The costs of small business accounting services can vary depending on the size of the business. Other factors to consider are the types of services needed and if they are ongoing throughout the year. The professional background and experience of the accountant should also be considered when weighing the costs. The price of accounting services can differ from a one time consultation fee to short term problem solving to a full time service. According to a recent survey by the National Society of Accountants (NSA) for the years 2016-2017, fees charged on average for business needs can be broken down into several categories:
- 57.3% of gross income goes to tax return preparation
- 15% goes to write ups
- 8.9% goes to payroll
- 3.6% goes to bookkeeping and Quickbooks
- 2.6% financial statement presentations
- 5.2% from other services
The cost of accounting service from the survey are a good way to measure fees for small business accounting and tax preparations in 2019. The accounting services that participated in the survey predicted raising their fees by 6.1% on average in 2017, higher than the 5.3% increase of 2016. Almost 50% of accounting and tax firms automatically increase their fees biannually. Almost 75% of accounting firms charge extra for incomplete and messy files which requires more time. The standard deadline and extension fees are also extra. Extra charges also apply for speedy returns. Therefore according to history it is possible to expect for 2018-2019 to also have an increase in costs for these services.
Will There be an Increase or Decrease in Demand and Service Prices?
The demand for small business accounting services is predicted to keep growing up to 10% from 2016 to 2026. Many accountants will be retiring and new jobs are being created while others still need to be filled. According to accounting web.com, the number of small businesses is growing with the economy. This creates demand for accounting services. For instance, there have been a lot of IPO’s in recent years. When a company goes public on the market, the responsibility of financial reporting necessary requires a professional accountant. This trend has also been fueling the need for quality accounting services.
Daily accounting responsibilities are getting more and more automated due to advancing technologies in the field. Qualified accounting services will need those who can take charge and move into advisory and analytical positions for small businesses. Globalization means more clients worldwide. More small businesses are doing business all over the world through websites on the Internet. This requires complicated multiple tax codes from more than one country. More complicated tasks will reflect the cost of accounting services. We will see the biggest demand for professional accountants in the states of Texas, New York, California, Pennsylvania, and Florida.
The bureau of Labor Statistics has predicted a higher than expected 19% increase in demand due to steady growth from 2016 to 2026. Financial Managers handle accounting, auditing, investments and goals for small businesses. The need for cash and risk management will bring more growth with the growing economy. The Bureau of Labor Statistics is predicting even higher demand as growth is expected to continue for small business accounting services with no decrease in demand in sight.
Different Pricing on Services
At choiceaccountingsolutions.com, they can help with the needs of a growing small business with affordable and competitive cost of accounting service. We are based in Miami yet our pricing is in line with other online accounting services. Accounting costs are decided in part by how big the business is and what services are needed. A consultation is alway a good idea to communicate with the small business and offer pricing they can afford.
Below you will find several services we offer and how the cost of accounting service can vary.
Payroll is a continuous process that needs attention regularly. Each employee’s paycheck and taxes must be calculated and processed. Payment to the IRS as well as employees need to be correct and on time all the time. This can be a daunting extra task for a small business owner to take on top of other daily duties. Choice Accounting Solutions can advise and get the groundwork done as well as take care of any inconsistencies.
Bookkeeping like payroll is an ongoing job. For a low price of 99$, Choice Accounting Solutions has customizable packages that can be tailored to fit your small business needs. Certified Bookkeepers prepare your taxes, generate reports every month, take care of regular data entry, and general bookkeeping. To keep it simple as possible, all your small business has to do is upload your financial business documents every month. Choice Accounting Solutions will do the work from there. Then we send the business files back via Dropbox for your small business approval. They can also help with preparing for a business loan should you need one. With a free consultation you’ll see how the price of accounting service is affordable and doable.
Small businesses have to pay taxes at the local, state, and federal levels of government. They are also required to pay them quarterly with the balance due at years end. This is a huge responsibility that has to be done right to avoid many headaches with the IRS! Choice Accounting Solutions can get it done so you can avoid the hassle of penalties and late charges with the IRS.
We are also able to help with the IRS Debt Negotiation process. Sometimes small businesses can get behind and fall in debt to the IRS. If this should happen, it is wise to seek professional help immediately. The IRS does have debt relief help. We can help you with an “Offer in Compromise”. This is a settlement with the IRS for less than what you owe and gets it taken care of so you don’t have to lose sleep!
Choice Accounting Solutions can help with all your small business needs. Located in Miami we service nationwide online. Our prices reflect and are in line with or better than other online accounting services. Get in touch with them today for your free consultation and your small business will be ready for 2019!