Accounting Fees:
Accounting professionals are often required to assist small business operators in the calculation and organisation of their finances. The fees charged by accounting firms vary according to the length of the consultation and what service the accountant is undertaking.
How to work out the cost:
As the cost for accounting will vary depending on your needs, the firm's fees, how often and how long the consultation is for, it will be difficult to do research in this area. For the DTL business plan, work out your accounting fees at $350 an hour.
Interest on Loan:
The interest you pay on a business loan will depend on the financial institution, the amount the loan is for and the timeframe the loan is for.
How to work out the cost:
An average interest rate on a business loan in today's environment is around 7% paid monthly.
Example: If you borrow $500,000 for 25 years at 7% interest to be paid monthly;
Interest Paid per month = 7% of $500,000 = $35,000 / 12 months = $2,916.70
Loan Repayments:
The repayments on a business loan will depend on the financial institution, the amount the loan is for and the timeframe the loan is for. When the repayments are required to be made will also vary.
How to work out the cost:
Work out how much you will need to borrow to finance your business, how long you will have the loan for (will depend on how quickly you can pay it off) and then when you will make the re payments (generally every 2 weeks (26 payments in a financial year) or monthly (12 payments in a financial year). Now calculate how much each repayment will be. Example;
If you borrow $500,000 for a loan period of 25 years making loan repayments monthly,
Repayments= $500,000 / 25 = $20,000 / 12 = $1667