As a business owner, you understand the importance of having your money matters organized, updated, and accurate. It could save you from penalties and costly mistakes. This is where a bookkeeper comes in. A bookkeeper will help keep your finances in order and your business running smoothly. But the real question is, how much does a bookkeeper cost?
Read on to find out.
How Much Does Bookkeeping Cost?
A lot of factors play a part in a bookkeeper’s fees. The fees vary depending on location, qualification, experience levels, pricing methods, and the nature of tasks.
The below table shows estimated costs across Australia:
| City | Estimated Cost per Hour |
| Brisbane | $50-$85 |
| Sydney | $40-$60 |
| Perth | $50-$100 |
| Melbourne | $30-$100 |
What to Consider When Engaging a Bookkeeper
Before making that call and hiring a potential bookkeeper, consider the following:
Experience and Qualification
A qualified bookkeeper should have the necessary education and experience to run your business’s financial matters effectively. In addition to the required training, they should have critical thinking skills and know the latest trends in the business world. This will help in making decisions that will grow and save your business.
Hourly Rates
The complexity of tasks and the time involved will impact how bookkeepers charge their hourly rates. A simple job that won’t require too much time will cost less than more complex tasks that need more time.
Also, hourly rates vary from one city to another.
Task Rates
Complex tasks will cost more compared to quick and easy tasks.
Fixed Fee vs. Value-based Rates
A bookkeeper with a fixed fee will cost differently from a bookkeeper who charges based on the value they bring to your business. With a fixed price, the cost is fixed regardless of the time involved. As a result, you may have to pay more for tasks that take little time. For value-based rates, remember that the higher the value a bookkeeper brings to your business, the higher the fees.
Benefits of Hiring a Bookkeeper
Hiring a bookkeeper will make a huge difference in your business. The advantages of hiring a bookkeeper include:
Less Accounting Costs
It’s possible to operate your financial duties yourself. However, your hands and mind will be tied because you’ll be doing other errands too. This could lead to errors on your end, which can be costly. Having a qualified person take charge of your financial matters will save you from unnecessary accounting costs.
Revenue Generating Activities
Having a professional deal with your money gives you the time to focus on how to grow your business and other income-generating activities.
Increased Accuracy
A qualified bookkeeper will keep your financial books organized and reduce costly errors. This means your financial statements will be updated and accurate.
Tax Literate
We all struggle with understanding taxation matters, laws, and all that jargon that comes with it. Hire a qualified bookkeeper to save you and your business from this struggle. They understand the tax law more deeply and will save you considerable time.
A bookkeeper’s overall fee takes into consideration various factors. If your business will benefit from an expert in financial matters, a certified expert can help with your bookkeeping needs.
