How much it costs to hire a Contractor Accountant? | A Complete Pricing Blog
A Contractor Accountant must be hired to guide an entity to reach a specific future state. Based on those future states, you can choose the contractor for a specific project, a transaction that has to be tackled, cleaning up the reports, redefining the controls, or requesting guidance.
Who are Contractors?
A contractor accountant is a dedicated one who must understand how the business has to run and structure the capital of any limited company. It must be done in a legally tax-efficient manner.
How to choose the Contractor?
There are various ways to choose a contractor accountant like from
- Top Big four Firms
- Financial Advisory Consulting Firms
- Tax Firms
- Staffing Firms or Temp Agencies
- Independent or Freelance CPAs
- Other Public Accounting Firms
The major differences between these mentioned are the contractor pricing and contractor hourly rates.
Why use a Contractor Accountant?
There are plenty of positive reasons to make use of contactor accountants which includes
- Being updated on Latest Industry Legislation
- Contract Accountant must be extremely knowledgeable for offering expert tips on tax planning and legislation
- Specific Tax Legislation
- Giving the best ways to structure the company’s capital in a legally tax-efficient way
- Fixed Fee
- Operates on the basis of fixed fee with zero additional charges, unlimited assistance & advice regarding tax, cash flow, and finance of a company
- Saves Time
- Contractors will manage your finances leaving more time on your hands
Contractor Pricing Structure & Fees
A contractor accountant will not work for free. They usually offer the services in packages. Based on your needs, you can pick from various available packages. The pricing strategies are
- Fixed Fee Accountancy Service
- Variable Fee Model
Contractor rates are usually expensive and they will start from 3,531.65 rupees per month. Contractor costs up to 22,072.09 rupees per month.
Fixed Fee Contractor Accountants are considered the best.
General Contractor Rates per Hour
The contractor accountant even charges at per service rate or on an hourly basis. The contractor’s hourly rate ranges from 1,500 rupees to 2,000 rupees based on the experience.
How to Hire a Contractor Accountant?
While hiring a contractor accountant, he must be able to cover a wide variety of services including the following
- Maintaining the financial records
- Setting up the accounting systems & bookkeeping
- Providing tax planning advice
- Preparing & filing the business taxes
- Offering business tips that help in operating cost-effectively
- Preparing a personal business plan
- Auditing the financial books or generating the audited financial reports
Points to be noted
- Before hiring a contractor accountant, make sure that they have no hidden charges
- Prefer appointing a Fixed Fee Contractor Accountant
- Check for the reviews about the contractor and their services
- Don’t leave a fee for them unless you get satisfied with their service. Few of them might charge monthly rates as well
- Try negotiating for a reasonable charge
- Few might provide a greater money-saving deal. Make use of that to save your hard-earned money