Online Bookkeeping Services: Top 3 Options for Your Business

Online bookkeeping services help business owners save time and money. However, with hundreds of possibilities, it can take much work to filter through them and choose the ideal solution for your company. In this article, you will find the finest bookkeeping services to help you quickly locate the perfect option. You can select the services based on their offerings, cost, customer service, reputation, and other factors.

What is online bookkeeping?

The online bookkeeping services provide you with a bookkeeper or a team of financial specialists. It helps you with basic bookkeeping jobs. The primary function of a bookkeeper is to keep correct financial records. Since the IRS has specific laws for financial records, bookkeeping is unavoidable in running a business. They are compliant and allow you to track the health of your business, plan for tax season, and create vital financial statements.

Advantages of bookkeeping services:

You must uphold the importance of bookkeeping services for small and large businesses. It helps the business owner improve their company analysis. The following reasons explain why bookkeeping is vital for a business:

ACCURATE RECORDING:

A professional bookkeeping service can help keep records up to date, like if you use paystub for your organization. The books will be extensive and detailed. The completed documentation will assist you in helping and controlling your business finances. It will also come in handy when you need your financial statements. 

Staying in Compliance with the Law:

A competent service will ensure that all your accounts and books are updated with the most recent legal changes. 

Planning gets easier:

A bookkeeping service will provide you with a full recording and a better understanding of the company’s accounts. The online bookkeeping services will allow the business owner to prepare for the future more comfortably. The business owner will be able to address problems quickly.

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Quick reporting:

Business owners can always access an updated balance sheet using the bookkeeping service. The users may then readily ask about the status of the accounts. It helps the business owner in presenting these statistics to any interested parties. The company owner’s confidence in the overall status of the business grows.

Stronger ties with investors and banks:

The updated books will give business owners confidence. It will eventually lead to stronger relationships with banks and investors. The banks will perceive the company’s success and give the owner more inexpensive loans. The owner can show the current detailed sheets if an investor is interested in the firm.

Tax projections will be more accurate:

The owners will be better prepared when the authorities request a financial statement from the business owner for taxes. The bookkeeping service will have a comprehensive balance sheet available to them. 

The company response time will be faster:

The business owner has up-to-date account information. He can make judgments fast if there are any changes in the market or the business itself. 

Audits will be easy:

It provides a better data-capturing mechanism. It makes financial statements a lot faster and easier. If the accounts are proper, the audit will be easy.

Save money:

A cost-effective replacement for the typical employee bookkeeper is online bookkeeping. To put this in context, the average compensation for a bookkeeper is $44,527. Most online accounting services, on the other hand, start around $200-$400 per month. They have additional options in the $600-$800 range, still being much less expensive than hiring a bookkeeping person.

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Expectations from online bookkeeping services: Top three options to consider:

All online bookkeeping services will provide a variety of features ranging from basic to complex. Some of the typical characteristics include:

  • Processing payroll
  • Dedicated virtual bookkeepers 
  • Monthly reconciliation of bank statements 
  • Accounts receivable and accounts payable 
  • Keeping your books balanced 
  • Quarterly and monthly reporting 
  • Tax services 
  • Billing and invoicing support 
  • Financial tracking 
  • Data entry 
  • Software training

Now let us have a look at the top 3 online bookkeeping options:

QuickBooks online:

Intuit owns QuickBooks Online, the firm behind well-known products such as TurboTax and Mint. QuickBooks Online is an accounting and bookkeeping service. Depending on your needs, they provide four options ranging from $25 to $150 a month. A new client can get up to 50% discount for three months, or you can get a 30-day free trial.

Features:

  • Keep track of income and submit bills
  • Accept payment
  • Record and manage receipts
  • Monitor mileage, time, inventory, and project profitability
  • Control cash flow
  • Keep track of sales and tax
  • Oversee contractors
  • Construct reports, analytics, and insights
  • Make workflows more automated.
Pros Cons
  • Easy to use, intuitive user experience
  • Automatic categorization based on rules
  • Excellent reporting capabilities
  • Manage receipts
  • Mobile access
  • Minimal customization options for forms and calculations
  • Limited multi-currency support
  • Limited advanced capabilities

 

Bookkeeper.com:

Bookkeeper.com is a one-stop shop for startups. The firm provides accounting, bookkeeping, payroll, bill pay, tax preparation, and financial services. The pricing options range from $449 to $849, plus a bespoke plan, depending on your specific demands.

Features: 

  • Month-end close with a bank account and credit card reconciliation 
  • Manages balance sheet, profit and loss, and cash flow statement 
  • Works on a cash or accrual basis 
  • Secure portal with document storage 
  • Online support 
  • Comprehensive payroll solutions 
  • Tax Preparation 
  • Bill pay
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Pros Cons
  • All-in-one, full-service solution
  • Account manager and dedicated bookkeeper
  • For certain plans, CFO and consulting services are provided
  • Over 25 years of experience
  • Pricing tiers may begin high for startups and certain small enterprises.
  • There are no free trials.
  • There are no mobile applications.

Merritt bookkeeping services:

Merritt Bookkeeping is a highly regarded online bookkeeping service. Merritt has a team that handles all your bookkeeping using Quickbooks. The monthly fee for the service is $190. In addition, the organization provides a 90-day money-back guarantee.

Features:

  • Automated program to gather bank statements 
  • Bookkeeping 
  • Custom interface to analyze and change reports
  • Books are updated weekly 
  • Categorized transactions 
Pros Cons
  • Money-back guarantee without risk
  • One simple, low-cost pricing
  • Integrates seamlessly with QuickBooks Online 
  • It will interact with your CPA as needed.
  • Provides a catch-up service
  • The quick and easy signup procedure
  • Questions and help are answered on the same day.
  • No extra services like payroll, taxes, or invoices

Conclusion:

It is normal for business owners to try their hand at bookkeeping on their own. The companies miss out on possibilities with revenue tracking and much more when they leave taxes till the last minute. Choosing the correct accounting services can also give you more time to focus on your business. It will reduce your stress.

 

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