How much does an Accountant Cost?

The cost of hiring an accountant somewhat varies by location and varies according to the type of consultation you seek. However, in most Australian cities and states, you can hire an accountant for anywhere between $50 to $350 per hour. If you need an accountant for complex business consultation, you must generally pay on the higher end of this scale. 

What You Need to Have Done

Usually, you will pay less for bookkeeping services than complex accounting services. On average, a bookkeeper will charge you about $35 to $70 per hour. On the other hand, a business accountant will often charge over $100 per hour. Many companies around Australia will charge a flat rate for handling taxes. A tax job might cost as little as $100 or as much as $3,000. 

Experience and Expertise of the Accountant

If you’re searching for someone to complete your tax documents, you should seek a registered accountant. If you request an accountant for advice with investments, then hire an AFS licensed accountant. In general, business advisors and registered accountants with many years of experience will cost more than most bookkeepers. 

In addition to the above, accountants who have tertiary qualifications and little work experience may be the least expensive. However, experienced accountants who belong to professional associations will sometimes cost more. 

One benefit of hiring an accountant who belongs to a pro organization is that such organizations handle complaints from customers. Organizations such as Certified Practicing Accountants and the Institute of Chartered Accountants hold their accountants to quality standards. This justifies the cost of accountant prices. 

The complexity of the Job

If you need an accountant for personal taxes, you may pay as little as $35 per hour for accountant rates. However, if you have a large company and need someone to help with business taxes, you may pay up to three times that amount. Some businesses want continuous advice on their accounts throughout the year. In such cases, many professional accounts charge a retainer fee of approximately $600 for information and consultations each month.

Location

The cost to hire an accountant varies slightly by state and territory. On average, personal tax services cost about $35 per hour in New South Wales. The average cost in other states is generally between $40 – $70 per hour. The price in Victoria is among the highest in all states. Expect to pay about $60 per hour in Victoria. In terms of business accounting, the average accountant charge per hour in Australian states is $50 to $60.

Certified Public Accountant (CPA)

In general, the CPA cost is higher than what you’d pay for a bookkeeper. For personal tax services, you should expect to pay about $65 per hour. However, the cost of an accountant for a small business is generally up to $75 per hour. 

Forensic Accountant

A forensic accountant often works as an auditor or an investigator. They investigate financial records and check for fraudulent activity. They also work for individuals who wish to search for hidden assets in divorce cases. Expect to pay upwards of $350 per hour for a forensic accountant with years of experience.

Chartered Accountant

Chartered accountants work in finance and business, dealing with taxation, auditing, financial management and general management fields. Others work for the government or in the private sector or public practice. Chartered accountant fees generally range from $150 per hour to $500 per hour. 

Tax Accountant

Most small business accountant fees are between $75 and $200 per job. However, more complex tasks may cost you more. If you have a large business and need extensive tax services, you may pay as much as $2,000. Find out more on what can affect your fees on our Tax Accountant Cost Guide, or learn more about how to claim tax working from home due to COVID-19.

Accountant

In general, accountants are responsible for analysing and allocating financial information. They may advise office managers, tax authorities and investors on how to manage resources. 

There are three recognised professional accounting bodies in Australia. People who are certified by any one of these three types are considered to be qualified accountants. The three institutions are CPA Australia, the Institute of Public Accountants (IPA), and CANNZ (the Chartered Accountants Australia and New Zealand). 

Tax accountant

Tax accountants are better trained to handle complex tax issues. Those who specialise in a specific function will often seek a Chartered Accountant (CA) qualification. A CA will typically focus on tax matters and auditing.

Bookkeeper

When it comes to financial transactions, bookkeeping is the record-keeping branch of such matters. In general, bookkeepers are responsible for keeping track of sales, receipts, purchases and payments by a person or business. Accountants can then make reports and consultations based on info gathered by bookkeepers.

How to Create an Accurate Estimate

• Search online for a chartered or licensed accountant
• Contact the accountant for a quote
• Shop around and compare several options

Licensing and Qualifications

• Earn a Bachelor’s degree, a diploma or certificate in accounting or bookkeeping.
• Get certified in a specific area, such as tax accounting (contact CPA Australia).
• Contact a professional membership organization for an application for membership.

In terms of licensing, you have many options depending on how much financial advice you will provide to customers. In all Australian territories, there are three separate licenses to choose from: essential authority, strategic authority and comprehensive authority. 

In addition to guidelines from CPA Australia, a public accountant may, in some cases, also be required to comply with additional licensing requirements. The other licensing requirements depend on the services offered. For instance, if an accountant plans to practice as a tax agent, registered auditor, liquidator or BAS agent, then the accountant must check licensing guidelines with CPA Australia or a state licensing authority.

* The cost data is based on Oneflare and third-party sources