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Bookkeeping - Should You Do It Yourself, Or Should You Outsource It?

  
  
  
  
  
  

This is one of the most common questions we get asked when we first meet someone at one of our free consultations. They ask what we think, from a truly mutual point of view. 

And What Do We Say? 

We say that you should always try to do your own bookkeeping where possible. Why? Because it gives you a much better overview of your business. If you do your bookkeeping, you can perhaps start to see trends of when the most money comes in, or when your cashflow is at it’s lowest point.

The problem with this is though, that a lot of people reply to our answer with this: 

“I just don’t have the time” 

Outsource Bookkeeping, Bookkeeping

Which is a perfectly reasonable response; sometimes, you do simply not have the time to do your own bookkeeping, and it could be more cost effective for you to outsource it. 

The trick is to find the middle; when you’re so busy that you’re making more money than it would cost to outsource it, this is usually when we advise people to start outsourcing their bookkeeping. 

Obviously you do get a few business owners who aren’t the best at bookkeeping, and perhaps give their accountant their bookkeeping, and then received extra charges because the accountant has had to go through it and correct any mistakes. In this instance, it could also be worth outsourcing your bookkeeping, depending on the severity of extra charges from your accountant. 

How Can We Help? 

If you’d like to talk to Keepers about taking over your bookkeeping, or even acting as your accountants, then please click here to arrange a free ‘Sit Down and Chat’ meeting; in these meetings, we can discuss anything you want, with no obligation to taking us on as your accountants; should you wish, you can use this meeting purely for advice purposes.

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Comments

Owner/managers of SMEs must understand the finance side of their business period, otherwise they are flying blind! Its absolutely better if they can do that by themselves. Nonetheless the book keeping aspect can be outsourced if and only if the owner has taken the trouble to acquire some basic knowledge on what those figures imply when translated into the key financial statements i.e P & L, Balance sheet and cash flows. Similarly it pay to have someone on your advisory board who has a keen financial eye sight, so that when the in-house team submits financial information, the owner benefits from his/her insights.
Posted @ Thursday, January 10, 2013 4:20 AM by Dunwell Eku
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