When comparing services, ensure you’re pricing out all the features you need, including add-on services like tax prep, payroll and HR. If you’re considering a bookkeeping service that runs on QuickBooks or Xero, include the cost of that software, too. Take advantage of product demos and introductory calls to find the right service. If you haven’t always been diligent about your financial record-keeping, most bookkeeping services will go through your old receipts, invoices and bank statements to bring your books up to date. This service usually carries an additional fee, so it’s important to price out your catch-up bookkeeping costs while searching for a bookkeeping service. Scrambling at the last second to gather documents for tax season is stressful, and rushing bookkeeping-related tasks can make you vulnerable to compliance issues and missed growth opportunities.

Clarity with custom accounting reports

Another bonus is that you get to communicate with your bookkeeping service team via chat easily. In addition, Bench has raving online reviews and many integration options. The cost of bookkeeping services can vary depending on the size of your business and the features you need.

1. As part of ongoing bookkeeping, your bookkeeper categorizes your transactions and reconciles your accounts each month.
2. In the cleanup/setup phase, your bookkeeper helps you set up your chart of accounts, connects your banks, and teaches you the basics of QuickBooks.
3. Our article on business bookkeeping basics gives you more information on how to do bookkeeping and why.

Payroll

Or, if it isn’t already included, you may be looking for tax support to take some of the pressure off when it’s time to file returns. These services can help you claim the correct small-business tax credits and deductions, prepare your returns and file them. Even if a bookkeeping service has all of these add-ons, they can be expensive, so be sure you understand the total cost before choosing a service. How often are you looking at your total current income and total current expenses? Leveraging bookkeeping services allows you to look at your income and expenses in real-time frequently.

Here are three other online accounting service providers worth looking at. But there’s more than one virtual accounting company in the world, and solutions range from on-demand CFO services to simple pay-by-the-hour book balancing. Below, we review the best virtual and outsourced accounting services for small-business owners like you. Since your software for accounting is connected to the cloud, they can use their own login to access reports like the general ledger, balance sheet, or cash flow statement whenever they need.

Aside from staying compliant, having organized books helps you monitor the health of your business, prepare for tax time, and prepare key financial statements. The Bench platform gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. If you want your business to save time and money, then you should consider hiring a bookkeeping service.

Virtual accounting FAQ

We reviewed multiple accounting software options using a detailed methodology to help you find the 9 best online bookkeeping services for small businesses. Our ratings considered everything from pricing and customer reviews to the number and quality of features available and what our panel of experts thought about the services available. Bookkeeper.com’s cheapest virtual bookkeeping service starts with bookkeeping basics, like preparing key financial statements. From there, you can add comprehensive accounting, payroll, and tax services as needed.

While there are certain scenarios where it makes sense to have a dedicated bookkeeper (or several) on your staff, this is typically reserved for very large companies. For the vast majority of businesses, the job of bookkeeping is too small for a department but too much for the owner. Merritt Bookkeeping has the most competitive pricing on our list and is the only one to offer a flat rate for all types of businesses.

Here is a list of our partners and here’s how we make money. We believe everyone should be able to make financial decisions with confidence. Get paid and manage your money with a business bank account. There are several key rules of bookkeeping to keep in mind, but one of the most important is regarding debits and credits.

Want to learn more about bookkeeping before you sign up for a virtual provider? Our article on business bookkeeping basics gives you more information on how to do bookkeeping and why. Only need accelerated depreciation for business tax savings an hour of bookkeeping assistance every now and then?