Cost of Accounting Services: How to Avoid Overpaying

Feb 13, 2024 | Accounting, Taxation

Accounting services are an integral part of running a business for any company in Latvia. Every manager asks themselves the question, how to choose the right accountant and not overpay for accounting services?

In this article, we will consider 5 main factors that you should pay attention to when studying a price offer, in order to understand where there are opportunities for savings, and why the cost of services can be different for similar companies with a similar number of employees and documents.

The amount of work that the accountant considers when announcing the cost of accounting services:

  • Number of documents: The more documents that are processed, the more time the accountant needs, and therefore, the higher the cost of the service will be.
  • Number of employees: With an increase in the number of employees in the company, the volume of accounting work related to personnel also increases.
  • Availability of a cash register: If the company uses a cash register, the accountant must additionally process cash reports.
  • Geography of transactions: If a company makes transactions with foreign partners, the accountant needs to understand the nuances of international taxation. In some cases, this also affects the need to submit additional reports.
  • Specificity of activity: The cost of accounting services for different companies may vary depending on the specifics of the activity.

Additional services:

In addition to maintaining accounting records, companies may request additional services, such as:

  • Preparation of specific, internal reporting
  • Restoration of accounting records
  • Consulting on accounting and tax issues

Process optimization options:

In the modern world, there are many ways to optimize accounting, which can reduce costs:

  • On the part of the client: The client can take on some of the work himself, for example, keeping primary documentation.
  • Software: Modern accounting programs can automate many tasks, such as uploading data from a bank.
  • AI: Artificial intelligence can replace some of the functions of an accountant, such as checking primary documentation.

Individual approach:

The cost of services for each client is determined individually, after studying:

  • Business processes
  • Optimization options
  • Tasks that the client sets

How to choose an accountant?

When choosing an accountant, it is important to focus not only on the cost of services, but also on other factors:

  • Work experience
  • Qualification
  • Reputation

Contact us! We offer a wide range of accounting services at affordable prices. Our experienced accountants will help you optimize your accounting and save your money.

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