8 Best Virtual Bookkeeping Services [Your Ultimate Guide]
BookeepingGuide
Bookkeeping can be overwhelming, but it doesn’t have to be. This article dives into the best virtual bookkeeping services, unveiling top choices like Bench, Merritt Bookkeeping, and QuickBooks Live. By reading on.
Discover the benefits of virtual bookkeeping, explore the top services available, and learn how to choose the best one for your needs.
Whether you’re a small business owner or just looking to streamline your finances, we’ve got you covered. Let’s embark on this journey to find the best virtual bookkeeping services for you!
Benefits of Virtual Bookkeeping Services
Virtual bookkeeping services offer numerous advantages that can significantly improve the financial management of your business.
Here are some key benefits:
Cost-Effective: Hiring a virtual bookkeeper can be more affordable than employing a full-time, in-house bookkeeper. You save on salaries, benefits, and office space.
Flexibility: Virtual bookkeepers can work from anywhere, providing flexibility in managing your business finances. This is especially beneficial for small businesses and startups with remote teams.
Access to Expertise: Many virtual bookkeeping services have experienced professionals who are well-versed in various accounting software and financial regulations. This ensures accurate and reliable financial records.
Time-Saving: By outsourcing bookkeeping tasks, you free up valuable time to focus on core business activities. This can enhance productivity and business growth.
Scalability: Virtual bookkeeping services can easily scale with your business. As your business grows, your bookkeeping needs can increase, and virtual services can adapt accordingly.
Technology Integration: These services often utilize the latest accounting software, ensuring seamless integration with your existing systems. This leads to better data management and reporting.
Choosing the right virtual bookkeeping service can be a game-changer for your business. It helps keep your finances in check, saves time, and ensures accuracy.
Let’s dive into some of the best virtual bookkeeping services available today, giving you a glimpse of what each has to offer.
1. Bench
Bench is an online bookkeeping service designed specifically for small businesses. It combines professional bookkeeping support with a user-friendly platform, ensuring that business owners have access to accurate financial data .
Bench provides a dedicated team of bookkeepers who handle transactions, prepare financial statements, and offer insights to help businesses thrive.
Main Features
Dedicated Bookkeeping Team: Each client is assigned a personal bookkeeper for direct support and assistance.
Monthly Financial Statements: Clients receive comprehensive financial reports every month, providing insights into their business performance.
Real-Time Financial Insights: Users can access updated financial data anytime, enabling informed decision-making.
Tax Preparation Support: Bench offers a year-end package that includes everything needed for tax filing, along with optional tax advisory services.
User-Friendly Platform: The proprietary software allows for seamless bookkeeping without the need for additional tools.
Catch-Up Bookkeeping: Services to help clients who are behind on their bookkeeping, regardless of how long they have been behind.
Secure Data Integration: Bench connects with various payment processors to automatically sync transactions, reducing manual data entry.
Pros and Cons
Pros
Cons
Dedicated support from experienced bookkeepers
May be more expensive than DIY solutions
Comprehensive monthly reports
Limited to Bench’s proprietary software
Real-time insights for better decision-making
Not suitable for businesses needing extensive customization
Tax preparation included
Requires some client input for transaction categorization
Easy integration with various payment processors
May not cater to very large businesses
Pricing
Free Trial: One month of bookkeeping and financial statements preparation for free (valued at $299).
Standard Plans: Pricing varies based on the specific needs of the business, typically starting at competitive rates for small businesses.
Add-Ons: Options for additional services, such as Catch Up bookkeeping and tax advisory, may incur extra charges.
2. Merritt Bookkeeping
Merritt Bookkeeping is a financial service provider that specializes in offering online bookkeeping solutions for small businesses. The company aims to simplify financial management for entrepreneurs by providing affordable and efficient bookkeeping services.
Focus on accuracy and customer support, Merritt Bookkeeping helps businesses maintain their financial records, prepare for taxes, and make informed financial decisions.
Main Features
Affordable Pricing: Offers competitive pricing plans tailored for small businesses.
Online Access: Clients can access their financial data anytime through a secure online platform.
Dedicated Bookkeepers: Each client is assigned a dedicated bookkeeper for personalized service.
Monthly Financial Reports: Provides regular financial statements to help track business performance.
Tax Preparation Support: Assists with tax preparation and ensures compliance with tax regulations.
User-Friendly Interface: Simplified tools for managing finances without extensive accounting knowledge.
Pros and Cons Table
Pros
Cons
Affordable pricing options
Limited services compared to larger firms
Dedicated support from bookkeepers
May not cater to very large businesses
Easy online access to financial data
Dependent on internet connectivity
Regular financial reporting
Some users may prefer in-person services
User-friendly platform
Limited customization options
Pricing
Basic Plan: Starting at approximately $190 per month for essential bookkeeping services.
Standard Plan: Around $290 per month, including additional features such as tax preparation support.
Premium Plan: Approximately $390 per month for comprehensive bookkeeping services tailored to specific business needs.
For exact pricing and detailed features, please refer to the official Merritt Bookkeeping website once it is accessible.
