The Best Bookkeeping Services Small Businesses Can Use

Bookkeeping is an essential part of any business. You can track your cash flow by keeping books. You can analyze your business’s performance now and make key decisions about the future by keeping the books. Bookkeeping organizes your financial records, making it easy to find numbers for loan applications or backing up tax returns if they are audited by IRS.

You probably already use bookkeeping or accounting software to keep track of your small business finances if you are like most business owners. What happens if you don’t have time for bookkeeping? What if you prefer to spend your time on more important business tasks than learning how to use the software? There is a solution, whether it’s lack of experience, time, or other reasons.

In the past, hiring bookkeepers meant looking for an experienced candidate in your local area. Then they had to go through a long interview and onboarding process before they could start working in the office. The internet makes it much easier to hire bookkeepers anywhere in the world.

This post will take a deep look at the advantages of online bookkeeping services. We’ll help you find the best online services if this is what your business requires. Continue reading to find out more about online bookkeeping.

What is a virtual bookkeeping service?

Small businesses can use online bookkeeping services, also called virtual bookkeeping. Remote financial professionals work for small businesses to assist them in keeping track of their finances, balancing their books, and performing other important bookkeeping and accounting functions.

There are many options when it comes to choosing a virtual bookkeeping company. You may be able to add bookkeeping support from an accountant or bookkeeper to your accounting software. You can also use an independent service that offers support but is not affiliated with your software. An online bookkeeping service may be an option that uses its own software and apps.

Your online bookkeeping service might offer different features depending on the company you choose and the pricing plan that you choose. You might be able to use the following services:

• Account reconciliation
• Financial reporting
• Planning and preparation for tax
• Payroll processing
• Accounts payable and accounts receivable
• Monthly and quarterly reporting
• Support & training in accounting software
• Invoicing & billing

The 4 Best Bookkeeping Services for Small Businesses

Sign up online for bookkeeping and you can focus on your business tasks. These seven options will help you start your search for a bookkeeper. These bookkeeping services can help you find affordable bookkeeping and a dedicated team to support your business’ growth.

1. BENCH is the best Bookkeeping service overall

The bench was founded in 2013 and has provided virtual bookkeeping services to thousands of small-business owners. The bench will set you up with a dedicated and knowledgeable bookkeeper to help you learn about your business and show you how it works. After your account has been set up, your bookkeeper will begin to import transactions each month and start working on the books. Monthly reporting will be available to you, along with everything you need for tax time.

The bench has a team behind the scenes of financial professionals, so you can work one-on-one and with your accountant. Although most small-business owners will benefit from Bench’s core service it also offers additional services. BenchRetro is a service that assists businesses in bankruptcy and with IRS problems. Businesses that require tax assistance can also use BenchTax. Bench’s plans can be used by any business that does cash-basis bookkeeping. However, custom pricing is possible for accrual bookkeeping.

Pros

• A dedicated bookkeeper
• Monthly reporting
• Solid security
• Tax support add-on available

Cons

• Not ideal for accrual bookkeeping

2. Best Bookkeeping Service for Small Businesses with few Transactions: BOOKKEEPER.COM

Bookkeeper.com provides bookkeeping services for its clients for over 30 years. Bookeeper.com will provide you with dedicated accountants to help you with all your accounting and bookkeeping needs.

Bookkeeper.com provides a variety of services to small businesses including bookkeeping, tax prep, and payroll. Access to many tools and resources, including calculators, online payroll and a learning center, will be available.

Bookkeeper.com does not have any online reviews. However, the ones that do exist are mostly positive. This service is perfect for small businesses looking for an accounting and bookkeeping solution that works for them at a fair price with no hidden charges.

Pros

• All-in-one bookkeeping support
• Support for tax preparation
• Support for Payroll
• Accounting on a cash or accrual basis
• Advice on financial and investment matters is available.

Read More: QuickBooks File Doctor

Cons

• Businesses with more than 200 transactions per month are not suitable.

