ACCOUNTANT’S FEES: Explained

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When individuals or business owners consider hiring an accountant, they are likely trying to save money. Often the question arises: if I want more funds, why should I spend my limited budget on an accountant? This could lead to the incorrect assumption that accounting services are only for wealthy people or large corporations. Liu & Associates is here to set the record straight! Read on for our breakdown of typical accountancy fees and why they are worth your investment.

What am i paying for?

This is a common question when looking into an accounting service, especially when you are quoted a specific amount. The “sticker price” could be shocking if you do not know what to expect – but it can be easier to accept once you understand the full contribution of accountancy. More than just a bookkeeper who records necessary numbers, a good accountant will offer financial advice, guide your investments and help avoid costly fees and penalties. Typically you are paying for the accountant’s labour, experience and overhead, as well as the peace of mind that your finances are in good hands.

WHAT SHOULD BE INCLUDED?

Here are some of the services you offered to individuals or businesses by quality accounting firms:

  • Pricing, inventory and workspace advice;
  • Cash flow and budget management;
  • Finance report consultation;
  • Application of financial strategies;
  • Tax returns and prioritizing your taxation obligations;
  • Aid with corporate structure issues (sole proprietorship, partnership or corporation);
  • Help with savings, investments and other methods of building capital.

IS IT WORTH IT?

Unfortunately, this question can only be answered by the individual or business themselves. There are a wide variety of accountants, accounting firms and similar services, but they are not made equal! A good accountant will consult your needs and advise the level of service necessary in your specific situation. For some, a bookkeeper may be enough – while others may require a full suite of accountancy services to ensure their finances are handled properly.

If you are unsure about what you or your business requires, contact or visit Liu & Associates today! Your first consultation will be comprehensive and hassle-free, no matter what your needs. Our friendly staff will help guide you to an appropriate level of service, while keeping your financial future as our first priority.

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