How much does it cost to hire an Accountant for a small business

Hiring an Accountant for your small business is an important decision. Adding the right Accountant to your team can significantly impact your operations, offer valuable insights and aid your overall success. However, navigating the recruitment process can seem daunting to many and the cost of the process is an obvious consideration. Luckily, reputable recruitment agencies can offer assistance which can be invaluable and represent a worthwhile investment. 

So, how much does it cost to use a recruitment agency like Richard Lloyd?

At Richard Lloyd, we believe in transparency and fairness when it comes to fees. Our approach is grounded in common sense, taking into account various factors such as:

• the complexity of the search criteria
• the size of the available talent pool
• appeal of your vacancy/company in the market
• whether the role is exclusively assigned to our agency

We work in collaboration with our clients on every aspect of the process including agreeing fees that are fair and representative of the work that will go into finding the best person in the market. 

Value beyond fees

But beyond costs, it's essential to consider the value that recruitment agencies bring to the table.

How do recruitment agencies work and how can they support you in finding new team members?

At Richard Lloyd Accounting Recruitment, typically our process begins with a meeting to deep dive into understanding your business's unique needs and staffing requirements. Leveraging our extensive networks, recruitment tech and resources, we meticulously source, headhunt, interview and vet candidates, ensuring they align with your position description. We then work with you to facilitate the whole recruitment process; coordinating interviews, providing feedback, offer management, and reference checking through to contract finalisation.

By entrusting the right recruiter with your hiring needs, you're not just saving time and effort; you're gaining access to a unique and personalised pool of top-tier talent (curated since 2008 at Richard Lloyd) that may not be readily available through traditional advertising. 

Market Fees

When looking to hire finance and accounting personnel in Sydney, Australia, fees are typically based on the total salary package in the first year and on average will range from 15-30% depending on the aforementioned criteria, and the calibre of the Recruiter and recruitment agency you use.

Often fees will be calculated including a guaranteed first-year salary package as well as fixed benefits – e.g. guaranteed bonuses, car allowances etc. 

An easy example:

The candidate is offered a salary package of $130,000 inclusive of superannuation.

• Recruitment fee of 20% = $26,000 + GST
• Recruitment fee of 18% = $23,400 + GST 

Investing in a hidden market of talent?

When considering costs, you should also be thinking about what sets an agency apart and what value they can offer that you cannot do yourself. What sets Richard Lloyd apart is our commitment to adding this value to our customers. We go beyond merely filling positions; we strive to match you with candidates who not only possess the prerequisite skills but also complement your company culture and long-term objectives. Our accounting industry expertise and personalised approach ensures that every person hired represents a strategic investment in your business's success.

Given we only hire accounting professionals in Sydney, we have a specific and deep understanding of the key jobs we recruit and can provide unrivalled guidance on how to approach your search and the availability of the pool of talent you seek. 

For example, let’s assume you want to hire a Finance Manager / Financial Controller who has supervised a team previously, helped a company to grow YoY and worked in a specific commercial sector. A specialist accounting recruiter should know the managers that staff enjoy working for, create high-performing team cultures and have a history of high staff retention. They should know who the high performers are in that sector. They may have existing relationships with them and a mutual understanding of their drivers. Often contacts will look passively for a job i.e., “If a role like XYZ came along I would want to hear about it”, but these people are not regularly checking job ads. Essentially this is a ‘hidden market’ of talent that is only accessible by focusing and specialising in a sector. And that represents value that is hard to put a price on as it vastly increases the likelihood of a successful hire. 

Summary

While the cost of hiring an Accountant for your business may vary, partnering with a reputable recruitment agency should be viewed as an investment that can yield substantial returns. By utilising a rigorous recruitment process and a dedication to delivering value, we're here to support your business's growth and prosperity.

To discuss any hiring needs you have now or into the future, get in contact at 02 8324 5640 or email here and one of our experienced recruitment partners can walk you through the process in more detail.