Do your own bookkeeping or outsource it?

How Do Outsourced Bookkeeping Services Reduce Risk in My Business?

It is up to you to decide whether you want to do your own bookkeeping or have it done by a professional. It is wise to make a list of the things you can do yourself and where the bookkeeper may have to support you. Often, you do not need much information to file a VAT return. You usually start by keeping a cash book and the bank mutations. You also have to keep all receipts and invoices neatly and clearly arranged. By keeping good records, you not only have the figures in order for the tax authorities, but also for yourself. This way, you know whether you are turning enough turnover and, of course, also making enough profit. Most entrepreneurs are dependent on the profit because they do not pay themselves a salary. This applies to both the starting entrepreneur and the established entrepreneur.

Advantages of online accounting

You have control over the bookkeeping by entering it all directly online. You also have an overview and this gives you insight into your own figures. It is also much cheaper and legally valid for the tax authorities. In addition, you can also estimate how much time the administration should take. So you know when you outsource this to an accountant. And you can easily make the necessary declarations online yourself. Because you can save receipts online, you have the option of doing away with a folder. This way, you keep more space and an overview of the more important matters. In the end, it is up to you to make the decision. There are also systems that you can manage together with the bookkeeper.

What can you do with online accounting?

Online accounting is ideal for an overview of income and expenditure. But in addition, most systems allow you to see an overview of the VAT you pay or have to pay. Most people feel that no one is needed anymore to do the administration. And besides, you’ll be amazed at what you can do with such a system. More and more providers are allowing you to save your receipts online. This is often done with a photo or scan of the receipt. That saves a thick folder of receipts. It is also convenient for the guarantee of your goods.

Why outsource your bookkeeping?

If you have doubts about the accuracy of the bookkeeping you do yourself, it is wise to engage the services of an accountant. This can sometimes be a wise decision, especially if you deal with large amounts of money. It is wise to choose an accountancy programme that you can both work with. In this way, you hand over part of the work and you continue to keep an overview. It can be nice to have someone look over the accounts so that you do not have to make any unexpected payments. But handing over everything is a big step for many people. That is why a combination is often chosen.