What's the standard bookkeeping rate or BAS agent rate in Australia? What factors affect the pricing?
A lot of bookkeepers offer a package nowadays. Eg: a starter package for new businesses or businesses who want to establish a new accounting software. They will install, configure, transfer your books and get everything up and running including training. This will usually be a fixed price package.
If you're looking at hours, it really varies. Since you're asking for a BAS agent also, it means you want someone to do your BAS too on top of your day-to-day accounts. That can go up to $50 an hour.
At the end of the day, you need someone who is proactive and who you can communicate easily because your company's finances depend on this relationship. Your bookkeeper and accountant should also work closely together (ideally).
Hope that helps.
Xero recently acquired an e-invoicing company with a vision that this will be one of the next big innovations for businesses. "It also makes it easy for governments and businesses to pay invoices...
Can anyone give me some guidelines for the retention requirements of all major business and financial records?
Does the double-entry system of bookkeeping improve the budgeting process? How so? Should I be using the double-entry system instead of the single-entry system?
Basically every transaction has 2 sides to it. If you buy some stationery, it increases your office expenses and decreases your bank. Double entry is using different ledgers to show these transactions. When using a single-entry system, it is affecting both accounts, but you are concerntrating on one side of the transactions.
To improve your budgeting process, using a single-entry system is easier to understand and what I would recommend.
How much does a bookkeeper typically cost per hour? Is an hourly rate the most common fee structure?
What services do you want your bookkeeper to perform?
STANDARD BOOKKEEPING (No BAS services)
If you want standard bookkeeping duties that do not include BAS services then you would be looking at using a virtual assistant, admin assistant, or bookkeeper to complete those tasks.
The cost will be more expensive if you insist on them coming to you, as opposed to working online.
Virtual assistants cost anywhere from $35 hour plus
Virtual bookkeepers cost anywhere from $25 hour plus
Onsite will generally cost you anywhere from $55 hour plus
A contracted bookkeeper cannot advise you about anything like superannuation, payroll, GST, or indirect taxes. They are strictly working on the defaults of your accounting software. You will not be covered by the Australian Taxation Office’s safe harbor regime that protects you if your registered BAS Agent or Tax agent makes a mistake.