3. Block Advisors
Block Advisors is a specialized tax and financial service provider that focuses on assisting small business owners, freelancers, and self-employed individuals with their tax preparation and financial management needs.
They offer a range of services designed to simplify the complexities of tax filing and bookkeeping, allowing business owners to concentrate on growing their enterprises.
Main Features
Complex Business Tax Expertise: Specialized in handling taxes for sole proprietors, LLCs, S Corps, and multi-member LLCs.
Bookkeeping Services: Full-service bookkeeping packages at competitive rates, helping businesses maintain organized financial records.
Payroll Management: Year-round payroll processing and tax filing assistance, ensuring compliance and ease of management.
Business Formation Assistance: Support for registering LLCs or corporations, including handling necessary paperwork and advising on potential tax savings.
Year-Round Support: Access to certified tax professionals trained specifically in small business tax preparation.
Cost Savings: Potential savings of up to 30% compared to traditional accountants or CPAs.
Accuracy Guarantee: Assurance of 100% accuracy in tax filings, bookkeeping, and payroll services.
Pros and Cons
Pros
Cons
Specialized knowledge in small business taxes
Limited services for larger businesses
Competitive pricing compared to traditional CPAs
May not offer all financial services needed for larger operations
Year-round support from certified professionals
Availability may vary by location
Focus on maximizing tax credits and deductions
Some users may prefer in-person consultations over online services
Pricing
Bookkeeping Services: Up to half off typical accountant rates.
Payroll Services: Competitive pricing with year-round support.
Business Formation: Pricing varies based on the type of business entity being formed.
Bookkeeper360 is a US-based accounting firm that provides a wide range of financial services to small and medium-sized businesses.
They offer a personalized approach to accounting, combining the expertise of their team with the power of technology to deliver efficient and accurate results.
Key Features
100% US-based team of professional accountants and bookkeepers
Utilizes technology to manage accounting with a personalized touch
Offers a complete set of financial solutions, including bookkeeping, payroll, tax, and CFO advisory
Rigorous hiring policies ensure high-quality work delivered the first time
Accountants maintain active software certifications and take continuing education courses
The team-based approach provides access to a wide range of knowledge and expertise
Prompt response to calls and emails, treating clients with respect
Pros and Cons
Pros
Cons
Comprehensive range of accounting services
Pricing not explicitly mentioned on the website
Experienced and certified team of accountants
Personalized approach with the use of technology
Prompt communication and respect for clients
Time-saving solution for businesses
Pricing
Pay-As-You-Go: Starting at $49 per month plus $125 per hour for support
Monthly: Starting at $399 per month
Weekly: Starting at $549 per month
5. 1-800Accountant
1-800 Accountant is a nationwide accounting service tailored specifically for small businesses. The company provides a range of financial services, including tax preparation, bookkeeping, and payroll management, all designed to help business owners save time and money while maximizing their tax refunds.
With a team of certified public accountants (CPAs) who understand the nuances of various industries and state regulations, 1-800 Accountant aims to simplify the accounting process and support business growth.
Main Features
Free Consultation: Initial consultations to assess business needs and potential savings.
Tax Preparation: Expertise in navigating the complexities of tax codes to ensure maximum refunds.
Bookkeeping Services: Daily management of financial records to save time for business owners.
Payroll Management: Simplified payroll processing and benefits management.
Entity Selection Guidance: Assistance in choosing the best business entity for tax savings.
Refund Guarantee: Assurance of the largest possible tax refund or a prorated refund of services if not satisfied within 30 days.
Pros and Cons Table
Pros
Cons
Specialized services for small businesses
May not be suitable for larger enterprises
Experienced CPAs with industry knowledge
Limited physical locations
Comprehensive range of services
Pricing may vary based on services needed
Free initial consultation
Potential for upselling of additional services
Pricing
Free Consultation: Initial assessment at no cost.
Tax Preparation Fees: Varies based on complexity and business size.
Monthly Bookkeeping: Pricing based on the volume of transactions and specific needs.
Payroll Services: Fees depend on the number of employees and payroll frequency.
1-800 Accountant provides a valuable resource for small business owners looking to streamline their accounting processes and ensure compliance with tax regulations while maximizing their financial outcomes.
6. Wave Advisors
Wave is a financial services company that provides a suite of tools and services designed for small businesses, including accounting, invoicing, and financial management. One of its key offerings is Wave Advisors, which provides personalized bookkeeping and accounting coaching.
This service is tailored to help small business owners manage their finances effectively, allowing them to focus on running their businesses while ensuring their financial records are accurate and compliant.
Main Features
Personalized Bookkeeping Help: Access to assigned in-house bookkeepers based in North America.
Comprehensive Services: Services include transaction categorization, account reconciliation, and monthly review calls.
Coaching and Support: Two hours of live coaching and unlimited email access to a coach for 30 days.
Tax Services: Guaranteed accurate income tax filing with a two-stage review process by professionals.
Flexible Plans: Options for month-to-month plans or prepaid annual plans with no commitment necessary.
Migration Assistance: Help with migrating from other accounting software, such as FreshBooks.
