Accounting Services in Malaysia are plentiful and we are often asked about one common thing: how much do typical accounting services cost? Well, the truth is that it really depends on the client and what they need from such services.
For instance, if the client wants mainly bookkeeping services, then they will be given a price based on the size of their business, what is needed from the bookkeepers, how many bookkeepers they need to complete the tasks, and so on.
Although business owners know exactly how much they need for just based on their research, the accounting firm will not be able to give you the exact information until you talk it out with them. In other words, typical accounting services will depend on the circumstances and different factors.
Today, I am going to delve deeper into this topic so that you will understand it further.
Hourly Bookkeeping Services
Now, most businesses employ an hourly rate for all of their employees and that is quite understandable. After all, depending on what the employee’s tasks are, they should be given a fixed hourly rate so that they will know exactly how much they’re going to earn by the end of the month.
But you see, when you get accounting and bookkeeping services, there are just way too many things that can help influence the pricing of such services. Below are just some of the reasons why an hourly rate for bookkeeping services is hard to implement.
Complexity of the Work that is Needed
Every business is different and so, too, are the needs of the company owner. Not all bookkeeping tasks are the same. There are some companies that will require more complex bookkeeping tasks, while there are others that would require only the most basic services.
If the bookkeeping firm were to handle the complex tasks, it will usually be handled by highly-trained professionals and these professionals have the knowledge and the expertise to get the job done.
Unfortunately, you also have to pay them what they deserve and imposing a flat rate on their services means that you do not take into account their services and expertise.
That is why bookkeeping firms create their payment schemes based on the complexity of work that is required of them and also the professionals who are going to work on the project.
Price Changes in Monthly Fixed Fees for Different Accounting Services
There are also other firms that will provide fixed rates and it will, again, depend on the complexity of the tasks that are required of them.
They are also some that would provide flexible pricing based on the frequency and the amount of work that is needed to be completed, given a certain timeframe.
For instance, if a particular month would require the accountant/s to work fast so to meet the needs of the company they are working for, then that will have a particular rate. However, if the next month, the accountant/s barely did anything, then the price will also change to reflect that as well.