Navigating CPA expertise: How much does a CPA cost?

Effective financial management is one of the most crucial and complex processes that a business owner or entrepreneur must consider, from establishing to maintaining business  operations.

The landscape for financial management is becoming more advanced, which is leading to a significant increase in the services of a Certified Public Accountant (CPA).

According to Statista, accounting services in the United States generated a revenue of 145.55 billion US dollars in 2024.

Since CPA services are not limited to balancing a financial statement and monitoring tax returns, many people ask, “How much does a CPA cost?”  

In this article, discover more about the role of a dedicated CPA and how much it costs to have a CPA in your business.

Why are CPA services vital to businesses?

When running a business, having someone to assist you and your team with financial management is always a competitive advantage.

Establishments of all sizes will benefit from the services of a CPA, particularly in managing financial complexities, tax compliance, and strategic direction for growth and expansion. 

These capabilities showcase how much a CPA can help you attain sustainability, mitigate potential financial risk, and stay on track in an increasingly competitive global market.

3 Most common CPA services 

CPAs are equipped with various expertise to help their clients strategize and optimize financial health and provide advisory services. 

Here are the common services performed by CPAs in a business:

1. Compliance and core accounting 

It includes services often referred to as the bedrock of a CPA’s role in the business, as compliance and accurate accounting principles are essential in the operation, which comprises: 

• Planning and tax preparation 
• Assurance and auditing 
• Bookkeeping and payroll services
• Preparation of financial statements 

2. Advisory and consulting

CPAs also contribute by sharing strategic insights and guidance to top management to eliminate potential risk and achieve a firm’s organizational goals, which include:

• Advisory and management consulting
• Risk management and forensic accounting
• System design and implementation
• Outsourced Chief Financial Officer (CFO) Services

3. Highly specialized services

The need to hire a CPA and how much it costs may also be due to their specialized skills and niche expertise.

Most of them are capable of handling financial risks and complexities, which center on these areas:

• Government accounting 
• International accounting 
• Litigation assistance

What influences a CPA’s service fees?

The question “How much does a CPA cost?” is primarily influenced by the scope and complexities of the work they will perform for the business.

Specialization and experience are also factors that design how much an employer should pay, which should also compete with the current pay scale in the job market. 

Today, outsourcing offers flexibility in terms of location, schedule, and cost. Many organizations are now opting to use outsourcing as a cost-effective solution.

How much does hiring a CPA cost?

The more complex your current financial status and the more services you require, the higher the fees a CPA will charge to perform the job. 

To give us a background and idea of how much it will cost you to have a CPA, here are some of the rates to look into consideration:

CPA cost for hourly and project-based services

In general, a CPA’s cost for hourly services range from $150 to $400. While these figures are bracketed, the rate may vary based on a CPA’s training, certifications, and experiences.

This setup may be used for instances where a CPA is hired for an occasional or seasonal project, such as audits and tax preparations. 

Additionally, this kind of arrangement allows them to determine the project’s cost by estimating the number of hours needed to complete it and multiplying it by their hourly rate. 

CPA cost for advising and consulting 

Entrepreneurs and business leaders value a CPA’s expertise in forecasting and delivering optimistic advice about their overall financial activities and transactions.

These consultations and advice cover various areas, including improving cash flow, data-driven expenses, and asset monitoring. 

The National Society of Accountants 2020-2021 survey report researched the average cost of an accountant’s advisory services, and found an average rate of $158 per hour. 

In some cases, CPAs provide their advisory services at a fixed monthly or annual rate, often bundling them with essential accounting tasks and tax compliance support.

CPA cost for forensic accounting

CPAs performing forensic accounting services are among the highest-paid accountants because of the years of experience and technical expertise required to perform such tasks. 

It usually involves legal matters and representations to assist in criminal investigations, civil litigation, and other organizational and corporate matters.

According to PayScale, a forensic accountant with one to four years of experience generally earns an average pay of $77,000, and may vary depending on the complexity of the service to be delivered.

Cost of an Outsourced CPA

Companies today have learned to consider smarter ways to have cost-efficient practices in their business operations, including outsourcing accounting services.

In general, an outsourced accountant’s average annual salary is $50,020. This is far cheaper than an in-house accountant, who incurs additional expenses for benefits and physical office space.

Achieving financial growth with quality, cost-effective CPA services 

Sustainable financial growth can be more achievable when we strategize and partner with highly skilled and competent CPAs who can enhance financial operations. 

With outsourcing, finding the best-fit CPA is made more convenient and cost-effective. Firms are not limited to hiring within their country but may opt to hire global talents through offshore outsourcing.

The question of whether to have CPA services does not always rely on the question, “How much does a CPA cost?” It also centers on their knowledge and technical skills, which can contribute to the business.

Financial complexities may hinder progress and advancement. This is why an in-house or outsourced CPA can be a game changer in ensuring a business’s smooth financial operation.