How Much Does a Bookkeeper Charge in Australia?

Introduction

How much does a bookkeeper charge in Australia? A bookkeeper plays a crucial role in the financial management of any business. They are responsible for recording and maintaining financial transactions, ensuring accurate and up-to-date financial records, and preparing financial reports. For small businesses and startups, hiring a bookkeeper can be a significant investment. It is, therefore, essential to understand the average cost of bookkeeping services in Australia.

Factors That Affect Bookkeeping Costs

The cost of bookkeeping services in Australia can vary depending on several factors, including:

Size and Complexity of the Business

The size and complexity of a business can affect the cost of bookkeeping services. A small business with a few transactions per month may require less bookkeeping work than a larger business with hundreds of transactions. In addition, businesses with complex financial transactions such as inventory management, payroll processing, and invoicing may require more bookkeeping work, which can increase the cost.

Experience and Qualifications of the Bookkeeper

The experience and qualifications of the bookkeeper can also affect the cost of bookkeeping services. A bookkeeper with more experience and higher qualifications may charge more for their services than a less experienced bookkeeper. However, it is essential to consider the value that an experienced bookkeeper can bring to the business in terms of accuracy and efficiency.

Type of Bookkeeping Service

The type of bookkeeping service required can also affect the cost. Some businesses may require only basic bookkeeping services such as data entry and bank reconciliations. Others may require more complex services such as payroll processing and financial reporting. The more complex the bookkeeping service required, the higher the cost is likely to be.

Average Bookkeeping Costs in Australia

According to a survey conducted by the Institute of Certified Bookkeepers (ICB) in 2020, the average cost of bookkeeping services in Australia is $65.38 per hour (excluding GST). However, this cost can vary depending on the factors mentioned above.

For basic bookkeeping services, such as data entry and bank reconciliations, the cost can range from $40 to $60 per hour. For more complex services such as payroll processing and financial reporting, the cost can range from $60 to $100 per hour.

It is important to note that some bookkeepers may charge a fixed fee per month instead of an hourly rate. The fixed fee can range from $200 to $500 per month, depending on the size and complexity of the business.

Conclusion

In summary, the cost of bookkeeping services in Australia can vary depending on several factors, including the size and complexity of the business, the experience and qualifications of the bookkeeper, and the type of bookkeeping service required. The average cost of bookkeeping services in Australia is $65.38 per hour (excluding GST), with basic bookkeeping services costing between $40 and $60 per hour and more complex services costing between $60 and $100 per hour. It is essential to consider the value that an experienced bookkeeper can bring to the business in terms of accuracy and efficiency when determining the cost of bookkeeping services. For bookkeeping services available in ashfield see here.