Things to Remember When Evaluating A Bookkeeping Quote:
When it comes to comparing one bookkeeping quote with another, you need to be careful that you’re not comparing apples with oranges. When evaluating each quote, consider the following points:
Is the Bookkeeper Qualified?
Australian law requires that all bookkeepers hold a Certificate IV in Financial Services or a higher award. However, it’s not just the legal side of things that matter here. The higher your bookkeeper’s qualifications are, the more advanced their ability is, and the better able they will be to help in your business and provide you with expert advice.
Are They a Registered BAS Agent?
If your bookkeeper is going to be helping you with tax matters, then they need to be a registered BAS Agent. Otherwise, they can only assist you with data entry services and other basic tasks, and cannot provide you with a bookkeeping service that will add value to your business.
What Services Are Included?
When evaluating a bookkeeping quote, make sure you know what services are included. If you are unsure whether the quotes are comparable, ask for an itemised breakdown of how the quote was made up.
If one quote covers payroll, transaction entry, BAS, and GST, while the other quote covers all these plus financial controlling services, then there will likely be a price discrepancy. But remember to consider what you will be getting for that extra price. After all, you often get what you pay for. If the service without the financial reporting, analysis, and advice is more expensive, forget it. Why pay more for less?
Will the Bookkeeping Service Be a Business Expense or an Investment?
Remember, there are ultimately two types of bookkeeping. One involves data entry and compliance tasks, and so it is a compliance expense. The other may involve data entry and compliance too, but it also involves analysing your books and providing expert advice on improving your business’s profits and efficiency. Do you want bookkeeping to be an expense or investment for your business? Considering this will help you make the right decision for your business.