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Thread: Bookkeeping

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    m42's Avatar
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    Bookkeeping

    At what point did you begin outsourcing bookkeeping and taxes preparation?
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    I haven't -- I still do it mehself.

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    My account always did all the work. I just gather and print out the receipts

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    Bookkeepers and accountants are great for dealing with the mind-numbing volumes of paperwork now required for governmental compliance. Their limitation is that they are not strategic thinkings. They record what you do, but they are horrible at suggesting smart things to do.

    I think the way to tell whether you should outsource bookkeeping, accounting, or almost anything is the same. Compare the cost of doing it yourself to the cost of outsourcing it. In your costs, be sure to include the time it would take you to learn the necessary skills and the opportunity cost related to the revenue you could be making if outsourced the task. Also be sure to consider that a specialist can accomplish the same tasks in less time than a generalist. On the flip side, add a line item for communications cost to any outsourcing model. Communicating requirements and approving deliverables always takes time.
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    Quote Originally Posted by m42 View Post
    At what point did you begin outsourcing bookkeeping and taxes preparation?
    When I found I didn't have enough time in the day to do it myself I outsourced it which was pretty fast.

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    Quote Originally Posted by Nathan View Post
    When I found I didn't have enough time in the day to do it myself I outsourced it which was pretty fast.
    To his own mother.

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    Quote Originally Posted by Charles View Post
    To his own mother.
    Very nice. His mom is qualified for the task and I bet she gave him a good rate.
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    Quote Originally Posted by Will.Spencer View Post
    Very nice. His mom is qualified for the task and I bet she gave him a good rate.
    My mum's qualified too.

    But she does enough for me...

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    Quote Originally Posted by Charles View Post
    To his own mother.
    that's actually pretty good, this way you know your account is going to have your best interests in mind

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    Quote Originally Posted by DomainMagnate View Post
    that's actually pretty good
    But it could backfire, and wreck his relationship with his mother...

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