Features of BOOKKEEPER.COM

Bookkeeper.com provides a variety of financial services for its clients. These include bookkeeping, payroll, tax prep, and planning as well as financial planning and investment. Some of the most notable features in bookkeeping include:

• Monthly reconciliation
• Monthly financial statements
• Document storage
• Set up accounting software
• Monthly performance report with a key performance indicator (Plus plan only).
• Only the Plus plan includes class and location tracking

3. Bookkeeping service with the best integrations: BookKeper360
   

Bookkeeper360’s mission is simple but powerful. It empowers small business owners with financial data that can help them grow their businesses. Bookkeeper360 can integrate with accounting software such as Xero and QuickBooks. Are you unable to use accounting software? A dedicated bookkeeper will help you get up and running in as little as one to two weeks. Are you behind in accounting?

Bookkeeper360 has US-based accountants. It charges a flat monthly fee. Your books will be checked each month to make sure everything is accurate and balanced.

Bookkeeper360 is unique for its integrations with Xero, QuickBooks, and other business apps. Bookkeeper360 integrates seamlessly with many business apps, including Amazon, Stripe, and Gusto. The company has received numerous 5-star reviews on platforms such as Google, Yelp, and G2.

Pros

• Flat pricing or pay as you go
• Many integrations
• Customer reviews that are positive
• Accounting on a cash or accrual basis.

Cons

• Only available for Weekly Plan subscribers

Features of BOOKKEEPER360

Bookkeeper360 has many integrations and offers a variety of bookkeeping features for growing businesses. Bookkeeper360 offers additional tools for business such as inventory, payroll, tax support, and invoicing. All of these options are available at an additional cost.

Here’s what you can expect in terms of bookkeeping:

• Monthly reconciliation
• Monthly statements
• Subscription to Xero and QuickBooks
• Support by phone, email, and chat
• Advanced reporting (Weekly only)
• Weekly updates (Weekly only)

4. Best Bookkeeping Service QuickBooks Users: QUICKBOOKS BOOKKEEPING LIVE

QuickBooks is a popular accounting solution on the market. You may already be using it in your business. Did you know that QuickBooks Live also offers online bookkeeping services?

QuickBooks Live will provide a certified online accountant to maintain your books. You can cancel or change your plans at any time.

Are you behind on your books? Your bookkeeper will start cleaning up your books with the current financial year. Your books will then be maintained for each month. You’ll also receive customized reports to help you track your business’s performance.

Pros

• Perfect for QuickBooks users
• No contract required
• Monthly reports

Cons

• You must have a QuickBooks Online subscription
• There are some user complaints

QuickBooks live Features for Bookkeeping

Signing up for QuickBooks Live will match you with an accounting team who will teach you the basics and get you started on your books. Your business will receive a customized bookkeeping plan, which could include the following:

• Account reconciliation
• Transaction categorization
• Chart of Accounts – Customized Setup
• Monthly reports

The Benefits of Using an Online Bookkeeping Service

Are you still unsure why an online bookkeeping service is a good idea? There are many benefits to using an online bookkeeping service.

Lower Costs: Although it may seem counterintuitive to do so, you can actually save money using online bookkeeping services. You, or your employee, could spend too much time keeping the books — which can be costly to your business. You can free up time to concentrate on other areas of your business by hiring someone to handle these financial tasks. Outsourcing will save you money over hiring an in-house accountant.

Get a picture of where your business stands: A bookkeeper will help you to understand your cash flow, which is what’s coming in and what’s going out. This information can be used to help you determine how your business can cut costs, make changes or improve its future.
Make important business decisions: Are you thinking about growing your business or making a major change in your life? Your virtual bookkeeper will provide the insights and reports you need to make business decisions.

Get Ready for Tax Time: Filing taxes, whether it’s quarterly- or annually, can be difficult. Your virtual bookkeeping service can help you file your taxes and keep your financial documentation organized in case of an IRS audit.

Get Paid on Time: Are you forgetting to send invoices immediately? Do you find it difficult to remember to remind clients who owe you money? Online bookkeeping services can help you get paid on time by invoicing clients and reminding them to pay.