Blog

Bookkeeping vs Payroll: Can a Bookkeeper Do Payroll?

Bookkeeper doing payroll

I’ve often been asked about the differences between bookkeeping and payroll, and whether a bookkeeper can handle payroll tasks.

Let’s clear up some confusion right off the bat: yes, a bookkeeper can do payroll, but there are distinct differences between the two roles.

Here’s a simple breakdown to help you understand each one better.

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How Much Do Bookkeepers Charge?

Bookkeeper in Perth reconciling bank statements

Bookkeepers generally cost between $300 to $1000 per month, depending on the size of the business and the specific needs it has.

Smaller businesses can expect to pay between $300 and $600 per month, while larger businesses pay more as their needs are greater in terms of the number of transactions processed, accounts to be reconciled, and people on the payroll.

Below, I’ve gone deeper into the inclusions at varying price levels and the value a bookkeeper offers businesses regardless of their size.

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What Does a Business Accountant Do?

Business accountants discussing their responsibilities

A business accountant plays a multifaceted role, focusing on financial analysis, strategic planning, and ensuring regulatory compliance to optimise a company’s financial health and growth.

With over a decade of experience as a business accountant, I’ve witnessed firsthand the pivotal role we play in the success of companies across Australia.

In this blog, I’ll delve into the responsibilities, benefits, and costs associated with hiring a business accountant, sharing some personal anecdotes and expert insights along the way.

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Bookkeeper vs Accountant: What’s the Difference in Australia?

Bookkeeper and accountant looking at a computer

As an accountant with over 10 years of experience, I’ve frequently encountered confusion about the roles of bookkeepers and accountants and whether they are different in Australia.

Simply put, bookkeepers manage the day-to-day financial transactions, while accountants provide strategic financial advice and tax planning.

For a more detailed explanation using examples of how these two roles function within a business, read on.

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Internal Audits vs External Audits

Mace Turco showing a graph to a business accountant in a team meeting

In my years in the financial arena, I have found that the word audit causes some turmoil among business professionals. In many cases, the concern is entirely unwarranted.

In basic terms, internal audits are conducted by a company’s own staff to improve business operations and focus on specific areas, while external audits are performed by independent firms to verify the accuracy of the company’s financial statements.

Leveraging my years of experience, I’ve broken down differences between the two as well as the pros and cons to help you better understand.

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What is a BAS Agent and How Do They Help?

BAS agent sitting at a desk with a client

Effective financial management is pivotal for business success, and an integral part of this is understanding the role of a Business Activity Statement (BAS) professional.

BAS agents play a significant role in business finance, advising or representing businesses in areas such as the Goods and Services Tax (GST), payroll, and other tax-related matters.

In this blog, I’ve explained everything you need to know about the role of a BAS professional, as well as their responsibilities, qualifications, and the benefits of using their services.

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When is BAS Due in 2023-2024?

Accountant looking at business activity statements

One of the most common questions I hear from business owners – and one of the most common questions any business accountants receive – is simply: when is BAS due? So, I am here to walk you through everything you need to know about BAS, including how to pay BAS, lodging BAS, BAS due dates, avoiding late payments, what to do if you make mistakes, and more.

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What to Take to the Accountant for Your Small Business 

Small business over looking at his bank statements with a small business accountant

For many small business owners, tax season is a time of uncertainty or possibly angst. Even those who are typically well-prepared can find themselves stressed when thinking about taxes.

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How to Pay Tax as a Sole Trader

sole trader tax return guide header

Your job as a sole trader is challenging, and you must oversee every detail of your business to make sure everything is done correctly. Why add stressing about how to pay tax as a sole trader to the list?

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What Do Business Advisors Do?

A business advisor is a strategist who works with your company to help with planning, finances, marketing, and even development.

While many titles in the business world are name-apparent, others sound familiar but leave you unsure about what the job entails. A business advisor is one of these terms. The job title of business advisor became fashionable in the 1970s. However, even in the 21st century, most people only have vague ideas regarding the job’s purpose.

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