GmbH accounting: Do bookkeeping yourself or outsource it?

The accounting tasks for a GmbH can take up a lot of time. In this context, many managing directors ask themselves at some point whether they should do the bookkeeping for their GmbH themselves or would rather outsource it. Both decisions have advantages and disadvantages.
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Which option is the better when it comes to optimising the accounting of a GmbH depends, among other things, on the company, know-how and own time resources. This article shows what you should pay attention to when you have decided to make the best decision for your GmbH.

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Buchhalter im Büro berät zu GmbH Buchhaltung

The essentials in brief

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 limited liability companies?

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.
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Or in other words: With the help of GmbH accounting, income and expenditure, but also liabilities and receivables, are compared so that you can always see exactly where your company currently stands.
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The better your accounting is structured and the more precise you are, the more meaningful it is. With their help, you can, among other things, reduce risks associated with business decisions and prepare tax audits. After all, the posted figures ensure that you can provide truthful information to the tax office at any time.
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Anyone who makes compromises on the accounting obligation of a GmbH runs the risk that the continued existence of their company, at least in the long term, cannot be ensured. After all, clean bookkeeping also entails, among other things, tax advances of a realistic amount. If these do not occur, you may be confronted with high additional demands, which can cause financial difficulties.
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Accordingly, there are many reasons to study your GmbH accounting in detail and either to conscientiously take it into your own hands or outsource it to an expert.

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).
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Double bookkeeping owes its name to the fact that two accounts, once in debit and once in credit, are addressed with each transaction. In this way, the aim is to ensure greater transparency in connection with the business processes of a GmbH.
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There are also other obligations. You must:
· to prepare an opening balance sheet
· to provide regular accounting records
· to 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 relevant tools.
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Anyone who violates these regulations risks fines and, in the worst case, can even be punished under criminal tax law.
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So that you can keep track of the many obligations, here is a Checklist with which you can set up your GmbH accounting correctly step by step.
· Submit the opening balance sheet to the tax office
· Set up an account framework (e.g. SKR 03 or SKR 04)
· Select accounting software (e.g. Integral, DATEV, sevdesk)
· Ensure GoBD-compliant document management
· Define processes for ongoing bookkeeping (upload documents, enter payments)
· Clarify responsibilities or choose an external tax advisor
· Prepare regular accounting records and advance sales tax returns
· Plan annual financial statements (balance sheet and income statement) on time
· Observe storage requirements for documents (at least 10 years)

Do it yourself vs. outsource: These are the advantages and disadvantages

Whether you want to do the bookkeeping for a 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 choice.

Do it yourself

Outsource (for example to a digital tax advisor)

expenses

If you take care of the accounting of your GmbH yourself, there are only low running costs. Especially if you use relatively cheap software.

The running costs for the accounting 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.

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 want to do your bookkeeping yourself as managing director of a limited liability company, you need a good understanding of numbers and sound know-how in accounting processes. You must also be prepared to regularly invest time in booking receipts, tax returns and similar tasks. Of course, you can also save costs in terms of accounting for your GmbH, especially at the start shortly after setting up your own business, by first making all bookings yourself and then outsourcing them later.
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However, if you would rather concentrate directly on your core business or only have a little accounting knowledge, it usually makes more sense to outsource the accounting of your GmbH. This applies in particular to:
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· a fast-growing business
· complex structures
· general tax uncertainties.
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With a professional partner at your side, you can protect yourself and focus on your business activities at the same time. You should also consider the costs of outsourcing. And if you are dissatisfied with your tax advisor: The cooperation is not final. You can resign and the Change tax advisor — The exact conditions can be found in your contract.

