Tuesday, November 29

Types of Online Bookkeeping Services

Bookkeeping is the process of tracking all your financial records and business finance activities. Creating financial reports, and reconciling bank statements with invoices and receipts, all these activities are difficult and time-consuming. But this is the most important part of the business which the owner has to get right by keeping all tracks in order to have a profitable business.

For outsourcing, bookkeeping needs to have virtual bookkeeping services that can help. It is not just software but it is handled by real people. Those teams will check and track your books each month, some general financial reports such as balance sheet and cash flow statements, and they also ensure that the documents are in order at the tax time. Some offer extra services

Here are our picks for bookkeeping services that work well with small businesses.

What are the types of Bookkeeping Services?

If you are looking for types of virtual bookkeeping services, then here we are providing you the list of Bookkeeping services, do check it out.

●    Bench: Best Bookkeeping Services for Small Business

●     Price:

$299 per month, when you subscribe monthly for the Essential Plan, which comes with monthly bookkeeping and financial statement prepared for taxes, $499 per month when you subscribe monthly for the Premium Plan, unlimited tax advisory services, tax strategy planning, and annual filing services also included in the plan.

Pros

  • Unlimited messaging and phone calls with your Bookkeeping app.
  • For Core plan users it offers a free LendingClub business checking account. The user can use the account if he/she leaves the bench.
  • One month free trial.

Cons

  • No integration with other accounting software such as QB, Xero, etc.

Our Recommendation

It offers bookkeeping support at a lower price than other competitors. Their bookkeeping team takes all the responsibility with the aim to take books completely off users’ hands, although users can communicate with the team whenever they want.

Types of Online Bookkeeping Services

●    QuickBooks Live: the best Bookkeeping Service for the QuickBooks Users

●     Price

$500 a month for the first month of subscription. After that $200 per month for businesses that have $25,000 or less in average monthly expenses.

Pros

  • It’s an online bookkeeping service that is highly integrated with QB online.
  • Integration month includes checking bookkeeping from your last business tax return to the present.
  • If you find that the bookkeeper has made some errors or fraud you can switch to another bookkeeper. QB will reopen books and verify them from the start.

Cons

  • No need for tax filing, even though they have to add on services.

Our Recommendation

Just like other QB services, QB live integrates the sync system and combines all the information already shared with QB online. Users can also schedule video calls with their bookkeepers when needed. They provide monthly financial reports to the customers on time.

●    Bookkeeper360: The best BookkeepING Services

●     Price

It can be customised depending on your business size and the level of service. If your business is less than $20,000 in expenses by using the cash basis accounting, instant pay as you go service starts at $19 per month.

Pros

  • It works with QB and Xero.
  • It offers you weekly reporting
  • Pay as you go option is available.

Cons

  • More expensive than other competitors.

Our Recommendation

This offers you full-service bookkee[ping support with the original account for each small business. For those businesses with more intensive bookkeeping requirements, this Bookkeeper360 will provide you with financial reports and an accurate basis of accounting.

●    Merritt Bookkeeping: The Best Budget Bookkeeping Services

Price

  • $190 per month. Catch up on bookkeeping prices of $70 or $140 per month depending on how much work is there.

Pros

  • This is more affordable than other bookkeeping services.
  • Goes well with QB.
  • Can easily communicate with the CPA users as a tax season approaches.

Cons

  • No, add on services

Our Recommendation

Merritt Bookkeeping is a very straightforward and budget-friendly option that runs on QB. the team of Bookkeepers listed bank transactions separately each month and also produce financial reports.

●    Pilot: The Best Bookkeeping Service for the Fast-Growing Startups

Price

For core service $599 per month, which includes the accurate basis bookkeeping and monthly reports $849 per month for the Pro service which also provides monthly phone reviews and custom prices for larger businesses.

Pros

  • Mainly designed for startups, it also offers discounts for pre-revenue companies and adds CFO services that come with preparing to raise a funding round. The financial statements include burn rate, a metric essential for the venture capital-backed companies

Cons

  • For some small businesses, the cost may be out of reach.

Our Recommendation

This is mainly for the startups, especially those backed by venture capital. For many small businesses, it might not be a good fit, but for the fast-growing startups that need some specific services such as help claiming the research and the development tax credit, the pilot may be using them.

Wrapping Up!

Bookkeeping is a financial service that keeps all your financial records by creating reports such as bank statements, balance sheets, and many more. In the above article, we have mentioned the top best bookkeeping service providers with their features and recommendations. Kindly, read the whole article carefully to know the best service provider among all.

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