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How much time do you spend monthly doing bookkeeping?

 It really depends on the size and structure of the business. Some of the important things to consider are:

  • - Number of transactions: Retail businesses or franchises can often have hundreds of transactions (sales and invoices) to process which can take up a lot of man hours as compared to service-based businesses which wouldn't need as many customers to be sustainable.

  • - Number of employees: The more the employees in the business, the longer the bookkeeper will have to spend processing their payroll according to their individual circumstances.
  • - Revenue: If the revenue crosses the GST threshold ($75,000 in AU), the business will have to submit a Business Activity Statement (Quarterly) as well.

  • - Expertise of the bookkeeper: As you get more experienced and skilled, obviously the time taken to do the work would be reduced as well.


There are other factors as well and you may have noticed that they are all related to each other. So really, the answer to this question could be once a week for a day or it could be a full time workload for a bookkeeper. Our recommendation though is to at least spend some time weekly (other than just for pay runs) to ensure you don't collect up a mountain of work. It will be harder the longer you delay it for and the more mistakes you will likely make.

Suite 1, 6-12 Serich Lane,

Northbridge, WA 6003

info@auditax.com.au
1300 762 329

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Location: Australia

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