Businesses have several options when it comes to their bookkeeping. They can hire their own in-house team, outsource this function to a third-party company, or have an approach that combines both.
An in-house team will provide you with great availability with instant support when you need it. However, you can expect to pay more in terms of overheads once their salary and pensions are taken into account. Outsourcing, on the other hand, can be much more cost-effective and better suited to the needs of SMEs.
An alternative approach is to use automated bookkeeping software and have an individual or small team take responsibility for its implementation alongside their existing duties.