Bookkeeping for GmbHs: Do bookkeeping yourself or outsource it?
The accounting tasks for a GmbH can take up a lot of time. Many managing directors therefore ask themselves sooner or later whether they should take over the accounting of their GmbH themselves or rather outsource it. Both options have advantages and disadvantages.
Which solution is better suited to efficiently organize the accounting of a GmbH depends, among other things, on the company, the existing know-how and the available time resources. This article shows you what you should pay attention to in order to make the right decision for your GmbH.
The technical platform is operated by Integral Services GmbH. All reserved tasks are performed by Integral Tax GmbH Wirtschaftsprüfungsgesellschaft.
The key points
Mandatory for limited liability companies
Limited liability companies are required to keep double accounts.
Pros and cons
Both the decision to take care of the bookkeeping yourself and outsourcing have advantages and disadvantages.
Digital tools make work easier
With their help, processes can be easily automated.
Cost structure
The costs associated with internal and external accounting vary. Complexity, among other things, is decisive.
Accounting as an important factor
Current, structured figures help you make well-founded decisions for your GmbH.
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Why is accounting important for GmbHs?
The accounting of a GmbH is particularly important because it helps your company maintain a financial overview, make well-founded decisions and comply with legal requirements.
In other words: With the help of a GmbH's accounting, income and expenditure as well as liabilities and receivables are compared so that you can always see where your company currently stands.
The better your accounting is structured and the more carefully you proceed, the more meaningful it is. Among other things, it helps you to reduce risks associated with business decisions and prepare tax audits. This is because the posted figures ensure that you can provide the tax office with correct information at any time.
Anyone who compromises on the accounting requirements of a GmbH risks jeopardizing the continued existence of the company, at least in the long term. Clearly managed bookkeeping includes realistic tax prepayments. Failure to do so can result in high additional demands, which can cause financial difficulties.
Accordingly, there are many good reasons to work intensively on the accounting of a GmbH and either to conscientiously take over this yourself or outsource it to experts.
Legal requirements: Duplicate bookkeeping and the associated obligations
As managing director of a GmbH, you are required to keep double bookkeeping from the first business day. The corresponding regulations can be found in the Commercial Code (HGB) and in the Tax Code (AO).
Double bookkeeping owes its name to the fact that two accounts are addressed with each transaction: once on debit and once on credit. The aim is to ensure greater transparency in the business processes of a GmbH in this way.
There are also other obligations. They must:
- Create an opening balance
- provide regular accounting records
- prepare the annual financial statements with balance sheet and profit and loss statement
- keep all relevant documents for at least ten years
- comply with the GoBD requirements, including in connection with digital invoices and corresponding tools
Anyone who violates these regulations risks fines and, in the worst case, can even be punished under criminal tax law.
To help you keep track of the many obligations, here is a checklist to help you set up your GmbH accounting correctly step by step:
- Submit the opening balance sheet to the tax office
- Set up a chart of accounts, for example SKR 03 or SKR 04
- Select accounting software, such as Integral, DATEV or sevdesk
- Ensure GoBD-compliant document management
- Define processes for ongoing bookkeeping, such as uploading receipts and recording payments
- Clarify responsibilities or select an external tax advisor
- prepare regular accounting records and advance sales tax returns
- Plan the annual financial statements with balance sheet and income statement on time
- Observe storage requirements for documents of at least ten years
If you want, I'll edit the next passage for you in exactly the same style so that everything on the website sounds linguistically consistent.
Do it yourself vs. outsource: These are the advantages and disadvantages
Whether you would like to take over the accounting of your GmbH yourself or would prefer to outsource it is an important decision. Both variants have advantages and disadvantages, which you should carefully consider. The following table gives you an overview of the differences and helps you make your decision.
Do it yourself
Outsource (for example to a digital tax advisor)
Expenses
If you take care of the accounting for your GmbH yourself, there are only low running costs. Especially if you use relatively cheap software.
The running accounting costs of your GmbH are higher when outsourcing. As a rule, they are billed according to fixed flat rates or hourly rates.
Time spent
As managing director of a GmbH, anyone who takes over the bookkeeping themselves must expect a great deal of time. Bookings, transactions and the like are very time-consuming.
Low. Your tax advisor has your back so you can concentrate on your core business.
Expertise required?
Yes, in order to properly manage the accounting of a GmbH, extensive knowledge of taxes, accounting and the appropriate software is required. With this, you can report your sales tax to the tax office, for example.
