Accountancy Prices

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.

Payroll Services

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 Accounting

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

This is a summary of the types of business expenses that can be claimed in Bulgaria:
Health check and eye test expenses can be claimed if your employees use computer screens as a big part of their job.
Business insurances including public liability insurance, employer’s liability, professional indemnity insurance and contents insurance are all allowable expenses.
Advertising, marketing, and PR expenses can be claimed regardless of a one-off cost or an ongoing fee.
Accommodation expenses if you are on a business trip and must stay overnight away from your home together the travel and food and drink costs. The daily allowance will not cover all your personal expenses, but at least will cover some. You are not required to provide receipt of your daily expenses on the business trip.
Bank fees that are charged to your business accounts
Financial charges including:

– The interest on business and bank loans.

– Hire purchase interest.

– Leasing payments.

– Credit card charges.

If your home is used for business, you can claim a percentage of your household costs and utility bills as business expenses.
Occupation-specific magazine subscriptions, journals and books can be claimed as a limited company expense.
Work (both fixed line and mobile) phone contracts and broadband payments can be claimed as a limited company expense.
Office equipment that is necessary to help you carry out your business. This includes electronics and furniture.
Personal development and training courses can be claimed as limited company expense.
Use of your personal car or van to travel to a temporary place of work. You can also claim the following as business expenses:

– Parking costs

– Road toll fees.

– Public transport, including train, bus, air and taxi fares.

Company vehicles including vehicle Insurance, repairs and servicing.
Start-up costs can be claimed as limited company expenses before a company starts trading.
Business entertainment is not an allowable expense against profits. However, if you must spend your own money on business entertainment as part of your duties as a limited company director, you may be able to claim it as a business expense.
You can claim tax relief for the full cost of your limited company’s accountancy fees.
Charitable donations as a limited company including money, equipment or trading stock, land, property or shares in another company and sponsorship payments?
Legal and other professional fees.
Training courses that are aimed at improving the skills you apply in your work.
Work uniform or protective clothing.

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.