Outsource to an Accounting Firm Instead of Hiring a Bookkeeper
In-house bookkeeping is great for large companies. They need expert staff on full time constantly handling payment requests, payment processing, tax filings, payroll calculation, etc. There are a million things for them to do.
However, if you’re a smaller operation monthly sales of between 5 – 15 mil. won, then you will likely find it easier to outsource your entire bookkeeping processes to a quality accounting firm like the Korean Tax Experts. Our team of highly-trained bookkeepers is overseen by professional KCPA accountants who are proactive in helping make sure you pay only the taxes you need to.
Here are the services provided when you outsource all your financial tracking to us:
- Issuing Korean Value Added Tax (VAT) Invoices
- Sending Payments To Vendors & Clients
- Monthly, Quarterly & Annual Financial Reporting
Advantages of Outsourcing:
Reduced Risk of Fraud
When you only have one person keeping track of your financials, there’s a much greater chance that that person could be tempted to mishandle your finances. With an accounting firm putting many team members overseeing your financials, it’s much more likely that someone could notice any irregularities that may occur.
Reduced Staffing & Turnover
Monthly minimum wage is 1.8 mil. won for a full-time employee. In addition to this salary, there will additional costs to borne by the employer; the Korean social insurance payment and retirement pension contribution. Outsourcing the in-house bookkeeping to an Accounting Firm will cost far less than a million won.