Bookkeeping: In-house or Outsource?

[Jozsef Borbely]

Hi all,

Just want to pick your brain regarding a issue I might have in the future.

For all those of you that have a business or work for a small business how do you manage book keeping. Do you:
a.) Do it yourself (is it worth the hassle?)
b.) Out-source it to another person/company (if so a indication of how much they charge you would be appreciated)
c.) Hire a full time book keeper. (if so how much is there CTC)

Any feedback you guys can give me will be greatly appreciated.

Thanks,

Jo.

 

[Alwynz]

Hey Jozsef,

It really depends on the operations and type of accounting entries that is needed and the skills relating to accounting inhouse. I like to suggest to people to do it on their own since this is the cheapest option imho.

If its not too complex its much better to outsource it for various reasons, mostly being not having the knowledge to use the software, lack of knowledge regarding tax and vat and also the cost of proper accounting software.

I prefer outsourcing as its just by far the better/cheaper option - if you have a small business, hiring someone will be very expensive.

Hope this helps.

 

[Jozsef Borbely]

Hi Alwynz,

Thanks for the useful info.

Can you give any recommendations regarding the outsourcing option?

 

[adam541]

Hi
It depends on your abilities and knowing your limitations.