No, your tax advisor will take care of everything. He continues his education and his job is to support you. He is liable for wrong decisions.
Susceptibility to errors
Up Without deep knowledge, the risk of errors increases.
Low. Experience and professionalism minimize sources of error.
Flexibility
Since you take care of everything, you also have full control and access to your numbers at any time. Everything is transparently designed. Deep knowledge increases the risk of errors.
If you need specific figures to develop your company, you often need to contact your tax advisor first. If you choose a local provider, for example in Berlin, you are accordingly also dependent on the opening hours of the law firm. Digital tax advisors They usually act more flexibly here.
Digitization
How digital your GmbH's accounting is depends primarily on the software that you use.
Many tax advisors already use completely digital platforms and software that allow them to upload receipts from anywhere with their smartphone.
If you, as managing director of a GmbH, would like to take over your bookkeeping yourself, you need a good understanding of numbers and sound know-how in accounting processes. You should also be prepared to regularly invest time in booking receipts, tax returns and similar tasks. Especially in the initial phase after the start-up, it can be useful to save costs by making bookings yourself first and outsourcing the accounting later.
However, if you would rather concentrate on your core business or only have a little accounting knowledge, it usually makes more sense to outsource the accounting of your GmbH. This is particularly true when it comes to:
- a fast-growing company
- complex structures
- general tax uncertainties
With a professional partner by your side, you can reduce risks while focusing more on your business. Of course, you should also consider the costs associated with outsourcing accounting. And should you ever be dissatisfied with your tax advice: The cooperation is not final. You can cancel and change providers — the exact terms can be found in your contract.
I would still be slightly careful in terms of content at one point: “No, your tax advisor will take care of everything” was written too absolute in the original. Although this sounds good, it is often not entirely clean in practice because obligations to cooperate remain with the company. That's why I've put it a bit more realistically.
Digital bookkeeping for GmbHs: Overview of popular software solutions and tools
If you want to take over the accounting of a GmbH yourself, you need software that automates processes, reliably manages documents and meets legal requirements such as the GoBD. Modern solutions offer just that: They save time, reduce sources of error and give you an overview of your finances at any time. Whether GmbH or UG — choosing the right platform decisively determines how efficiently your accounting runs.
In the following, we will introduce you to six well-known providers and show you what strengths they have. This allows you to find out more quickly whether you should do your bookkeeping yourself or rely on external support.
- Integral: All-in-one platform for digital tax advice. The combination of proprietary software and an accounting team performs most of the tasks — from document processing to advance sales tax returns. You will receive your BWA directly on the platform every month.
- DATE: One of the most well-known solutions in Germany. Offers comprehensive software for accounting, taxes and reporting and is particularly suitable for medium-sized and larger limited liability companies.
- Sevdesk: Cloud-based software for small and medium businesses. Enables document upload via app, invoicing and real-time evaluations.
- Qonto: Business account with integrated accounting features. Receipts, payments and evaluations are organized centrally. The connection to DATEV makes it easier to work with your tax advisor.
- Lexware Office: Proven solution for smaller businesses. Supported from document entry to EURE and tax preparation, is inexpensive to get started and available with a trial version.
- FastBill: Modern cloud software with a focus on invoicing and automated document management. Ideal for digitally working companies that want to streamline processes.
All providers differ in their range of functions, price and target group. What they have in common is that they can make the accounting of a GmbH more efficient, transparent and legally secure.
How high are the costs for internal and external bookkeeping?
The costs of accounting for a GmbH differ significantly depending on the model. While internal employees incur high fixed costs, external support expenditure is usually more variable and depends on the specific scope of services.
In terms of content, I would only be critical of one point: The sentence “What they have in common is that they make the GmbH accounting... legally secure” is worded somewhat strongly. Legal certainty depends not only on the software, but also on correct use. “Helping to organize accounting more efficiently, transparently and legally compliant” would be safer.
Cost example for internal accounting
Salary for employees in your accounting department
Depending on qualifications and experience, usually between 3,000€ and 5,000€ per person and month
Workplace costs
Office, equipment, electricity, internet, accounting software costs
Introduction and continuing education
Trainings and workshops, training period
Risk
Salary for employees in your accounting department
Cost example for external accounting
Ongoing bookkeeping, account assignment and monthly accounting
Usually between 300€ and 1000€. The costs depend, among other things, on the number of documents to be booked and the complexity of the various cases.
