Not all of us have an extensive background in Accounting & Finances to help us navigate through the complicated world debits and credits. The great news is that you don’t need to! If you’re a small business and you’re trying to figure out how to manage your accounts, Bookkeepers offer beneficial third party services to businesses which takes the colossal stress out of managing cash flows.
What is the Role of a Bookkeeper?
If you’re running your own business, the chances are that you’re far too busy to handle your debits and credits as efficiently as they could be handled. Unless you have prior education in accounting and finances, efficient Bookkeeping requires a high degree of expertise and time. By hiring a Bookkeeper, you can free up time and pass the management of your financial transactions to a third party.
The main purpose of a Bookkeeper is to help organise your business transactions into digital software that they can monitor. This way they can scan for where your transactions are going and they can pay bills or chase owed money.
What Can a Qualified Bookkeeper Do?
A qualified Bookkeeper can prepare your accounts and tax returns for sole traders as well as basic self assessment returns. A Bookkeeper needs to undertake a University degree and other programs to qualify for their role. Handling financial accounts and allocating your businesses resources as efficiently as a certified Bookkeeper does requires a high degree of expertise. By hiring a Bookkeeper, you can rest assured knowing the stress of your financial transactions is being managed by a third party.
Some key duties of a Bookkeeper are:
- Entering data in purchase and sales ledgers
- Following up on unpaid accounts
- Account reconciliations
- Investigating variances
- Preparing management accounts
- Assisting with payroll
- Banking cash inflows
How much does a Bookkeeper charge in Australia?
The answer to this question largely depends on what sort of business you’re running and how well established your desired Bookkeeper is. If you’re a business operating in a smaller market with relatively low traffic, the workload of your Bookkeeper will be significantly reduced. Typically, Bookkeepers starting out in the industry are likely to charge much less for their services. It’s mutually beneficial for your business and them, as it is cost-effective for your business and your hired Bookkeeper has a chance to develop their portfolio.
According to the Institute of Certified Bookkeepers (http://www.icb.org.au/out/117157/Charge), typical hourly rates for Bookkeepers in Australia are:
- QLD: $61 to $78 per hour
- NSW: $60 to $82 per hour
- ACT: $69 to $107 per hour
- NT: $75 to $82 per hour
- SA: $60 to $85 per hour
- VIC: $54 to $74 per hour
- WA: $61 to $83 per hour
- TAS: $49 to $69 per hour
These figures fluctuate depending on the size of your business and the expertise of the Bookkeeper.
Bookkeepers for Small Businesses in Queensland
If you’re running a small business in Queensland, searching for local freelance Bookkeepers may be a more cost effective alternative for you. Freelance Bookkeepers can be beneficial for smaller businesses as they have the ability to be more flexible to your individual operations. Bookkeepers in larger corporations are often more effective for other large companies.
If you happen to need a Bookkeeper Sunshine Coast or Brisbane, Little Miss Bookkeeping is gaining a strong reputation for her Bookkeeping and BAS accounting services for small businesses on the Sunshine Coast and Brisbane. She offers virtual consultations for businesses, which has been extremely helpful in light of the recent pandemic.
Where Can I Go From Here?
With these considerations in mind, your best bet is to do your own research to find the right Bookkeeper for your type of business. If you’re concerned that they might not be the right fit for you, don’t stress! There are plenty of virtual Bookkeepers in Queensland who offer a free consultation trial to see if you like their style.