4 Best Virtual Bookkeeping Services of 2023

For over a decade, she’s helped small business owners make money online. When she’s not trying out the latest tech or travel blogging with her family, you can find her curling up with a good novel. FinancePal is best for small businesses that need bookkeeping assistance, including catch-up bookkeeping, entity formation and tax filing. QuickBooks Live is best for business owners who want to get their bookkeeping in order but don’t have the time or resources to do it. With access to a team of over 120 financial experts, you can rest assured knowing that accuracy and risk management protection are guaranteed through industry-tested and proven experience.

Outsourced bookkeeping services and a dedicated account representative is included in all plans. The cost of bookkeeping services for small business companies with up to $29.999 in monthly expenses is $599/month for the Core plan, and $849/month for the Select plan. The Plus plan is targeted at larger businesses and it has a custom rate. The average salary of a bookkeeper in the USA is around $40,000.

Not sure which plan is right?

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We’ll introduce you to a dedicated bookkeeper. They’ll understand your business and set up your accounting in ProfitBooks software.

A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days. In some cases, your cleanup may take longer depending on timeliness of documentation and the complexity of your books. If you invoke the guarantee, QuickBooks will conduct a full n evaluation of the Live Bookkeeper’s work. Our bookkeepers average 10 years of experience working with small businesses across a wide array of industries.2 They’re certified QuickBooks ProAdvisors, and many are CPAs. Receive personalized insights including your profit and loss report and balance sheet.

Small Business Taxes Made Simple

Using one of the options listed above can be an excellent way to eliminate the cost of a bookkeeper while still saving time. Being your bookkeeper will likely be demanding as you’re first learning. However, using the above software can make the transition easier and teach you how to manage your finances properly. Eventually, you’ll be able to manage your finances more efficiently, saving you both time and money. Plenty of small-business owners enlist the help of a qualified bookkeeper to manage their finances. These trained individuals can focus solely on the business’s accounting aspects.

• It’s also ideal for brand-new businesses because FinancePal can help with entity formation.
• Even if you are behind on your paperwork, there is no need to worry – your pal takes care of recovery issues and catches up with incredible ease.
• If you’re considering a bookkeeping service that runs on QuickBooks or Xero, include the cost of that software, too.
• Payroll services, tax preparation, and bill management can be purchased as additional services.
• All the opinions you’ll read here are solely ours,
  based on our tests and personal experience with a product/service.
• Your business is unique so the bookkeeper you partner with will have a unique set of duties to complete.

We host regular check-in calls to make sure we’re approaching your accounting operations correctly and proactively find ways to improve. Without daily work, up-to-date financials can’t be a reality. We stay on top of the process instead of battling to remember what charges were from weeks ago. Discussed options for my business with Brian and he was very helpful in suggesting how best to handle it. All of your transactions are automatically synced to LessAccounting as soon as you connect your payment processor.

What happens if you miss the tax deadline?

It also offers full-service bookkeeping, meaning that its team will do the bookkeeping for you. If you only need periodic help, pay as you go for $125 per hour. Otherwise, monthly pricing starts at $399 and weekly pricing starts at $549 per month. Also known as
virtual bookkeepers or
remote bookkeepers, online bookkeepers can be invaluable to your business. They perform the same types of tasks as traditional, on-site bookkeepers from a remote location rather than in your workforce.

If you want a higher level of support in the future, such as chief financial officer or CFO-style services, consider choosing a bookkeeping service that will allow you to upgrade later. All of your accounts, reconciled by your cloud accounting team, every month with accurate financial reports. A bookkeeper is someone that solely handles your books – or records your transactions. An accountant analyzes those reports and can provide financial advice (e.g. tax advice). A certified public accountant (CPA) is an accountant that has passed the state exam and received a license. Meritt is the top choice for online accounting software working with QuickBooks.

Spend Less Time Bookkeeping, and More Time Growing Your Business

The cost of online accounting services increases as your business grows. Even if you have prepaid for the year, you may still be billed more if your books are growing. Pilot also charges a one-time onboarding fee, equal to the monthly cost of your subscription. When you work with Ignite Spot Accounting, you’ll get bookkeepers certified in a variety of popular programs, such as QuickBooks and TSheets. If you choose its chief financial officer (CFO) services, your CFO will be a certified public accountant (CPA) at a minimum.