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Digital accounting for limited liability companies: An overview of popular software solutions and tools

If you want to do the bookkeeping for a GmbH yourself, you need software that automates processes, reliably manages all 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 determines how efficiently your accounting runs.
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In the following, we introduce you to six well-known providers and show you what strengths they have. This allows you to find out more quickly whether you are doing your bookkeeping yourself or whether it is better to rely on external support.
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· integral: All-in-one platform for digital tax advice. The combination of proprietary software and an accounting team performs the majority of tasks — from document processing to advance sales tax returns. You will receive your BWA directly on the platform every month.
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· DATEV: One of the best-known solutions in Germany. Offers comprehensive software for accounting, tax and reporting, particularly suitable for medium-sized and larger limited liability companies.
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· sevdesk: Cloud-based software for small and medium businesses. Allows document upload via app, invoicing and offers real-time evaluations.
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· Qonto: business account with integrated accounting features. Receipts, payments and evaluations are organized centrally, and the connection to DATEV facilitates cooperation with the tax advisor.
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· Lexware Office: Proven solution for smaller companies. Supported from document entry to EURE and tax preparation, inexpensive to get started and available with a trial version.
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· FastBill: Modern cloud software with a focus on invoicing and automated document management. Ideal for digitally working companies that want to streamline processes.
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All providers differ in their range of functions, price and target group. What they have in common is that they make GmbH accounting more efficient, transparent and legally secure.

What are the costs for internal and external accounting?

The costs of accounting for a GmbH differ significantly depending on the model. While internal employees incur high fixed costs, external support expenditure is more variable and depends on the scope.

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

Integral services at a glance

Regardless of whether you are a start-up or an established company — with Integral, our partner tax advisors provide you with a tax advisor service that covers accounting, tax returns and annual financial statements.

Alle Steuerberatungsdienstleistungen werden von der Integral Steuerberatungsgesellschaft mbH, Zionskirchstraße 75, 10119 Berlin, erbracht.

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Example: The accounting of a GmbH in practice

A Munich-based marketing agency employs eight people and has to process around 500 booking documents per month. The management has now decided to concentrate on its core business, but at the same time wants to be able to continue to benefit from transparency in accounting.

Those responsible opt for external accounting with a digital tool. For this purpose, the GmbH uses cloud-based accounting software, which allows it to easily submit receipts digitally. The data is then pre-sorted. The authorized tax office can access them in real time.

The duties of a tax advisor then include:
· to take care of ongoing bookkeeping
· carry out advance sales tax returns
· to prepare payslips for employees
· to prepare the annual financial statements and tax returns.

Monthly bookkeeping including payroll

Financial statements and tax returns

total costs

Approx. 550€

Approx. 2,200€

Approx. 8,800€

An internal accountant working on a full-time basis would cost the company around €50,000 to €60,000.

By outsourcing accounting, the GmbH has saved time and money and, thanks to digital tools, maintains control. The managing director has the option of retrieving all data in real time without having to worry about all tax details himself.

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How to find the right accounting solution for your GmbH

Whether you do the bookkeeping for your GmbH yourself or outsource it to experts depends on factors such as company size, document volume and your time budget. Modern software solutions can help you in both cases by automating processes and creating 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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Questions and answers about accounting for limited liability companies

What are the special features of GmbH accounting?

A GmbH is obliged to book after double-entry bookkeeping. This is associated with stricter documentation and traceability requirements than simple bookkeeping, which compares income and expenditure. There are also special rules with regard to annual financial statements and disclosure requirements.

Should I do the GmbH bookkeeping myself or outsource it?

You can only answer this question yourself. Whether you should do your GmbH accounting yourself or outsource it depends primarily on your budget, your time, but also on your tax background knowledge. In connection with more complex cases or when you have little experience, it is usually better to outsource the accounting of a GmbH.

What are the costs of GmbH accounting?

Die accounting costs, which arise with regard to GmbH accounting, depend on whether you work with software yourself or whether you outsource your accounting to a tax advisor. The latter usually settles on the basis of the Tax Consultant Remuneration Ordinance. While internal solutions involve fixed costs, software and time, external accounting is usually calculated on the basis of a lump sum.

Which software is suitable for GmbH accounting?

There are now many software solutions with which you can carry out your GmbH accounting. Some tools are rather simple, others are comprehensive ERP systems. If you are looking for accounting for your GmbH, you always have to choose a solution that supports double-entry bookkeeping and that meets your individual requirements.

When is double bookkeeping mandatory?

Limited liability companies are required by law to use double bookkeeping. The turnover and size of the company are irrelevant. Corresponding requirements also apply with regard to the annual financial statements.

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