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Bookkeeping fees & virtual bookkeeping

Discussion in 'Money matters' started by Biz Keeping, Nov 24, 2020.

  1. Biz Keeping

    Biz Keeping Member

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    Hi guys. I’m looking at jumping back in to my bookkeeping business after having twins in January. I’m a degree qualified accountant with 15+ years of bookkeeping experience, and about to register as a BAS Agent. I haven’t changed my hourly rate in 10+ years and have no idea what the going rate is. So I’m asking, how much do you pay per hour for a non-employee bookkeeper? If you don’t pay by the hour, what other form are you charged?

    Also, is there anyone out there who uses a virtual bookkeeper who you interact with electronically (phone, email, zoom, etc) and don’t see in person? I’m wondering how that situation works. How do you get your documents to your bookkeeper? How often do you communicate with each other?

    Thanks heaps,

    Bec
  2. Paul - FS Concierge

    Paul - FS Concierge Administrator Staff Member

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    Hi Bec,

    Welcome back to soloism :)

    This business is run from Australia.

    May help with your research.

    Good luck.

    https://beanninjas.com/
    Biz Keeping likes this.
  3. JamesMillar

    JamesMillar Renowned Member

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    I would say it's hard to get a high-quality bookkeeper for less than $60 per hour. We often see the savings made with cheaper bookkeepers are well and truly offset by the corrective action and costs associated with frequent poor quality.
  4. Alexilum

    Alexilum Member

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    The National survey by the Australian Bookkeepers Association shows that the average rate is about $75/hr.

    In saying that 'backyard bookkeepers' will charge as little as $35/hr but as James has said, the client will end up paying a lot more to the Accountant to clean things up.
    Biz Keeping likes this.
  5. MattDell

    MattDell Member

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    I would consider a tiered approach to lock people in rather than a straight rate
    For example, 10 hours per month = $750, additional hours are $60
    You could have a couple of levels of service and different pricing options and require a 6-month minimum commitment or something too

    This gives you the option to select to work with only those clients who are making a commitment to consistent work
    You get more certainty of work and the chance to schedule around the twins
    Also avoids the situation where you work hard tidying up someone's mess once-off or at intervals - as the benefit is having a long term relationship for both you and them
    Clients will go elsewhere if that doesn't suit them - and you might be better off anyway :)
    Biz Keeping likes this.
  6. Irina GBB

    Irina GBB Member

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    I have 20+years experience in bookkeping and still do it on casual basis to supplement my new therapy business. I do it remotely (XERO, MYOB) and charge $65 per hour. Often it is to set up the system or process the bank reconciliations at the end of the quarter. I don't charge my clients for answering small questions and generally provide a lot of free advice and comment on the areas that can be improved.
    Biz Keeping likes this.
  7. Colette Garnaut

    Colette Garnaut Member

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    I don't ever see my accountant in person. His office creates a link that has questions and when I select "yes it applies", an upload box appears for that category. It's really easy and convenient. All the discussion and questions we do via email or phone. It works great for me and saves me 2 hours in travel time, finding a park, carting around boxes of receipts, and I can scan and upload things whenever it suits me - I don't have to do it in business hours when I'm working in my business
  8. Negers

    Negers Member

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    Similar to Matt Dell's suggestion, I'd suggest 'packaging' your services according to client size and usual services utilised, along the lines of:
    • Solo Owner/Operator with no employees
    • Small Business with 1-2 employees
    • Small Business with 3-10 employees
    • Medium Enterprises with 10+ employees.
    Non-standard services or complex clients, such as:
    • software selection & setup
    • POS/rostering/add-on integration
    • multiple sites for a single client
    are then charged as supplementary offerings.
    Biz Keeping likes this.
  9. IBFlyingSolo

    IBFlyingSolo Member

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    I have two friends who provide this service and it depends on the complexity.
    If it's straight data entry and a simple bank req then between $50 and $70 per hour.
    If it's more complex work that an accountant might charge $2-300 per hour an Accountant that runs a bookkeeping service can provide CFO style advice, like cash flow projections, setting up systems to automate sales and invoicing, BAS and tax preparation etc then it's $80 - $120 per hour. Much cheaper than an Accountant.
    Hope this helps but it's always you get what you pay for.
    I do know a few providers out of India that do a pretty good job for half the cost but it depends if you're comfortable with virtual
    Paul - FS Concierge likes this.

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