Over the years, both accounting and bookkeeping services have witnessed a significant transition to a more integrated & cloud-based approach. From the traditional pen & paper, bookkeeping now involves the use of centralized and cloud-based software such as Xero, Sage, MYOB, QuickBooks, and so on.
Today, small businesses in Australia are happily embracing this digital transformation more than ever especially in cities like Melbourne, where access to reliable bookkeeping services has become increasingly critical to staying competitive.
Thus, revolution in bookkeeping has resulted in making it more accessible, relevant and crucial for small and growing businesses. No matter if you’re a startup or medium-sized company, with dedicated bookkeeping services, you can make sure that your cash flow, financial position and compliance obligations is always top notch.
If you’re looking for bookkeeping services in Australia or near you, this blog has got your back as it covers each and every single thing related to it. From cost breakdowns to choosing the best partner.
We’ll also show you why Outbooks is a reliable choice, when it comes to outsourcing bookkeeping services that are reasonable, well organised and managed by certified professionals.
What Is Bookkeeping?
First and foremost, what does exactly bookkeeping mean for a small business? Simply put, bookkeeping translates to recording a company’s financial transactions regularly. What necessitates bookkeeping is its ability to help organizations take critical operating, investing, and financing decisions based on their organized books.
The person who undertakes the responsibility of bookkeeping company’s financial transactions is called a bookkeeper. Thus, it isn’t wrong to say that without proper bookkeeping, you wouldn’t be aware of your current financial position and the transactions that occur within your company that can lead to negative results in the future.
Now, whether you are hunting for bookkeeping services in Melbourne or looking for infallible bookkeeping services for small business near you, the goal remains same to always maintain financial clarity.
What does a bookkeeper do for a small business?
Recording all your financial transactions onto a bookkeeping services platform for easy access
As referenced earlier, bookkeeping today involves a range of online cloud-based platforms like XERO, MYOB, QuickBooks and Sage for easy access. By which you can monitor your cash flow in real-time, with the touch of a button. Due to this, you can promptly make key decisions before it gets too late.
The bookkeeper will allocate each transaction to either a specific cost or revenue
For a successful business, keeping your transactions under scrutiny is a critical aspect. To do so, it’s vital to allocate each transaction to either a specific cost or revenue. That’s exactly what constitutes the responsibilities of a professional bookkeeper or bookkeeping services.
A reliable bookkeeper can accurately oversee payments and keep track of credit control to ensure your business is 100% compliant.
Reconcile bank statements
Thanks to today’s cloud-based bookkeeping tools, bookkeepers can ensure that your books are reconciled with your bank statements in real-time. This further ensures that your books match the records of your bank statements of the same period.
Managing up to date and accurate financial records
Bookkeepers ensure that all your business records remain up to date. Additionally, it’s on their part to flag up any inconsistency(s) between your books and business accounts to resolve the problem(s) promptly.
Managing operations in Melbourne or elsewhere in Australia, working with a professional outsourced bookkeeping firm like Outbooks helps you focus on what you do best, which is, running your business.
Bookkeeping Services for Small Business in Australia: Why It Matters
According to the Australian Small Businesses and Family Enterprise Ombudsman (ASBFEO), approximately 98% of Australian businesses are small businesses. Still many of them suffer with poor financial management. The major cause is none other than “poor bookkeeping”.
Accurate financial records are not only a legal requirement but is crucial for the success of business in the long run. No matter if you’re looking for bookkeeping services in Melbourne, Sydney or anywhere in Australia, professional bookkeeping can:
- Avoid tax penalties and interest
- Promotes secure funding or loans with accurate financial records.
- Remove stress by avoiding ATO trouble
- Enhancing budgeting and strategic planning
That’s the reason why many small business owners are now seeking for “bookkeeping services for small business near me” and opting to outsource to professionals.
What are the other bookkeeping services your small business can make use of?
An ideal bookkeeper looks after your books intently and every day. Someone who’s accuracy-based and capable of helping you settle on data-driven decisions by staying up to date with the latest trends and updated books and for small businesses in Australia having a bookkeeper like that is truly an advantage.
MYOB – A Business Accounting Software
Another quality aspect of any bookkeeper for your business is how well-versed they’re with the latest bookkeeping and accounting ledgers & tools such as MYOB, XERO, QuickBooks, CLASS | SUPER, and Sage.
The various other duties of a bookkeeper include:
- Bookkeeping including accounts payable and accounts receivables
- VAT returns
- Payroll processing
- Tax filing
- Year-end financial reporting
- Processing of transactions and expenses
- Reconcile customer and supplier ledgers
- Preparing analytical reports
Outsourcing bookkeeping services with a specialised firm like Outbooks helps in reducing in house workload while ensuring accuracy and compliance.
How much Bookkeeping services cost In Australia?
