Keeping your business finances in order should be your top priority of your business, but what is the best method to organise your business finances? This is where bookkeepers help businesses to keep their financial transactions in order. Bookkeepers in Melbourne are proficient in dealing with finances to help businesses stay ahead of their business finances. Now, the question arises, if you seek help from a bookkeeper, then you should know how much they charge, right? We’ll answer this question in this blog post, so keep reading this blog post.
How Much Do Bookkeepers Charge?
A bookkeeper is responsible for performing various tasks, from managing payroll to handling your day-to-day accounts receivable and payable. A professional bookkeeper can make your job easier and ensure you have accurate financial records that will be used by an accountant at the time of tax return lodgment. It has been estimated that the bookkeeper hourly rate on average is $38.72 per hour or $75,500 per year. Moreover, you can directly speak to the best bookkeeping services provider to know how much they charge per hour or per year in Australia.
What Factors Contribute to the Cost of a Bookkeeper in Australia?
Various factors influence the charges of a bookkeeper in Australia, such as:
- location
- expertise you want in a bookkeeper,
- the intricacies of your financial transactions.
Apart from these factors, the reputation and experience of a bookkeeper also matter when considering the cost of a bookkeeper.
Why Should You Get a Bookkeeper for Your Company?
As a business owner, you have to look after numerous things in your business to ensure your business is running smoothly. However, it can be overwhelming when you have to manage finances alone. That’s why it would be worth receiving help from an experienced bookkeeper for your company.
- Prevent Costly Mistakes
Small mistakes can be costly. If you have recorded the wrong information or misreported any business expenses or income, it could result in a fine from the ATO. A bookkeeper is responsible for taking care of all your numbers, invoices, bills, and receipts, and recording them accurately. After recording information accurately, that information is sent to your small business tax accountants to lodge on your behalf.
- Updated Business Books
Understanding your cash flow is crucial for running a successful business. If you lack visibility over your numbers and profits, you’ll be left guessing whether you can afford to take the next steps to grow your business. While an accountant provides strategic advice and manages your tax returns, a bookkeeper plays a more hands-on role in maintaining control over your cash flow.
- Focus on Business Growth
When you have a professional bookkeeper by your side, you will be able to focus on your business growth. You can invest time in making business strategies. In this way, your bookkeeper will focus on your business finances while you focus on generating more revenue for your business using different business strategies.
- Easy Tax Lodgment
A bookkeeper helps business owners monitor transactions and keep their records accurate. As a result, you or your accountant spend less time on tax preparations. Bookkeepers also ensure that all documents are organised and accurate for smooth tax payments and return lodgment.
Should You Hire a Bookkeeper or an Accountant?
Bookkeepers and accountants help businesses grow financially but their roles are different. Bookkeepers are responsible for recording and maintaining financial transactions, on the other hand, accountants are responsible for offering financial advice and tax guidance. Once you know the responsibilities of bookkeepers and accountants, you will be able to know whom you need for your company, either a bookkeeper or an accountant.
Conclusion
The blog shares estimated hourly and yearly charges of bookkeepers, although these charges vary from one location to another in Australia. Despite this, various factors contribute to the cost of bookkeeping. Make sure to seek help from a reliable Bookkeeper for your business. For Reliable Bookkeeping Services, you can get in touch with us.
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