And the more complex your business’s financials, the more likely you’ll want to bring on a dedicated bookkeeping 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 how to read financial statements carries an additional fee, so it’s important to price out your catch-up bookkeeping costs while searching for a bookkeeping service. Add-ons for job costing and project-based accounting may be especially useful for project-based businesses. Other add-ons include inventory management, payroll and 1099 support.

If that description fits what you’re looking for, one of the nine best virtual bookkeeping providers can save you time, money, and stress. It also starts at $190 a month, which is less than nearly every other provider double entry system: meaning types of accounts with examples on our list. With their Wave Advisor service, Wave promises to handle your bookkeeping for you, using their free cloud-based accounting software.

Best Accounting Software for Small Businesses of 2024

If you’re a freelancer, try applying your hourly rate to the time you spend on bookkeeping. For pricing, $210 a month gets you 5 hours of an administrative assistant to handle your books. For bigger businesses, the price increases as more hours of work are required. Wave bookkeeping is a good choice if you already use apps from the Wave suite of tools.

Focus on your business

Below, we review the best virtual and outsourced accounting services for small-business owners like you. 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 is a good fit. If you don’t have an accountant, you can opt to add tax filing to your subscription, and let Bench take care of taxes for you. You may be better off with a virtual bookkeeper who is already familiar with businesses like your own.

Compare the top outsourced accounting service features

Or let a tax expert powered by TurboTax do your taxes for you, start to finish. Whether you need help with your bookkeeping, getting ready for tax time, or need coaching, our team of experts is here to help. 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.

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. Having access to robust reports and financial statements allows you to make better decisions for your business leading to an increased ROI from investing in online bookkeeping services. Bookkeeping services can also help small business owners save more through tax preparation and tax filing. For businesses with over $200,000 of monthly expenses, this might offer the type of customization you’d need. Some additional services you may have access to include inventory tracking, BillPay, CFO services, and tax services.

Best for Hiring Certified Bookkeepers

Today, virtual bookkeepers can easily add bill pay services to their offerings thanks to digital, cloud-based solutions. In more traditional bookkeeping services, it was more of a process to get reports out. Someone had to be there to run the report, save it in the right format and send it out. In this age of cloud accounting and virtual bookkeeping services, they should be able to have reports sent to you on a schedule.

Bookkeepers and accountants both play a role in your business’s financial health, but business owners probably chat with their bookkeepers more frequently. Our complete list below includes why we selected each online bookkeeping service, monthly price details and features checklists to normal profit definition help you easily compare services. Expert Assisted is a monthly subscription service that requires a QBO subscription and provides expert help to answer your questions related to the books that you maintain full ownership and control. An expert can guide you through QBO setup and answer questions based on the information you provide; some bookkeeping services may not be included and determined by the expert.

1. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.
2. It also offers full-service bookkeeping, meaning that its team will do the bookkeeping for you.
3. Possible add-ons include payroll services, individual and business tax returns, and financial performance reporting with key performance indicators.
4. At Bench, we give you a team of professional bookkeepers who do your bookkeeping for you.
5. It’s known for its easy-to-use interface and its simplification of accounting jargon.

They automatically import all your business transactions, categorize them for you, and produce monthly and year-end financial reports. A virtual bookkeeper handles your bookkeeping remotely—they may not be in your town or even your time zone. All communication and financial document storage is handled within bookkeeping software.

In fact, more than 120,000 small and midsize businesses use BILL, processing over USD 140 billion in payments annually. As the process slows down, companies can fall behind, responding to business needs that surfaced weeks ago instead of seeing where things stand today. Virtual bookkeeping services, whether internal or external, can help both for-profit and non-profit organizations get the financial information they need quickly and efficiently. Unlike most other outsourced bookkeepers on our list, Merritt Bookkeeping doesn’t offer any in-house add-ons for payroll and tax services. If you were hoping for a one-stop shop that can tackle all of your financial needs, Merritt might not be the right choice for you.