Find a Business Accountant near you
The average rating for Bark Business Accountants is 4.89, based on 107,686 reviews
5/5
based on 107,686 reviews
Looking for someone to manage your business accounting? Read our handy guide to find out how much you can expect to pay for business accounting services.
Every business has a legal duty to maintain accurate financial records which must be reported for tax purposes. Business accounting involves accurately recording your financial data so that it can be analysed, interpreted, and reported to both stakeholders and government organisations.
Many sole traders start out by maintaining their own accounts, only to realise that it becomes a challenging task as the business grows larger. Outsourcing your business’ accounts to an accountant can save you both time and effort, as well as minimising the chances of mistakes being made.
For larger businesses, outsourcing your accounts to a professional accountant simply makes sense. It’s one less function for you to worry about overseeing – you can focus on what’s really important to your business whilst the professional accountant deals with your business finances.
Outsourcing your business’ accounting can save you both time and effort, as well as ensuring that you comply with legal requirements, but how much do business accounting services cost?
The price of business accounting services will depend on the structure of your business, your annual turnover, and the accounting services that you require. Although there is no fixed rate for business accounting services, a breakdown of average costs of outsourcing your accounting based on UK business accounting providers is given below.
| Average cost (per hour) | £45 |
| Minimum cost (per hour) | £30 |
| Maximum cost (per hour) | £120 |
The price of business accounting services will depend on several factors including:
Business structure
Annual turnover
Accounting services required
How your business is structured will impact the price of business accounting services. This is because different business structures have differing legal obligations when it comes to maintaining records and filing taxes.
You’ll generally find that business accounting services will be lower in cost for sole traders and partnerships, whilst limited companies will face higher levels of fees as a result of the more complex requirements.
The price of business accounting services will also be dependant on the annual turnover of your business. The more your business earns, the more accounting will need to be done. That’s why accountants often base their fees on the annual turnover of your business. The higher your annual turnover, the higher your accountancy fees are likely to be.
The cost of business accounting services will also depend on the services that you require. For example, a small business that needs help with simple tasks such as filing a tax return and carrying out payroll will attract a significantly lower fee than a large corporation that requires regular financial reports, departmental budgets and business forecasting.
It’s perfectly possible to complete your accounting in-house. However, you’ll need to have experience in accounts and a good working knowledge of the legal requirements to ensure that you don’t end up with a fine.
For bigger businesses with a large annual turnover, accounts can quickly become overwhelming and take over your day-to-day work. Hiring an in-house accountant is certainly an option, but you’ll need to make sure that you’ve got back up for when they call in sick or take a holiday.
Outsourcing your accounting means that you concentrate on what really matters to your business whilst leaving your business accounting to the experts. You can feel confident in the knowledge that your legal duties will be complied with, and you’ll be less likely to be hit with a fine.
The average rating for Bark Business Accountants is 4.89, based on 107,686 reviews
5/5
based on 107,686 reviews
