Key takeaways
- An outsourced bookkeeper keeps your books up to date remotely, in your own software, for a monthly fee.
- It usually costs less than an in-house hire once super, leave and overheads are counted.
- BAS lodgement must be done by a registered BAS or tax agent.
- Ask who reviews the work, where it is done and how your data is protected.
Outsourced bookkeeping means a specialist firm keeps your books up to date remotely, in your own accounting software, for a monthly fee. For most small and mid-sized Australian businesses it costs less than employing a bookkeeper, and it removes the risk of your books stopping when one person leaves.
What does an outsourced bookkeeper do?
A good outsourced bookkeeper handles the day-to-day finance work:
- Coding transactions and reconciling bank, credit card and payment-platform accounts
- Entering bills, preparing payment runs and chasing overdue invoices
- Running payroll and Single Touch Payroll reporting
- Preparing BAS workpapers for your registered agent to lodge
- Producing a monthly profit and loss, balance sheet and cash-flow summary
How much does it cost compared with hiring?
An in-house bookkeeper costs more than their salary. You also pay 12% superannuation, leave, workers' compensation, recruitment, training, software licences and the cost of covering absences. Outsourced bookkeeping replaces all of that with one fixed monthly fee based on your transaction volume and the services you need.
The saving is usually largest for businesses that need more than a few hours a week but less than a full-time person.
What are the benefits beyond cost?
- Continuity: a team, not one person, so holidays and resignations don't stop your books.
- Expertise: a CPA-led firm sees many businesses and catches problems early.
- Speed: with an offshore team, work done overnight is ready when your day starts.
- Cleaner year-end: your accountant receives tidy, reconciled files, which often reduces their fee.
Seven questions to ask before choosing a provider
- Who leads and reviews the work, and what are their qualifications?
- Do you work in my existing software, and will I keep ownership of my file?
- Where is the work done, and how is my data protected?
- Is the fee fixed, and what exactly does it include?
- Who lodges my BAS? (It must be a registered BAS or tax agent.)
- Can I speak to a named person when I need to?
- Can you show me references from businesses like mine?
Is outsourcing right for your business?
Outsourcing suits you if you're spending evenings on bookkeeping, your books are often behind, or your accountant keeps sending files back. It's less suitable if you need someone on site every day to handle cash or stock.
Ready to see what it would cost? Book a free consultation and we'll give you a fixed monthly quote.
General information only, not advice for your circumstances.
