Choosing a bookkeeping service for your business may seem like a throwaway task – something you just have to check off your list to keep all your ducks in a row. As your Business-of-One grows from a simple freelancing or consulting operation into a bonafide business – whatever that means for you – your finances will get more complicated. You might have more clients to track down for payments, more income to track, contractors or employees to pay, and certainly more involved tax obligations. Taking the effort to understand what virtual bookkeeping is and how it works will help you start an excellent business. Bookkeeping is quickly changing with new cloud technology and being able to work remote with clients. Virtual bookkeepers have to embrace it to give your business the edge on your competition.

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Remember, clients are often willing to pay more for quality – so don’t sell yourself short when setting your prices. Virtual bookkeeping is the process of maintaining financial records remotely through secure, cloud-based accounting software. Businesses get the expertise of an experienced bookkeeper without the costly overhead.

Business size

Today, virtual bookkeepers are more strategic about using cloud-based accounting software to let stakeholders (the small business owners) see data on mobile and from any location. The proprietary software used by virtual bookkeepers may not be the same https://www.bookstime.com/ that the business owner already uses. If the business owner uses an on-premise system, the bookkeeping service may need to switch them to an online or cloud-based system like QuickBooks or NetSuite.

• Budgeting approximately $5 to $15 per month for these services, totaling $60 to $180 annually, is a wise investment.
• This budget typically covers essential bookkeeping software, foundational marketing efforts, and initial legal or registration fees.
• Typically, the salary of bookkeepers in Australia is $75,500 annually, equating to $38.72 per hour, based on data from 1,047 salaries.
• Price anchoring is a strategy that plays on a buyer’s tendency to inherently compare information.
• A bookkeeper or accountant plays a key role in managing your business’s financial health.
• Yes, virtual and outsourced bookkeeping is just as legitimate as in-house bookkeeping and accounting.

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Deciding between cash accounting and accrual accounting is a critical decision for any business. If you have a larger operation, a bookkeeper will have more to handle, which may mean higher costs. If your business is smaller, you may not need as much help, so you might be able to keep your best online bookkeeping services costs lower.

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QuickBooks Live, Decimal and Ignite Spot Accounting are three competitors that offer subscription bookkeeping services. All three boast a dedicated team to ensure that your bookkeeper learns about your business and what makes it tick. Location can play a major role in how much you charge for services. So, it’s important to know how much to charge clients based on location. While Equivity offers a fairly robust bookkeeping package, they don’t use their own software.

Tips for Working with a Virtual Bookkeeper

• Bookkeeper salaries vary state by state (see our chart below), and depending on where you live, you could be paying a large difference in one place versus another.
• Choosing a bookkeeping service for your business may seem like a throwaway task – something you just have to check off your list to keep all your ducks in a row.
• Then we categorize every transaction and produce shiny financial statements for you.
• You’re thus able to make informed decisions more quickly, no matter the time or day.
• For example, if you have the time to handle bookkeeping yourself, you might continue to do so to save money.
• These benefits include access to tax resource support in Live Expert Assisted.

Then, consider how that time could be better spent on other aspects of your business—like getting new clients, developing new products, or enjoying some much-needed R&R. If your books are behind, we can get you caught up for $299 per month. Sign up today and we’ll do one prior month of your bookkeeping and prepare a set of financial statements for free. During your demo, we’ll walk you through the services included in each Bench bundle to determine which is the best fit for your business.

How Much do Virtual Bookkeepers Charge?

All of the data is presented in powerful dashboards that let you dive deep into your finances, pull up detailed reports, and keep an eye on trends. You’re thus able to make informed decisions more quickly, no matter the time or day. While Ignite Spot’s online bookkeeping services are a great solution for many businesses, we wish the pricing structure was clearer. Pricing on packages is on a business-by-business basis and is billed as a percentage of your annual revenue. In other words, scalability could come with a high price tag if your business starts to take off, as monthly fees are based on a rolling 12-month average and reviewed quarterly.

The best bookkeepers embrace technology by automating processes, reducing manual data entry, and accessing financial information in real-time. The affordability of bookkeeping services enables you to benefit from the expertise of a finance professional without breaking the bank. You receive essential financial management support without the hefty price tag and negative impact on your bottom line. In Australia, bookkeeping services range from $25 to $60 per hour – but a lot of factors affect the price.

QuickBooks Live

They are QuickBooks ProAdvisor proficient in platforms like QuickBooks, Xero, and MYOB, ensuring accurate record-keeping and financial management. A guide to help you work through the big decisions around starting a bookkeeping business. You can read more on pricing strategies in our guide to starting a business.