Book-keeping is tedious and sometimes companies lack the manpower or budget to hire a full team to do it in-house. A bookkeeper does the day-to-day hands-on tasks: making sure new employees file all the right paperwork for the company’s payroll, submitting invoices (promptly) and following up on them, paying the bills and track company expenses
Services include
- Payroll Administration
- Accounting Services
- Preparing Financial Statements
- Audit and Assurance
- Tax Advisory
What makes a good bookkeeper?
- They are knowledgeable and accredited in many proficiencies like auditing and accounting for example
- Has received many positive reviews from past projects
- The firm is transparent with all practices and has no history of fraud
Main cost factors
- Frequency of bookkeeping service required
- Size of transactions – the more transactions that need to be recorded, the higher the cost
- Additional services – GST submission, e-filing, support services are all going to cost extra.
Pricing
Prices can range from as $250 a month to upwards of $2500 a month based on size and complexity of services required
Tips, tricks and challenges
- Look for a bookkeeping firm that can handle multiple service types, and ask for a consolidated/bundle price
- Combine your requirements with other companies and see if you can get group rates
We can offer you some advice from other buyers
- You need to know accountancy to be able to test if they know how to book keep properly. Test their level of skill, such as the basics like where to key in certain documents, how to undo etc. Check if they are familiar with the system and software you are using. -Willy Tan, runs an accountancy firm
- Book keeping is subject to your requirements. Hire based on your budget. You need to know what kind of accounting software you need and don’t need. Test to see if that person knows the accounting software. Experience is preferred. -Den Teo, Business owner
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