Monthly rates start at $295 per month for smaller businesses but can go as high as $895 per month for companies that have more than nine bank accounts and need accrual bookkeeping. With the second (Essential) plan, you get a dedicated accounting team for $595 per month. 1-800Accountant is an all-inclusive online accounting consulting service for businesses of all sizes. It offers three pricing tiers, so you can find the perfect one for your needs.

Do your bookkeeping services have setup fees?

Through encouraging uniformity and optimizing real-time financial data for future-minded outcomes, the delegation of these services give you more time to focus on growth. This new model provides an improved, scalable service option which growing small and medium-sized business can leverage to improve cash flow and increase profits, without also increasing expenses. For example, a marketing and advertising agency likely handles its own sales, but would work with an outside design firm or freelancers for graphic design needs. Conversely, rather than hiring full-time employees, that same design firm likely contracts an outside marketing agency for their marketing and advertising needs. When bills come in, we organize and record them to prepare for a payment run. Your virtual bookkeeper processes payments to your vendors with Bill.com, making your life and cash flow easier to manage.

Another issue is that these prices are only for businesses with less than $30,000 monthly expenses. After reaching that threshold, the costs will be scaled and increased accordingly. Another problem is that Pilot only integrates with Quickbooks. You’ll need to switch to Quickbooks if you use Xero or FreshBooks. Whether it’s tax filings, audit support, investor reporting, or anything else that comes your way, you’ll have the documentation you need.

Accurate Reporting Drives Better Decision Making

Accounts receivable is money your customers owe you for the goods or services they previously purchased from you. An online bookkeeper may focus on accounts receivable tasks bookkeeping services and bill customers for the work your business performed. They can create and send invoices and make sure they’re entered into the right accounts in the accounting system.

• The right partner should be responsive, provide accurate financial information, and have expertise in your business’s industry.
• As for other services, catch-up accounting is possible on demand.
• They transform raw numbers into the reports and summaries and other paperwork you need.
• Whether you are planning for growth, approaching a banking partner, filing taxes, or raising money, Decimal gives you the real picture.
• In addition, we will hold regular financial reviews to go over your finances, provide tax and business consultations with accountants, and complete your taxes to maximize your savings.

FreshBooks integrates seamlessly with many other popular solutions, including eCommerce solutions such as Shopify and Squarespace, as well as GSuite and even Bench. You will be able to integrate this small business bookkeeping service’s features into any of your existing processes. Our best-in-class bookkeepers and accountants are here to cut down your to-do list and be on hand to answer any (and all!) questions you have along the way. With a dedicated US-based bookkeeping team on your side, you can keep your eyes on the latest industry trends and grow your business. Our partners cannot pay us to guarantee favorable reviews of their products or services. We may earn a commission from
qualified purchases, but this doesn’t reflect on our reviews’ quality or product listings.

With more time available, companies can spend it on more impactful work that will continue to drive success. This will help the business owner keep their expenses together. When you connect your bank and credit card, your professional bookkeeping team gets access to your transaction history and your account statements — nothing more, as we respect your financial data. LessAccounting supports any company that is a US entity, no matter where you are based in the world. We can also provide bookkeeping services to foreign subsidiaries with consolidated reporting. We also look into different types of accounting to determine whether both cash- and accrual-based bookkeeping are available, as well as whether there are options for payroll and taxes.

• This new model provides an improved, scalable service option which growing small and medium-sized business can leverage to improve cash flow and increase profits, without also increasing expenses.
• The more expensive packages also grant you unlimited support and lite CFO and advisory services.
• You’ll also get burn rate calculations, which is helpful for startups that need to closely track their spending.
• In addition, there is a weekly plan, which starts at $499/month for bookkeeping services and monthly reviews, an invoice program, weekly reviews, and accrual reporting.
• Customer service at FreshBooks is exceptional, as its well-trained team is there to assist you with any hiccups you come across.
• You will get free access to ProfitBooks premium plan that supports unlimited users.