The 5 Best Bookkeeping Services for Small Business

You have to decide whether you want to spend the time upfront building your records or take time out when you’re in the middle of sales or purchase forms. Most small business accounting services also offer the option to import existing lists from CSV and XLS files. Recently, the company added an $8-per-month charge for scanning expense receipts, which puts a dent in its appeal, though it’s still an excellent service that gives you a lot for free. Wave follows standard accounting rules and is especially skilled at invoicing and transaction management. The app supports multiple currencies and has a smart selection of features for very small businesses. It doesn’t have a dedicated time-tracking tool, comprehensive mobile access, or inventory management, though.

Virtual accounting FAQ

Every hour you spend on bookkeeping or accounting is one less hour spent marketing your business, building client relationships, and other business development activities. At some point, the cost to your business in terms of lost growth opportunities becomes immeasurable. That’s when you know it’s time to outsource your accounting function.

What kind of services do bookkeeping services provide?

Bench can get your bookkeeping caught up for an additional charge through their Catchup and Retro services. You can also add on specialized bookkeeping services for segment-level bookkeeping and accounts receivable tracking. Bench doesn’t offer payroll services, but you can save up to 30% on Gusto payroll services thanks to a partnership between the companies. Bench uses its own proprietary software, so it doesn’t integrate with Quickbooks or other popular bookkeeping software.

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Double-entry bookkeeping has become the industry standard and is used by almost all online bookkeeping and accounting services. The online bookkeeping services reviewed above aren’t the only ones out there. Depending on your business needs and your budget, one of these other companies we considered might be a good match.

• Many of the top services also have add-on services, such as catch-up bookkeeping, payroll, and tax filing, which can streamline your work.
• We’ll keep you updated with the relevant financial data your business requires to run smoothly, limit expenses, and capitalize on new opportunities.
• Enter some basic information about your current accounting needs and we’ll send you up to five customized quotes.
• They also have the ability to create and send invoices and prepare financial reports.
• If you’re traveling and have expenses on the road, you can usually take pictures of receipts with your smartphone and upload them to your accounting app.

Would you like to let customers pay with credit cards and bank withdrawals? Then, you need to sign up with a payment processor such as PayPal or Stripe. It’s also a good idea to browse the accounting software’s settings. For example, do you plan to use specific features such as purchase orders and inventory tracking? You can usually turn tools on or off, which can help you either simplify the user interface or maximize the functions.

Wave is ideal for sole proprietors, freelancers, and consultants, as well as new business owners who have no idea how to record financial transactions. Better suited for service businesses, since it doesn’t offer inventory management, ZipBooks offers complete double-entry accounting capability as well as good custom invoice creation. Kashoo also includes the option to pay your vendors with a check run, something that is becoming increasingly rare in comparable applications. In addition, there’s a journal entry option that makes it easy to make any adjusting entries. Kashoo also offers bank account connectivity, which you can choose to bypass. You also have the option to upload a bank statement at month’s end to make the reconciliation process a bit easier.

Creating Reports to Improve the Business

As the name implies, QuickBooks Live Bookkeeping is a QuickBooks-based service that allows you to outsource your bookkeeping to QuickBooks experts. QuickBooks Live is attached to QuickBooks Online, and easily available to users who already have this accounting software. If you don’t have QuickBooks Online already, you can sign up for QuickBooks Live directly when purchasing your QuickBooks subscription. Before choosing a bookkeeping service, have a clear picture of how many employees and contractors you work with.

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The company not only helps you prepare for tax season but also offers ongoing tax advice throughout the year. Launched in 2015, ZipBooks offers solid bookkeeping and accounting functionality, including a free plan that offers basic bookkeeping options. ZipBooks is a good choice for contractors and sole proprietors, especially those who need to track and bill time.

It also offers limited support for business taxes by preparing a year-end financial package for your CPA. You can pay for additional tax services by adding BenchTax to your bookkeeping services. Since its founding in 2009, indinero has been perfecting its offering of an all-in-one accounting service for small businesses. In addition to one of the widest arrays of services, inDinero offers clients access to a team of staff accountants and financial experts, just a click or call away with its easy-to-use dashboard or mobile app. Indinero checks all the boxes, making it our choice as the best overall accounting firm for small businesses. After you’ve entered information about your company structure, one of your next setup tasks is to add information about your customers and vendors.

• We offer flexible plans and pricing to meet your needs and budget.
• You can also add on specialized bookkeeping services for segment-level bookkeeping and accounts receivable tracking.
• When shopping around for an online bookkeeping service, you’ll need to consider the cost of the service.
• Every small business accounting service has templates for numerous types of insightful output.
• SFCC delivers the majority of its online coursework asynchronously through Canvas.

Bookkeeper.com is the only provider in this guide that offers sales return filing. Wave Advisors didn’t score well in terms of customer service, as it took a hit for not providing a phone https://fintedex.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ number to call and not offering unlimited meetings. It also lacks a mobile app, and its bookkeeping services are limited, with the inability to pay bills or invoice customers.

Ask your prospective virtual bookkeeping service if they have experience in your industry, and if so, how many clients they have in your industry. You may even ask for a few customer testimonials to be sure that the service Navigating Financial Growth: Leveraging Bookkeeping and Accounting Services for Startups is a good fit. It will be a lot harder to work with a virtual bookkeeper if you use QuickBooks and they use FreshBooks or Xero. Therefore, make sure you ask them which accounting app they use for their business and why.

Typically, you’d only get detailed financial statements like this through a CFO — which means Merritt gives you some of the best aspects of having a CFO without the high cost. A bookkeeper can also give you insight into your cash flow (and you can get started with instant insights with Nav’s Cash Flow Tool). You can cancel your QuickBooks Live plan or upgrade from Assisted Bookkeeping to Full-Service Bookkeeping at anytime. To downgrade from Full-Service Bookkeeping, you may need to wait until the end of your current subscription billing period. You should be able to access a dedicated bookkeeper for any questions or advice and one-on-one assistance. We use Plaid, which lets you securely connect your financial accounts to Bench in seconds.