham
Following this thread. I need to hire a corporate accountant ASAP. 2 years of T2s overdue.
Jr. Member
Sep 27, 2010
147 posts
42 upvotes
Toronto
604paladin wrote:
Aug 13th, 2019 8:20 pm
That's pretty standard. That's on the low side of what I would charge (I run my own CPA firm in Surrey BC). $58 an hour for bookkeeping (GST/PST is bookkeeping work) is on the low side, typical rates are between $50 - 75 / hour. Important part isn't the price, but your comfort level and if the person / firm you are doing your year end with is giving you the answers you need to succeed.

When I deal with clients and they cringe at the $2,000 to $4,000 price point for doing a corporate year end, It is usually because they shouldn't be incorporated in the first place. If you have to pay $2,000 in year end fees and your business nets only $50,000 before paying yourself, that accounting fee definitely hurts a lot. But if the number is $250,000 .. good chance you might not even bat an eye at that point.
Thank you for giving some actual numbers to show what will be worth it.
Sr. Member
Feb 23, 2005
871 posts
23 upvotes
chinaboy1021 wrote:
Aug 14th, 2019 1:47 am
Following this thread. I need to hire a corporate accountant ASAP. 2 years of T2s overdue.
I'm a CPA, CA in Markham/Richmond Hill area, see PM.
Newbie
User avatar
Jun 7, 2019
11 posts
5 upvotes
I'm a CPA running a "Virtual Accountant" business for clients across Canada. My fees are much less than quoted above. PM me for the link to my website if interested.

Thanks

Top