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Integrate accounting

POS SOFTWARE

One point that can in retail save you time is automation that saves you time.

Consider that you save a lot of time of manual bookkeeping every year by integrating your POS system into your accounting system.

 

 

 

Comments

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Submitted by JennyAbraham (not verified) on Tue, 10/09/2024

Yes, software can save your efforts, allowing you to concentrate on the core activities of your business. The software cost is high for some of the startup companies and also needs regular upgrading which means you need to pay every time you upgrade. For this, you can connect with accounts outsourcing companies as they use the latest software versions.

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Submitted by Bernard Zimmermann on Wed, 11/09/2024

As a guy with a lot of experience dealing with accounting outsourcing firms, I know that manual data entry for accounting tasks can be very time-consuming for any business. Many business owners spend several hours weekly on bookkeeping tasks throughout the year. This is necessary because any accounting outsourcing company will require the raw figures first. If the outsourcing company does the data entry, they will charge for keying this information into their software. Assuming an average of 2 hours per week dedicated to these tasks, we're looking at approximately 100 hours per year for a typical small business. Bigger ones, of course, need more.

Cost Breakdown

Based on your scenario, where the accounting outsource does it, the cost of bookkeeping services can vary based on the level of expertise required:

Basic Data Entry

  • The rate typically ranges between $30 and $50 per hour for data entry only, with a qualified person to supervise.
  • The actual rate depends on the bookkeeper's speed and accuracy.

Experienced Bookkeeper/BAS Agent

  • For experienced bookkeepers who are also competent and registered BAS Agents, the standard hourly rate might range from $75 to $125 per hour.

Annual Cost Estimate

Based on the 100-hour annual estimate:

  • Basic data entry could cost between $3,000 to $5,000 per year.
  • Services from an experienced bookkeeper or BAS Agent could range from $7,500 to $12,500 per year.

This breakdown clarifies the time and financial investment required for bookkeeping and data entry tasks for a typical small business in Australia when preparing for the annual ATO tax return. The accounting software is much cheaper, even though I agree that your argument is valid and that their upgrading is increasing. 

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