The most common question we get asked at ViaActive is ‘how much does your accounting services cost’ and our most popular search term on Google is ‘accounting prices’. We have a small guide to the costs of our services here but, of course, each client is different, and the costs of our accounting service will differ due to considerations such as:
- The size of the company and the number of transactions.
- The number of services that the company wants. For example, bookkeeping, payroll, annual accounting, etc.
- The level of service. This could range from online accounting to a full personised service.
With many options to choose from when it comes to selecting your accounting provider, your business should go with what suits it best. You need to trust your account service and get results that are quick and accurate.
At ViaActive, we like to provide a personalised service, and while or costs may be a bit higher than the lowest accounting prices in Bulgaria, you will more than make up for the cost be the savings that you will make on taxation and other expenses.
In this article, we look at reasons why the cost of your accounting service may differ.
Scope and Complexity of Work Is Not Always The Same
As you can image not all bookkeeping tasks are as simple or as complex as others. Some of our clients require incredibly complex reporting and financial management, which requires oversight by highly trained professionals.
These same highly trained professionals may also be the ones monitoring and managing more common bookkeeping tasks.
So, we must evaluate an approximate amount of time required to perform each account task in a period and establishing monthly, fixed fee rates for the complexity of work required is more likely to create a fair price.
Price Fluctuations in Monthly Fixed Fees For Accounting Services (Accounting prices)
We recognise that our clients like to have options when it comes to their accounting services.
From adjustments in frequency that increase or reduce the number of times work is performed to service add-ons that increase or reduce the complexity of reporting and analysis.
For most businesses, payroll is the biggest expense, the most time consuming, and the most tedious process they have each month. Hiring ViaActive will ensure that the job will get done correctly and on time. Some of the tasks associated with payroll that an accounting service would provide are:
- Gathering or Entering Time Sheets
- Processing Employee Payroll
- Uploading Third Party Payroll Reports
Month End Closing and Reporting Services
The month end close and reporting package includes, but not limited to:
- Profit and Loss
- Balance Sheet
- Accounts Payable
- Accounts Receivable
- Sales and Customer Reports
- Financial statement creation
- Payroll processing (weekly/biweekly/monthly)
- Tax filing and reporting
- Bank reconciliation
Early-stage companies have surprisingly intense bookkeeping needs, since most are quickly scaling expenses, vendors and often revenue. So, it is not surprising that bookkeeping costs can seem higher than expected.
Benefits to Outsourcing Your Accounting Function
Focus on your core business such as your product, developing relationships, creating partnerships, and marketing and sales.
High-quality financial information. If you are trying to raise equity funds or obtain debt or reach out to potential investors, you need to have the kind of high-quality financial information that outsourced accountants provide. These kinds of financial statements are also essential for tax reporting purposes and providing updates to your investors.
A valued business partner. Outsourcing your accounting function also gives you the advantage of having another trusted business partner. Outsource firms have extensive expertise working with early-stage start-ups.
Claiming Company Expenses in Bulgaria
If you have spent years running a limited company or just starting out for the first time as a company director, there are sometimes business expenses that go unclaimed, which means you could end up paying more tax than you need to.
Being clever with your expenses is a large part of running a successful business, regardless of its size. Claiming business expenses is a simple way to keep your business tax efficient by reducing your profit, which reduces your Corporation Tax payments in Bulgaria.
By claiming every allowable expense, you make sure you do not pay anymore in tax than you need to.
Rules for Claiming Business Expenses in Bulgaria
These are the basic rules for claiming back expenses in Bulgaria:
– You can only claim for the expenses you incur wholly and exclusively during the everyday running of your business. This does not include expenses that have a dual purpose for business and personal use.
– Business expenses can be paid through your company’s bank account, or you can reclaim the costs of business expenses paid by you and later reimbursed via your company.
Long-term Assets v Company expenses
You must make a difference between long term asset and expense. For example, a website built for 4,000 Euros will not be considered an expense but a long-term asset. You can claim as company expense only a certain percentage annually of the value of the asset for prolonged period.
If they are entirely for business use, items such as laptops, PCs, business phones and furniture for an office can be recorded as a fixed asset in your company accounts. If the asset is obsolete or no longer used by your business, you may decide to dispose of it.
Types Of Expenses That Can Be Claimed
If you are finding the process of working out what allowable expenses your limited company can and can’t claim, get in touch with an accountant for advice to make sure everything is above board.