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Accounting for Outsourced Work

Discussion in 'General Discussions and Lounge' started by EymardSiojo, Feb 23, 2014.

  1. EymardSiojo

    EymardSiojo GRIND! affiliate


    I want to know how to account the services or jobs we affiliates outsource.
    For example, I have a web design company and I just hire people from odesk when I have some clients. I am like a broker or something.
    I wonder how to plot this on my Financial statements.

    Thanks a lot.
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  3. K

    K Administrator Administrator affiliate

    It's the same as anything you do.

    You're NOT employing these people to your company you are merely paying for a service and charging for one.

    SO, you need to save your oDesk invoices when paid.

    and also make sure you invoice all your clients per job.

    Money going to oDesk is outgoings.

    Money coming in from clients is incomings.

    Aslong as it's all recorded with invoices and you have the bank statements to back it up, your good!
  4. EymardSiojo

    EymardSiojo GRIND! affiliate

    So it is like service fee,

    and I will put it into operating expense as professional fee expense..

    Thanks man.
  5. K

    K Administrator Administrator affiliate

    I'd note it as "project management"

    That's what you are doing effectively, managing a project for a client and taking a cut of the profit...nothing wrong in that.

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