Entrepreneurship & Small Business

Review Engagement Cost

  • Last Updated:
  • Feb 23rd, 2022 10:31 am
Mar 17, 2021
6 posts

Review Engagement Cost

Hi Folks,

I was wondering how much would be reasonable to expect for accounting fees to prepare review engagement report/statements for a small startup business? No inventory, no AR or AP, revenue around $100K and no employees (just the founder for now). Business is in Nova Scotia.

Its apparently required by the government to take advantage of an equity tax credit to raise funds from family and friends.

4 replies
Deal Fanatic
Aug 21, 2007
5931 posts
Will really depend, if I had to guess I would say if the business is as simple as you are saying, 2-3k depending on the firm.
Deal Fanatic
Sep 23, 2007
5598 posts
The best way is to call your local accountants and get quotes? I could throw a number down and then you end up being charged differently when you actually talk with an accountant. So what's the point? Many variables will affect the degree of work and the price.

For my company I have an external accountant do the annual T2 filing + HST filing. I compile everything in quickbooks. Every year I'd go over some key points and usually he asks some questions. Ends up around 2.5k. I'm in Ontario. I end up with a financial statements package signed off by a professional.
Deal Addict
Aug 28, 2007
2120 posts
I concur with BananaHunter. We do essentially the same thing for probably about the same fee (We're in Alberta)

When I first started as a consultant I thought $2K was a lot just for taxes that first year, So I found a local accountant/acquaintance to do it for $800-$1000 or so (in the early 2000's.) That worked for 5 years or so, when my bookkeeping was on a spreadsheet. However, as our business expanded into other things and got more complicated his skills weren't up to it. So we moved again. For the last 15-20 years the basic fees were back in the range of $2-3K a year. However, we aslo book advisory meetings about specific issues (in his slow season) and we're happy to pay his hourly rate for the advice & reports. That is variable each year; and is sometimes nothing. But probably tops out in a complicated year at an additional $3-4K.

Now you are talking about raising equity... that is way out of my league and accounting is probably much more expensive with audited statements etc.