How much is a Bookkeeping Service?
What is Bookkeeping?
Bookkeeping is essentially the process of recording, storing and retrieval of business transactions for a business. No matter its size, every business needs bookkeeping as part of its regular accounting process. Put simply, bookkeeping involves keeping completed records of financial transactions and updating them periodically from time to time.
Bookkeeping helps in keeping track of the financial progress. By keeping a close eye on money, you’ll be able to evaluate your actions and find out what’s working and what’s not.
Why it is important to have proper Bookkeeping
Bookkeeping is key to understanding the financial health of your business. With accurate bookkeeping, you can see your revenue, understand your expenses, and find a way to plug the holes permanently for your business to remain successful.
Proper bookkeeping bring transparency and discipline in every business and reduces or even eliminates the tendency of theft and fraud among employees.
So how much does it cost to hire professionals bookkeeping services in Australia?
How much does a Bookkeeping cost in Australia?
On average fee in Australian is $60 per hour for bookkeeping, $90 for high end services. However, bookkeeper rates may still vary depending on the size of the business and the experience of the bookkeeper. But typically, bookkeepers either charge an hourly rate or a monthly fixed fee. There are, though, three factors that affect your cost:
- Cost-Saving: The bookkeeping services depending on your business needs and the amount of time it takes to complete them like weekly or monthly will affect the cost. How much does it really cost to hire a bookkeeper? And is it worth the investment?
Hiring full-time bookkeeping services are always expensive when compared to part-time bookkeeping services. If you run a small business, you won’t need a full-time bookkeeper. You can either get some bookkeeping software and DIY (do it yourself), or you can outsource your bookkeeping to a part-time.
- Expertise required: When you realise you have more complex books then hire a professional service firm with both experienced bookkeepers and CPAs lets you tap into their collective knowledge as and when issues arise. They can help ensure your complex accounting issues are addressed and fixed promptly. Knowing you have an experienced bookkeeper can give you peace of mind and confidence that your finances are in good hands, but it will also cost you more.
- Size of your business: The complexity of the bookkeeping process depends on the size of your business and the number of transactions conducted daily, weekly, and monthly. As your business grows, your volume increases, things get a little more complex and the bookkeeper cost is much higher compare to one-man business. The size of your business will determine the amount of work that needs to be done, and this will affect how much you spend – in the end.
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