Pros and Cons of Wave
Pros
Cons
Affordable pricing options for small businesses
Limited features in the free version
Personalized support from trained professionals
May require additional fees for advanced features
Comprehensive tax services included
Not suitable for larger businesses with complex needs
User-friendly interface and tools
Some users may find the initial setup challenging
Flexibility in service plans
Availability of services may vary by region
Pricing
Bookkeeping with an Advisor: Pricing is customized based on the size of the business and the volume of transactions. A call is needed for a quote.
Monthly Plans: Available with no long-term commitment.
Annual Plans: Prepaid options are available, often at a discounted rate.
QuickBooks is a comprehensive accounting software designed to help small businesses manage their finances efficiently. It offers a range of features and tools to simplify bookkeeping, invoicing, payroll, and tax preparation tasks.
QuickBooks is trusted by millions of businesses worldwide to keep their financial records organized and up-to-date.
Key Features of QuickBooks
Automated bookkeeping: QuickBooks automatically categorizes transactions and reconciles accounts, saving you time and reducing errors.
Invoicing and payments: Create professional invoices, accept online payments, and track the status of your invoices.
Expense tracking: Easily track expenses and upload receipts using the mobile app or by forwarding email receipts.
Reporting: Generate customizable financial reports such as profit and loss statements, balance sheets, and cash flow statements.
Tax preparation: QuickBooks helps you prepare for tax season by tracking deductible expenses and generating tax-ready reports.
Payroll: Manage payroll, calculate taxes, and file forms with QuickBooks Payroll (additional subscription required).
Pros and Cons of QuickBooks
Pros
Cons
Comprehensive accounting features
Steep learning curve for beginners
Integrates with many business apps
Subscription-based pricing model
Intuitive user interface
Limited customization options
Robust reporting capabilities
Expensive for very small businesses
Mobile app for on-the-go access
Occasional software glitches or bugs
QuickBooks Pricing
QuickBooks offers several pricing plans to suit the needs of different businesses:
Simple Start: $25/month – Ideal for very small businesses with basic accounting needs.
Essentials: $50/month – Includes features for managing bills and multiple users.
Plus: $80/month – Offers advanced features such as inventory management and project tracking.
Advanced: $180/month – Designed for growing businesses with enhanced reporting and automation tools.
8. Pilot
Pilot is a leading accounting firm that specializes in providing bookkeeping, tax, and CFO services tailored specifically for startups and small businesses. With a dedicated team of over 250 US-based professionals, Pilot aims to alleviate the financial burdens of entrepreneurs, allowing them to focus on growing their businesses.
The firm is recognized as the largest startup accounting firm in the U.S., offering expertise in navigating complex financial landscapes, including SAFE agreements and fundraising rounds.
Main Features
Bookkeeping Services: Comprehensive bookkeeping solutions that ensure accurate financial records.
Tax Preparation: Expert support for federal and state income tax filings, including 1099s and Delaware Franchise Tax.
CFO Services: Fractional CFO services that assist with budgeting, KPI tracking, and strategic planning.
R&D Tax Claims: Management of the full R&D tax claim process, potentially saving clients significant amounts annually.
Deep Integrations: Seamless integration with existing financial tools and platforms.
Tailored Solutions: Services designed for businesses at various stages, from pre-seed to Series C funding.
Expert Team: A combination of finance experts and an in-house engineering team to enhance service delivery.
Pros and Cons
Pros
Cons
Specialized in startup and small business needs
May not cater to larger enterprises
Comprehensive services under one roof
Pricing may be higher than traditional firms
Expert guidance on complex financial matters
Limited international service availability
Strong reputation and trust among startups
Potentially less personalized service for larger clients
Pricing
Pricing varies based on the specific services required and the size of the business.
Offers packages that are straightforward and tailored to client needs.
Potential savings of up to $500,000 annually through R&D tax claims.
How to Choose the Best Virtual Bookkeeping Service?
When selecting the best virtual bookkeeping service, there are several key factors to consider. Here’s a straightforward guide to help you make an informed choice:
Assess Your Needs: Determine what specific bookkeeping tasks you need help with, such as payroll, invoicing, or preparing financial statements. This will help you find a service that matches your requirements.
Check Expertise and Experience: Look for services with experienced bookkeepers who have a solid track record. It’s important to ensure they are well-versed in your industry.
Evaluate Software Compatibility: Make sure the service you choose works with the accounting software you prefer. Compatibility can streamline your bookkeeping process.
Consider Pricing: Compare the pricing structures of different services. Some charge a flat fee, while others may have tiered pricing based on the complexity of your needs.
Read Reviews and Testimonials: Look for reviews and testimonials from other businesses. This can provide insights into the reliability and quality of the service.
Check Customer Support: Ensure that the service offers robust customer support. Access to timely help can be crucial when you have urgent bookkeeping questions.
Conclusion
Choosing the best virtual bookkeeping service can be a game-changer for your business. With the right service, you can save time, reduce errors, and focus on growing your company. Each service mentioned offers unique features designed to meet various needs.
By understanding your specific requirements and evaluating these options, you can find the perfect fit for your financial management.
