Question


Miss Fit

How much should a small business spend a year on bookkeeping/accounting/tax consulting?

Hello, I currently have a small fitness consulting business. I had my bookkeeping & accounting done with an accounting services company last year. At the end of the year they even handled 1099 tax paperwork for my 6 subcontractors. I handled the rest of my tax paperwork with a separate private contractor. The problem with he bookkeeping/accounting is how much I spent - about $2,000. My concern is - Is this too much for a small business? I don't have time to do this all on my own and I want to make sure my bookkeeping/accounting is done accurately. I just don't want to spend a fortune on it. Thank you in advance.

7 months ago - 4 answers

Best Answer

Chosen by Asker

I am an accountant and we serve clients very similar to you. Our average client pays around $2,400 - 3000 per year for accounting, tax returns, and consulting. Sounds like you are getting a fair deal. One thing I must say, you may not feel like you can afford this service, but the reality is you cannot afford to not have it. If they are good, then they are saving you $2,000 a year in tax with their consulting. Hope this helps and good luck with the business!

by Atl Guy

7 months ago

Asker's Rating: 

Other Answers

You can outsource the book keeping work to any registered or any company with a common reference. Many companies do accounting / book keeping in Bangalore, India. If you send detail to my email id I can forward list of companies, after thorough verification on these you can outsource it any one you feel fit.

by lakshmikanth- 7 months ago

Hey Miss Fit, The amount that you are spending is decent. You are not spending too much. But the question is what type of services are you receiving? Are you getting any CPA advice on your accounts? Are you getting P&L reports?...and stuff like that Check www.PeakVirtualAccounting.com They offer professional accounting services for low prices and they specialize in small businesses who want to outsource their accounting. You can see their offering and prices on their website. I know some people there and might be able to get you a better price. Let me know if you needed my help. Parham

by parham007- 7 months ago

Hi You can outsource your accounting and bookkeeping work to our company based out of bangalore india we will be charging hourly only, we are 4 years old company and working for many clients across globe. for more details please visit our business sites www ... www ... www ... www ... www ... Thanks, Manohar

by Manohar r- 7 months ago