Introduction
Imagine having a superhero who could keep track of all your money matters, from the smallest penny to the biggest dollar, without even stepping into your office. Sounds amazing, right? This superhero is known as a Virtual Bookkeeper. Let’s dive into their world and see how they can help your business.
1. What does a bookkeeper do?
A bookkeeper is like a health tracker for your business. They keep an eye on the money coming in and going out of your business [1]. They handle tasks like recording transactions, balancing the books, preparing financial reports, and even helping with tax returns [1,2]. They make sure your business’s financial health is in top shape [1,2].
Having accurate and up-to-date accounts allows business owners to make critical decisions regarding the cash flow and finances of their business. Bookkeepers help owners increase their profitability and run a sustainable and successful business.
2. How much does a bookkeeper charge?
The cost of hiring a bookkeeper can vary. However, the cost can be influenced by factors such as the size and complexity of your business, the bookkeeper’s experience, and the geographical location [4,5,3].
3. Should I just hire a bookkeeper as an employee?
Hiring a bookkeeper as an employee might seem like a straightforward solution. However, it’s important to consider the additional costs associated with hiring an employee in Australia.
Superannuation: In Australia, employers are required to pay superannuation contributions to their employees. This is currently set at 11.5% of an employee’s ordinary time earnings.
Payroll Tax: Depending on the size of your wage bill, you may also be liable for payroll tax. This is a state tax and the rate varies depending on the state.
Leave Entitlements: Full-time employees in Australia are entitled to four weeks of paid annual leave and ten days of paid personal/carer’s leave per year, among other entitlements. These costs can add up over time.
General Overheads: There are also general overhead costs associated with having an employee, such as office space, equipment, software, training, and insurance.
In contrast, when you hire a virtual bookkeeping service, you only pay for the services you need. You don’t have to worry about superannuation, payroll tax, leave entitlements, or general overheads. This can make virtual bookkeeping a cost-effective solution for many businesses.
4. What is a virtual bookkeeper?
A virtual bookkeeper is a bookkeeper who works online [6,7,8]. They do the same tasks as a traditional bookkeeper, but they do it all remotely, using the internet and cloud-based software [6,7,8]. This means they can work from anywhere and at any time [6,7,8].
5. Can bookkeeping be done remotely?
Yes, bookkeeping can definitely be done remotely. Thanks to the internet and cloud-based software, virtual bookkeepers can access your financial information and work on your books from anywhere [9,10,11]. In the event your business has paper records that relate to bookkeeping, this documentation can simply be scanned and emailed to the virtual bookkeeper for them to action.
6. How much does a virtual bookkeeper cost?
The cost of a virtual bookkeeper can range from $20 to $40 per hour [12]. Some virtual bookkeeping services may charge around $300 to $500 per month [13]. The cost can depend on the complexity of your business’s financial needs and the experience of the bookkeeper [12,13].
Virtual bookkeeping providers can work out up to 40% cheaper than hiring an on-site bookkeeping employee. They also offer much more flexibility around the hours they can provide month to month, which is why they are becoming so popular.
7. Should businesses consider using virtual bookkeeping services?
Absolutely! Virtual bookkeeping services offer several benefits. They provide flexibility, streamlined data management, and reduced administrative costs [14,15,16]. They also allow businesses to work with bookkeepers regardless of location, making it an ideal option for remote businesses or those without a physical office [14,15,16].
Virtual bookkeepers are easy to work with, can save businesses considerable sums of money each year, and provide high-quality services. They are perfect for small businesses looking for a low-cost alternative with flexible options.
8. What should I consider when selecting a virtual bookkeeping company?
When selecting a virtual bookkeeping company, consider their experience, reputation, and communication skills [17]. Also, check what software they use and how they handle client data [18,19]. It’s important to choose a company that aligns with your business needs and can grow with you [20,21].
Look for a provider that offers flexibility with their offerings. The ability to change the number of hours you use each month is a huge benefit and allows you to dial your hours up or down to match the demands of your business.
9. Conclusion
In conclusion, a Virtual Bookkeeping Service is like a financial superhero for your business. They can help keep your business’s financial health in check, save you time, and even save you money. So, if you want to focus more on growing your business and less on crunching numbers, a Virtual Bookkeeper might just be the hero you need!
10. About Us
International Outsourcing Group provides outsourced remote Bookkeeping, Marketing & Administration Services to businesses across Australia.
Our Bookkeeping Services are perfect for small businesses. You can select the number of hours of bookkeeping you need from as little as 2 hours a week.
All of the work done by our team members is managed and reviewed by our Chartered Accountant Managers so you can be sure you will receive top-quality bookkeeping services.
Consider using us for your virtual bookkeeping needs.
For more information, visit our website internationaloutsourcinggroup.com
References
- https://www.xero.com/uk/guides/what-is-bookkeeping/what-does-a-bookkeeper-do/
- https://uk.indeed.com/career-advice/finding-a-job/what-does-a-bookkeeper-do
- https://blog.taxdome.com/bookkeeper-cost-ultimate-guide/
- https://www.protaxaccountant.co.uk/post/how-much-do-bookkeepers-charge
- https://www.xero.com/uk/accountant-bookkeeper-guides/starting-a-bookkeeping-business/pricing/
- https://ecombalance.com/virtual-bookkeeper/
- https://www.accountingweb.co.uk/community/industry-insights/how-does-virtual-or-online-bookkeeping-work
- https://www.businessaccountingbasics.co.uk/virtual-bookkeeping/
- https://www.accountingdepartment.com/blog/can-effective-bookkeeping-be-done-remotely
- https://www.mindspaceoutsourcing.com/can-bookkeeping-services-be-done-remotely/
- https://www.fylehq.com/blog/best-practices-for-remote-bookkeeping
- https://millennialmoneyman.com/virtual-bookkeeping/
- https://www.dimercurioadvisors.com/learning-center/cost-of-a-bookkeeper
- https://avitagroup.com/7-reasons-why-your-business-should-hire-a-virtual-bookkeeping-service/
- https://www.cleardesk.com/post/benefits-of-virtual-bookkeeping
- https://minutedock.com/academy/everything-you-need-to-know-about-virtual-bookkeeping
- https://www.mjkane.co.uk/small-business-accounts/the-pros-and-cons-of-hiring-a-virtual-bookkeeper-for-small-businesses/
- https://fitsmallbusiness.com/how-to-choose-a-virtual-bookkeeper/
- https://logixbpo.com/choose-virtual-bookkeeper/
- https://winnck.com/guide-to-selecting-virtual-bookkeeping-firms/
- https://invedus.com/blog/how-to-choose-a-virtual-bookkeeper-for-your-business/