In your experience, would you recommend GoDaddy bookkeeping for small business owners?
Would you say that Xero bookkeeping software is the best option for small businesses? Why or why not? Can you recommend any alternatives to Xero bookkeeping solutions?
It would be great to get your thoughts on this @Amanda Hoffmann - Certified Bookkeeper, BAS Agent
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.