By using computerised bookkeeping software, and other Internet resources, a virtual bookkeeper can post financial transactions, produce and review reports and reconcile accounts. In fact there is not much difference between regular bookkeeping and virtual bookkeeping.
A virtual bookkeeping arrangement can be beneficial to businesses in terms of costs and flexibility.
Since virtual bookkeepers are not at your premises, they do not require office space, facilities or supplies. Depending on the arrangement with the bookkeeper, you will generally not be required to provide superannuation benefits, insurance, or have to worry about PAYG taxation.
There are 2 main methods by which a virtual bookkeeper charges for the services.
1. Fixed monthly fee
After deciding on what the business needs by way of bookkeeping services, and after a couple of months trial, a fixed monthly fee is established. This is then detailed in a document, along with a list of services to be provided, which define precisely what will be done each month. On our pricing page is a chart showing some typical bookkeeping packages.
As every business is different, then the requirements will vary. Our objective is to work with our clients to provide the most cost-effective and flexible way of achieving their bookkeeping goals.
2. Hourly rate
If a client is uncomfortable with entering into a fixed monthly arrangement, then an alternative is to engage the virtual bookkeeper on an hourly rate. This would need to be negotiated individually however $55-$60 an hour would be a guide.