Virtual Bookkeeper vs In-House: Which Saves More for Australian SMEs?

Businesses often don’t realize how much they can save by trusting bookkeeping experts. Bookkeeping is a crucial task that directly impact on a company’s performance. From routine bookkeeping to payroll, financial reporting, and reconciliation, a virtual bookkeeper can manage these duties at a more affordable cost. As the demand for bookkeepers grows, selecting the right one requires careful thought.

In this blog, we will help you understand the benefits of remote bookkeeping services, and what more you get apart from cost-saving.

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How Much Does It Cost to Hire a Virtual Bookkeeper in Australia?

Hiring a virtual bookkeeper in Australia is far more affordable than employing someone full-time in-house. Typical pricing sits between $30 and $60 an hour, with monthly packages starting from around $650. The exact figure depends on several factors, including:

• Complexity of accounts: More transactions or compliance requirements increase costs.
• Scope of services: Basic bookkeeping would be more affordable than full support (payroll, BAS, reporting, etc.).
• Frequency of work: ad-hoc, part-time, or ongoing monthly packages.
• Experience and qualifications: Senior bookkeepers and BAS agents charge higher rates.
• Software expertise: Providers with versatile expertise in Xero, MYOB, or NetSuite may price higher.
• Service provider’s reputation: Established firms with proven track records often command premium pricing.

Virtual Bookkeeper vs In House Bookkeeper: Which Saves More for Australian SMEs?

Generally, virtual bookkeepers can be more cost-effective for SMEs with variable bookkeeping needs or tighter budgets. While cost saving is a major benefit, virtual bookkeeping services also provide flexibility, technological efficiency, focus on business, and skills to Australian businesses.

This table and summary highlight the key differences between a virtual bookkeeper and an in-house bookkeeper for Australian SMEs considering bookkeeping options:

Key Benefits of Hiring a Virtual Bookkeeper

A virtual bookkeeper can deliver clear value to Australian businesses by cutting costs, improving compliance, and giving owners more time to focus on growth. Apart from cost savings, the benefits include scalability, real-time visibility, and access to the latest tech.

• Cost savings: Virtual services can reduce bookkeeping overheads considerably compared with employing in-house staff, as you avoid super, leave entitlements, and office expenses.
• Compliance expertise: Skilled remote bookkeepers understand ATO requirements, BAS lodgement, GST reporting, and industry-specific compliance, so your records stay accurate and audit-ready.
• Scalability: As your business grows or slows, you can scale services up or down without the hassle of hiring or letting staff go.
• Time efficiency: By outsourcing routine bookkeeping, you free up hours each week to focus on business planning, sales, and strategy.
• Real-time insights: Cloud dashboards mean you can view your cash flow, reconcile accounts, or review reports anytime, anywhere.
• Technology advantage: Virtual bookkeepers use leading cloud accounting software such as Xero, MYOB, QuickBooks, or NetSuite, often with AI-powered automation, which cuts down on errors and speeds up reporting.

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How to Find the Virtual Bookkeeping That Is Right for Your Business

Choosing a bookkeeper requires careful thought, including assessing your business needs, setting a budget, reviewing ratings and feedback, confirming qualifications, understanding their industry and software experience, and evaluating their communication style.
Here’s how you find the right outsourced bookkeeping services for your AU business:

Evaluate Business

Begin by understanding your business’s current situation and its specific requirements. You might delegate routine bookkeeping tasks, but if you’re facing issues like a lack of insights, payroll challenges, audit errors, or other difficulties, consider getting support from a virtual bookkeeper in Australia for financial reporting, payroll, bank reconciliation, and tax assistance.

Determine Budget and Objective

Set a clear budget of the bookkeeping costs that you are willing to spend. Many virtual bookkeeping firms offer customised bookkeeping packages, which allow you to pay only for the services you choose. However, remember that the cheapest option is not always the best.

Check Rating and Reviews

Make the best possible use of the information available about the virtual bookkeeper on the internet. Read reviews and ratings on Google, their website, and other platforms to confirm the reliability and performance of the online bookkeeping services you’re considering.

Verify Professional Qualifications

Before hiring a remote accountant, confirm their qualifications. Both local and outsourced bookkeepers should be well-versed in ATO compliance, BAS lodgement, and GST reporting, and hold a degree in accounting. You can arrange an interview with the bookkeeper assigned to your business to assess their knowledge.

Industry Expertise

Choose a provider that actually does virtual bookkeeping for AU businesses like yours. NDIS, clinics, trades, e-commerce, and real estate each have quirks (funding claims, job costing, inventory, trust accounting). Ask for examples of industry-specific reports and compliance wins (e.g., GST on mixed supplies, trust audits, grant acquittals). If they can’t show it, they don’t do it.

Software Expertise

An in-house bookkeeper may limit your exposure to the latest software tools that support AI and automation, simplifying financial tasks while maintaining accuracy. Confirm if your virtual bookkeeper uses popular software in Australia like QuickBooks, NetSuite, MYOB, or MS Business Central 365.

Communication Standards

Clear communication channels are essential when working with a virtual bookkeeper. Check that the firm follows good communication practices and decide how often you want to connect with your dedicated bookkeeper, be it weekly, biweekly, monthly, or as agreed.

Hire a Dedicated Virtual Bookkeeper for SMEs: Affordable, Flexible, and Scalable Support

Amidst the talent crunch in Australia, finding the right expertise within reach may not be feasible. Virtual bookkeeping services allow you to go digital and find reliable professionals within Australia to take care of your books. Along with being cost saving, it ensures you have expertise on board to keep your books accurate, organised, and compliant.

Whiz Consulting has spent 10+ years managing books with a tech-led approach, daily reconciliations, pre-lodgement checks, clear approvals, and exception-driven reporting in Xero, MYOB, QuickBooks, NetSuite, Wiise, and more.

Ready to hire a virtual bookkeeper? Our 150+ specialists are dedicated to building an ATO-ready workflow around your policies and SLAs, reducing rework, and keeping auditors comfortable while lowering cost-to-serve.Reach out to us today to choose the most cost-effective bookkeeping solution!