The pandemic has changed the way we do business and carries out routine business tasks. Post the pandemic, entrepreneurs have embraced online accounting and bookkeeping services. There are many advantages to doing this. One of them is you can avoid rejection.
What are online bookkeeping services?
When a bookkeeper or accountant works with a client remotely, it is referred to as virtual bookkeeping or cloud accounting. Accounting software that enables you and your bookkeeper to share one account makes this possible.
What do bookkeeping services do?
When a bookkeeper or accountant works with a client remotely, it is referred to as virtual bookkeeping or cloud accounting. Accounting software that enables you and your bookkeeper to share one account makes this possible.
Increase Revenue and Avoid Rejection with Online Bookkeeping Services
The best online bookkeeping services are reasonably priced, simple to use and provide easy access to a variety of bookkeeping solutions and specialized bookkeepers. Many of the top virtual accounting firms also provide add-on services like payroll, tax filing, and catch-up bookkeeping, which can simplify your work.
We have put together a list of the eight best virtual bookkeeping services for small businesses. Here’s taking a closer look at them all.
1. Bench
Best overall online bookkeeping service with a range of services offered at a great value.
2. Bookkeeper.com
Best virtual full-service accounting firm.
3. QuickBooks Live
Best for companies that want assistance with QuickBooks Online.
4. Bookkeeper360
Best for companies that prefer Xero bookkeeping software.
5. Merritt Bookkeeping
Best for small businesses on a budget
6. Pilot
Best for startups.
7. Botkeeper
Best for accounting firms to outsource client bookkeeping.
8. Block Advisors
Best for accounting firms to outsource client bookkeeping.
Bench
Bench offers bookkeeping support at a lesser rate than many comparable systems while also providing tax aid and payroll integration, making it our top pick for the finest online bookkeeping service overall. Even catch-up bookkeeping services are available, which are great if you are more than two years behind on your bookkeeping.
You can’t create invoices, make bill payments, or handle payroll using the service alone, but it integrates tightly with accounting software like FreshBooks to allow you to carry out such crucial operations. The iOS mobile app’s ability to give real-time cash flow updates and financial reporting capability would be welcomed by startups and freelancers who frequently work from home. A team of in-house bookkeepers will be available to you once you enroll, and you can schedule a free monthly check-in or tax season review call with them.
Bookkeeper.com
Cloud-based Bookkeeper.com offers a variety of add-on services, such as bill payment, tax return preparation, and payroll. There is also free tax, financial, and business assistance accessible. Users of QuickBooks Online bookkeeping service get access to additional services through Bookkeeper.com than those using QuickBooks Live, and you are given a personal account manager and bookkeeper after enrolling. You can view your books using QuickBooks Online’s app even though it doesn’t have its mobile app. It is ideal for companies seeking to outsource their bookkeeping to a full-service accounting firm.
QuickBooks Live
The finest small business accounting software overall, QuickBooks Online, which we ranked first, offers a direct online bookkeeping service called QuickBooks Live. The foundations of managing bank fees, categorizing transactions, resolving accounts, and generating financial statements are all things that QuickBooks Live is excellent at assisting users with.
It pairs you with a committed bookkeeper who will collaborate digitally with you to make sure your books are accurate. An extra assurance comes from the business’ 100% Accurate Books Guarantee. For those who are new to using QuickBooks, you have the option of receiving training on routine bookkeeping duties. Your bookkeeper will help you create a plan to clean up any previous data and assist you with setting up your chart of accounts, connecting your banks, and all of these tasks. Your bookkeeper won’t, however, pay your payments, send invoices, handle your inventory, or give you financial advice—only monthly financial statements.
Merritt Bookkeeping
The cost-effective remote accounting service Merritt Bookkeeping is offered at a fixed rate with no limits on the volume of transactions or the frequency of service. It works with QuickBooks-using businesses and, despite lacking many sophisticated functions that other online bookkeeping systems offer, is simple to use and quick to set up.
Catch-up bookkeeping is another option if you have fallen behind on your finances. Its unconditional money-back promise is another appealing quality. For an additional price, This bookkeeping service offers a simpler issue and electronic filing of 1099s for your contractors, and you may use its monthly financial reports to help with tax filing.
Botkeeper
Botkeeper automates most bookkeeping tasks using artificial intelligence (AI) and machine learning, and it’s designed to take the role of manual labor at bookkeeping firms. It’s better to think of it as a virtual, robotic bookkeeper that helps out with your accounting profession. The service supports multiple-entity accounting and is only compatible with Xero and QuickBooks. The cost is high and must be paid yearly, including a platform fee and a client entity fee.
However, it frees you up to concentrate on higher-level client advising services because it helps offload daily bookkeeping activities like data entry, reconciliations, and classifications.
Block Advisors
Block Advisors, a division of H&R Block, offers assistance with taxes, books, and payroll. If you’re seeking dependable and effective help throughout the year, this is a fantastic choice. You have the choice of working one-on-one with a tax expert or choosing its do-it-yourself (DIY) option, with support offered by live chat, phone, or video conference. A free 30-minute consultation with an account manager, a review of your books for the past year, and a quarterly action plan with detailed recommendations are all included in its bookkeeping services. Its programs can be tailored to your needs and are reasonably priced.
How to evaluate Online Bookkeeping Services to increase revenue and avoid rejection
Here’s how you can consider evaluating an online bookkeeping service provider:-
1. Cost
Because each pricing strategy depends on a variety of variables, we considered the service’s worth in terms of the time and potential money you could save by using it.
2. Usability
We identified the information that is accessible with ease and made note of the service’s usability and user interface.
3. Access to a dedicated bookkeeper
If you need any assistance or guidance, you should be able to speak with a dedicated bookkeeper directly.
4. Services offered
The top online accounting service ought to provide a variety of bookkeeping options, such as catch-up bookkeeping, invoicing, bill payment, bank reconciliation, payroll, and tax preparation.
Concluding remarks
The ideal online bookkeeping solutions depend on the precise requirements of your company. The bench might be the greatest choice for you if you need to get caught up on your books after falling behind. To assist you in managing your books if you use QuickBooks Online, QuickBooks Live can pair you with a ProAdvisor. Consider Bookkeeper.com if you require services other than bookkeeping, such as payroll, tax counseling, and financial planning.
The top online accounting service ought to provide a variety of bookkeeping options, such as catch-up bookkeeping, invoicing, bill payment, bank reconciliation, payroll, and tax preparation.