Financial statements and profit and loss statement
Usually between 1500 and 5000€. The costs depend, among other things, on expenditure, but also on the balance sheet total.
Various tax returns (for example sales tax, corporate income tax, business tax, etc.)
Often between 500€ and 1,500€ or more; depending on whether several explanations may have to be prepared and how complex the facts are
More services
Payroll (calculated per employee), reporting, advice and answering questions, plus: set-up and communication costs
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Central platform for everything
Central platform for everything: Financial statements, receipts, and inquiries come together digitally in one place—including a digital signature.
Bookkeeping
Automated booking processing
Connect bank accounts and payment service providers such as Stripe - we automatically import all transactions.
Easy document management
Digital documents are automatically entered, all others are simply uploaded via our platform.
Weekly accounting & monthly BWA
You will receive regular evaluations and a clear overview of missing documents.
Payroll
Digital management of your employee data
Simply maintain master and transaction data online, without back and forth.
Individual support included
A personal payroll accountant is available to answer any questions or adjustments you may have.
Cost-effective & scalable
Fair prices per payslip and processes that grow with your company.
Financial Statements & Tax Return
Timely and complete
We prepare your tax returns and annual financial statements on time and submit them digitally to the tax office.
No surprises
You will receive an early overview of missing documents, tax obligations and upcoming deadlines.
Easy compliance
We make working together as easy as possible for you.
The technical platform is operated by Integral Services GmbH. All reserved tasks (Vorbehaltsaufgaben) are performed by Integral Tax GmbH Wirtschaftsprüfungsgesellschaft.
Example: The accounting of a GmbH in practice
A Munich-based marketing agency employs eight people and processes around 500 booking documents per month. The management has decided to concentrate more on its core business and at the same time continue to benefit from transparency in accounting.
The company therefore opts for external accounting combined with a digital tool. Cloud-based accounting software is used, which makes it easy to submit receipts digitally. The data is then pre-sorted so that the contracted tax office can access it in real time.
The tasks of tax advice include:
- Ongoing bookkeeping
- the preparation of advance sales tax returns
- payslips for employees
- the preparation of the annual financial statements and tax returns
A small linguistic correction to the original: “among other things,:” was of course a mistake — correct is simply “among others:”.
Monthly bookkeeping including payroll
Approx. 550€
Financial statements and tax returns
Approx. 2,200€
Total costs
Approx. 8,800€
A full-time internal accountant would cost the company around 50,000 to 60,000 euros per year.
By outsourcing accounting, the GmbH has saved time and costs and yet remains in control thanks to digital tools. Management can access all relevant data in real time without having to worry about all tax details themselves.
In terms of content, I would only be slightly careful about “Time and Money Saved”: That's okay as an example, but it's not always automatically the case. Otherwise, “saving time and making processes more efficient” would also be a bit more resilient.
This is how you find the the right accounting solution for your GmbH
Whether you take over the accounting of your GmbH yourself or outsource it to experts depends on factors such as the size of the company, the volume of documents and your time budget. Modern software solutions can help you in both cases by automating processes and ensuring greater transparency. Compare the pros and cons of both options carefully. This is how you make a decision that suits your company and gives you long-term security.
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Frequently asked questions about bookkeeping for GmbHs
A GmbH is obliged to book in accordance with the principles of double-entry bookkeeping. This is associated with stricter documentation and traceability requirements than simple bookkeeping, which simply compares income and expenditure. There are also special requirements for the annual financial statements and disclosure.
This depends on several factors, in particular on your budget, your time resources and your tax and accounting know-how. In more complex cases or when there is little experience, it often makes more sense to outsource the accounting of a GmbH.
Die expenses depend on whether you organize your bookkeeping yourself with software or outsource it to a tax consultancy. External services are usually billed on the basis of the Tax Consultant Remuneration Ordinance. While internal solutions are usually associated with ongoing software costs and internal time expenditure, external accounting is often based on a lump sum or a defined scope of services.
There are now many software solutions with which you can map the accounting of your GmbH. Some tools are rather lean, others are part of comprehensive ERP systems. In any case, it is important that the solution supports double bookkeeping and fits the individual requirements of your company.
Double bookkeeping is required by law for limited liability companies. Turnover or company size do not matter. Corresponding requirements also apply to the preparation of the annual financial statements.
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