Entrepreneurship & Small Business

How much do you pay for your accounting service?

  • Last Updated:
  • Aug 27th, 2019 8:06 am
[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
8 replies
Newbie
User avatar
Nov 18, 2012
24 posts
13 upvotes
Vancouver
pkpower wrote: 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
2852 posts
56 upvotes
Markham
Following this thread. I need to hire a corporate accountant ASAP. 2 years of T2s overdue.
Jr. Member
Sep 27, 2010
151 posts
42 upvotes
Toronto
604paladin wrote: 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
875 posts
24 upvotes
chinaboy1021 wrote: 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
Newbie
Oct 28, 2016
9 posts
Looking for a new accountant as well for second year T2. Please PM if you're able to do this after reading the below.

Previous accountant I paid $1400 for T2 filing and tax planning. Looking to lower a lot more since there is pretty much nothing special for tax planning with a simple small business and this corp has no payroll, capital assets, depreciation, inventory/cost of sales and all the bookeeping was already done online.

Just for reference I am getting quotes from $300-$5000 for T2 filing with this corp.
Member
May 20, 2002
202 posts
26 upvotes
I have 3 corps. 2k for holdco (which also does a fair bit of investing. Company 2 is a pet store about 3k. Company 3 is a vet clinic 4 to 8k per year depending on the level of planning needed.

Accounting has a great ROE for me
Sr. Member
Nov 12, 2014
832 posts
559 upvotes
Kingston, ON
Prices depend if you're just getting a T2 done, or if you want financial statements as well (and what level of assurance).

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