In business, the main goal is to make a profit. Unfortunately, not properly keeping up with the books can eat away at any profit a business might otherwise have gained. Keeping accurate records of expenses and outstanding debts is crucial to the success of a business. Many business owners find it is helpful to hire a bookkeeper to help in that area. Bookkeeping services in Melbourne can vary widely in cost however; here is an estimate of what it would cost to hire a good free-lance bookkeeper.
Bookkeeping rates will vary based on several factors. Depending on the amount of education a bookkeeper possesses their fee will change. For example, a bookkeeper with any accountant degree will charge considerably more than a bookkeeper who does not have a degree. Nevertheless, a bookkeeper who has considerable experience yet no degree is still a very big asset to a business.
Freelance Bookkeepers typically are paid two different ways a flat fee or hourly. Usually bookkeepers prefer an hourly rate until they are familiar with the duties required by the hiring business. After they have become familiar with what their duties will consist of then most will switch to a flat fee for their services.
What should a business expect to spend for a freelance bookkeeper? If a bookkeeper has experience yet does not have any kind of degree or certification, they will typically charge $35-50 an hour for standard bookkeeping. A business can expect to pay more for a bookkeeper with a CPA because this will mean a licensed professional with strict credentials will review the business records. Nevertheless, in hard economic times rates are always negotiable. However, remember if a business is trying to save money by hiring a cheap bookkeeper, they may find that their books are not handled as professionally as they would like. In other words, a business gets what it pays for.
Remember that the average business has 200-400 transactions a month, which can become very time consuming. When considering a freelance bookkeeper a business must consider that if they could stay on top of their records themselves, they would have been accomplishing that already. If there is “sticker shock” over bookkeeper’s rates, recalling that fact can help.
There are a few ways a business can make a bookkeeper’s job easier and in turn cost less. They include keeping business receipts in date order, organizing receipts into categories, and not folding receipts. In addition, a business should never try to lie or mislead a bookkeeper about business records. If a lie is ever found out, the bookkeeper will likely refuse to work with that business ever again.
Hiring a bookkeeper is a wise move for a business to make to assure their financial books are always in order. Bookkeepers are well worth their fee to any business. Businesses should look at a good bookkeeper as an investment in wealth growth because they can help a businesses keep better track of money, simply by keeping exceptional records.