This paper deals with the impact of transcoding on the speech quality. We have focused mainly on the transcoding between codecs without the negative influence of the network parameters such as packet loss and delay. It has ensured objective and repeatable results from our measurement. The measurement was performed on the Transcoding Measuring System developed especially for this purpose. The system is based on the open source projects and is useful as a design tool for VoIP system administrators. The paper compares the most used codecs from the transcoding perspective. The multiple transcoding between G711, GSM and G729 codecs were performed and the speech quality of these calls was evaluated. The speech quality was measured by Perceptual Evaluation of Speech Quality method, which provides results in Mean Opinion Score used to describe the speech quality on a scale from 1 to 5. The obtained results indicate periodical speech quality degradation on every transcoding between two codecs.