How Much Do Accountants Cost?

How Much Do Accountants Cost?

Ensuring sustainable business growth is highly time- and labour-intensive. You have to build your customer base and nurture your existing customers through communication and excellent customer service. Growing your business also requires creative problem solving, dealing with pressure, and improving your products or services.

As if that’s not enough, you also have to ensure government compliance. Your business needs an up-to-date financial reporting system, allowing you to monitor its performance and make informed decisions.

For most small business owners, outsourcing accounting is the natural solution to save time and eliminate the risks of non-compliance or inaccurate financial data recording.

But how much does an accountant cost? This question is critical to ensure that your decision to outsource makes financial sense. Let’s take an in-depth look at a few accounting solutions you may need and the costs of hiring an accountant.

Table of Contents

Does Your Business Need Accounting Services?

Before discussing the costs of accounting services, it is necessary to look at accounting as a service. Many business owners use the terms “bookkeeping” and “accounting” interchangeably, even though there are notable differences between the two.

When considering the cost of recording and reporting financial data, you also have to consider your business’s needs. For example, if you have a straightforward service-based business, appointing an accountant to record your transactions using the single-entry system can be a waste of money.

However, you may need a tax consultant to file your returns and ensure that you don’t miss any tax-deductible expenses.

What Does an Accountant Do?

An accountant uses your financial data to compile reports that reflect your business’s performance. Accountants are qualified professionals who have extensive knowledge of finance-related matters. Their tasks frequently include:

  • Analyzing and verifying financial data
  • Generating financial statements, such as the balance sheet and income statement
  • Performing audits
  • Using data to gain insight into a business’s financial position
  • Identifying financial inefficiencies or opportunities for growth
  • Providing business owners with the financial information they need to make calculated decisions


An accountant mainly plays an advisory role and will consult with you to ensure accurate financial reporting. Among others, these solutions include determining the most optimal method for reporting inventory costs, calculating depreciation on your assets, or reporting your business’s intangible assets.

A qualified accountant should have a bachelor’s degree from an accredited university or college. In Canada, to qualify as a chartered professional accountant, they also need to complete the CPA Professional Education Program and pass the Uniform Evaluation exam.

Bookkeeping is just one component of accounting, though many accounting firms do provide their clients with bookkeeping solutions.

Tax Consulting

Tax consulting falls under the spectrum of accounting and consists of tax preparation and counselling in an expert capacity. Tax preparation involves the mechanical process of gathering your business’s financial information, transferring it to tax forms, and submitting the tax returns to the Canada Revenue Agency for processing.

Only a certified public accountant can provide tax counselling in an expert capacity, as it is a regulated service. If you have a complex tax situation, you may need tax counselling to prevent mistakes on your tax forms and CRA fines. Professional tax counselling will also ensure that you minimize your tax obligation.

How Much Does an Accountant Charge?

In Canada, accountants charge an hourly rate ranging from $30 to around $400 per hour for providing general accounting services. However, CPAs providing white-glove accounting solutions charge more. An accountant’s fee depends on various factors, including their qualifications, how many years of experience they have, and their location.

Partners in an accounting firm typically receive a fixed CPA salary along with their share of the firm’s profits. Larger firms also offer their accounting solutions as a package that can include bookkeeping and tax consulting services.

Individual Services and Factors Affecting Your Accounting Costs

How much you can expect to spend on accounting primarily depends on the services you need. If you don’t come from a background in finance, schedule a consultation with an accountant to find out which solutions are a good fit for your business.

If your company is still in its early stages, setting up an accounting system is the first step in allowing you to record and track your income and expenses. These initial stages include opening a business account and setting up a system to collect payments.

You also have to set up an accounting software account and create a chart of accounts. That’s where an accountant comes in. A chart of accounts is a customized accounting system that aligns with your business’s financial structure. Your accountant will advise you on the account types your business needs and add them to your accounting system.

Setting up your accounting system requires a one-time payment and isn’t an ongoing expense. Your accountant will factor the initial accounting system setup into their fee structure.

Payroll System Setup or Conversion and Support

Software Training

Accounting Software Subscription Fees

Filing Tax Returns

Drawing Up Year-end Financial Statements


Choosing a Suitable Accountant for Your Business

When choosing an accountant to maintain and interpret your financial records, you need to consider various factors to ensure that you onboard a professional who can meet your business’s unique requirements.



Track Record

Relevant Experience

Fee Structure

Find the Right Group Insurance Product for Your Business

Apart from cost-effective accounting solutions, your business also needs quality group benefits. At Group Enroll, we’ve helped countless business owners compare and pick group insurance products that meet their needs.

Whether you need extended health care, group dental insurance, group life insurance, or a group retirement savings plan, we can help you find the best possible coverage at the lowest possible rate.

Just fill out our quick quote form or email us at to get started. You can also contact us by post at 10 Great Gulf Drive, Unit 5, Vaughan, ON, L4K 5W1.