The cost of bookkeeping services in Australia is a matter of few things. These include:
- The nature of the services,
- The experience of the bookkeeper,
- Frequency of bookkeeping,
- Integration(s) with the bookkeeping platform,
- Quality of the paperwork received from the client,
- Whether the business is GST registered or no, and
- Organization size.
All in all, all these and other factors are directly proportional to the bookkeeping costs in Australia.
Further, you get the liberty to choose whether you want to hire the bookkeeper on an hourly, monthly, or yearly basis. So, how much per hour does a bookkeeper charge? In Australia, hourly rates typically range from $40 to $100, depending on experience and service complexity.
At times, you might be presented with tailored plans to suit your bookkeeping requirements, thus saving you a few more bucks.
We at Outbooks provides access to experienced professionals eliminating the cost of full time staff, and often includes scalable pricing which suits your bookkeeping volume.
Breakdown of bookkeeping cost in Australia
Let’s break down the standard bookkeeping cost taking into account a few of the above-listed factors.
Nature of bookkeeping services
Going by the nature of the bookkeeping services, they can be either full-time and part-time. Without any discussion, the former is always costlier than the latter. Thus, if you’re a small business owner, we’d suggest you start with part-time bookkeeping to avoid a cash crunch.
Additionally, specific services come with different prices attached to them. For example,
| Services | Average cost |
| Basic bookkeeping | $45-$80/hour |
| Monthly bookkeeping package | $300-$800/month |
| Accounts payable/receivable | $250+/month |
| Payroll processing | $100-$300/month |
| BAS preparation and lodgement | $150-$400 /quarter |
These rates are indicative and can vary based on your location, complexity, and the level of service required.
Experience of the bookkeeper
The experience of the bookkeepers is also a vital factor in determining how much you’d have to shell out to enjoy their services. As a thumb rule, the more experience your bookkeeper would hold, the higher the costs. However, keeping aside the cost factor, it’s always recommended to opt for experienced folk owing to the expertise they have built over time in the various processes of bookkeeping.
Business size
The size of your business will determine how much work the bookkeeper would have to do daily, and this will impact the sum you’d have to spend in the end.
Frequency of bookkeeping
How often you do bookkeeping has also a major say in how much you’d have to spend on bookkeeping. While most businesses prefer weekly bookkeeping, others go for the same on a daily basis. Thus, the higher the frequency of bookkeeping, the higher will be its cost.
In a nutshell, there’s nothing fixed about how much bookkeeping services cost in Australia. You’d be mindful of the various reasons supporting the same.
Have you made your mind about outsourcing bookkeeping?
If yes, you’re at the right place. We, at Outbooks, don’t just picture bookkeeping as mere data entry practice. It’s not something anyone can appoint a junior person from staff with no information on accounting to do.
When you hire bookkeepers, you long for peace of mind, which also involves taking chores like recording and payroll off your plate.
And when done correctly, the bookkeeper can stay with you for a long time and genuinely have a striking effect on your business’s success.
We take immense pride in introducing you to our certified bookkeepers who carry an abundance of experience on their shoulders and are the support pillars of infinite firms they have worked relentlessly for.
Not to forget that we are certified by XERO. In a nutshell, we are proficient in multiple-accounting software, and that’s our identity.
Contact us today to book your free trial, and you focus on the work that matters to you, and we’ll take care of the rest!
Let’s connect on +61 451320102 Or info@outbooks.com.au
FAQs
What is the role of a bookkeeper?
A bookkeeper manages the recording of your financial transactions such as, sales, purchases, receipts and payments and keeps your accounts organised, so tax time doesn’t catch you off guard.
How much does bookkeeping cost for a small business in Australia?
Costs generally varies depending upon the business size, transaction volume and service scope. However, hourly rates can range from $40 to $80, while monthly packages start around $200-$500.
I have an accountant already. Do I still require a bookkeeper?
Of course, as both of them works differently and their segment of work also differs. A bookkeeper handles your daily mundane financial records and provides cash flow insights whereas an accountant usually manages higher level tasks like tax planning, financial reporting and so on.
Can I do my own bookkeeping?
Yes you can begin that way tools like Xero or QuickBooks makes it possible. But when you think of a bigger picture accuracy is a must and cannot be compromised. That’s when some business owners explore bookkeeping services that go beyond just entering numbers they want support, insights, and someone who’s got their back.
I am outsourcing bookkeeping, will it be safe?
When done with the right team, absolutely. Reputed firms such as Outbooks uses secure cloud platforms, determines and follows industry best practices, and maintain confidentiality.
Parul is a dedicated writer and expert in the accounting industry, known for her insightful and well researched content. Her writing covers a wide range of topics, including tax regulations, financial reporting standards, and best practices for compliance. She is committed to producing content that not only informs but also empowers readers to make informed decisions.