Pros and Cons of Hiring a Bookkeeper vs. Doing It Yourself

As a start-up business owner, one has to cater to many roles, all in one! But there are certain business functions which require more knowledge, attention and carefulness than the others; one of them is the cluster of accounts, bookkeeping and taxes. Probably this is why, many of them prefer to outsource bookkeeping in India as they get optimum services in surprisingly low costs. Although bookkeeping services online are pretty popular these days, there are some business owners who still insist on doing it on their own. If the dilemma of hiring a bookkeeper or doing it singlehandedly is troubling you too, here’s an opportunity to grab a better understanding of pros and cons of both these cases. So, keep reading!
Pros of hiring a bookkeeper over doing it yourself
1. Expert-Level Services
The first question you need to ask yourself should be about your experience, skills and interest as a prospective bookkeeper; do terms like balance sheets and income statements scare you? If so, it is a better call to hire a professional bookkeeper or even better, outsource bookkeeping in India, rather than sitting with a pile of papers at the end of the month, not knowing what to do. Having a professional bookkeeper assures a deep focus on your organization’s accounts and finances by a well-trained expert. He will be skilled enough to offer quality services with precision, minimum or nil errors and timeliness.

2. Save Money Indirectly
As far as accounts and related legal affairs are concerned, malpractices like incorrect figures, wrong reports and late submissions can sometimes take a toll on your company’s reputation; plus the authorities can levy huge fines on you for defaulting. These cases can be responsible for loss of pivotal business clients or sudden depletion of your own finance deposit. Professional bookkeepers are adept at identifying these problem areas well in advance and taking actions to turn them around in time; thus, hiring bookkeeping services online can save you a lot of money indirectly.

3. More Focus on Core Tasks
Even if you are a pro in handling accounts, doing it all on your own can take a lot of time and effort on your part; this can in turn shift a lot of your vital focus on bookkeeping unnecessarily. But if you decide to outsource bookkeeping in India, you can rest assured as your accounts are being spearheaded by some of the finest bookkeepers in the world, and that too, at affordable costs. On that note, your precious attention can be channelized to the core tasks of your business, which are generally the ones that drive in revenue, making your company’s success is foreseeable.
Pros of doing your own bookkeeping over hiring a resource
1. Cost Savings
Probably the best thing about doing your own bookkeeping is that it is free. In the case of start-ups, handling your own accounts is especially beneficial as in the early stages, every business struggles with the availability of adequate funds.

2. No Extra Tools Required
Hiring an in-house bookkeeper can demand investing in a lot of expensive tools and software. Whereas, if you are doing it on your own, you can simply take off with a simple and affordable accounting software, designed for small businesses.

3. No Onboarding Formalities
Welcoming a new accounts team member on board, completing all the induction and training processes, and getting used to working with him can take a lot of time and effort. Whereas, if you are doing it on your own, no such effort is required.

Considering all the above-mentioned points, we can say that assessing every individual situation and making an informed choice is very important. Although working as your own bookkeeper has some benefits, opting for bookkeeping services online is still a better option. This is so because benefits of handling accounts solely, like not needing to rent an office, manage employees and invest in expensive tools can also come handy if you decide to outsource bookkeeping in India. Thus, a professional bookkeeper is certainly worth the investment!