Best Virtual & Outsourced Accounting Services 2023

At my company, one of the specific things we teach accountants and bookkeepers who want to run a virtual bookkeeping service is that they should specialize in a few industries. This is true of any bookkeeper — in person or virtual — that you would hire. It’s especially true of virtual bookkeepers, however, because this will determine if the apps they use to do business are relevant to and compatible with your business.

Standout features

QuickBooks Live is ideal for QuickBooks Online users, connecting them with a ProAdvisor for direct bookkeeping support. Bench also lacks a few key bookkeeping features, including full-service payroll and bill pay. While it helps track accounts receivable, it doesn’t support invoicing — mainly because it relies on proprietary software rather than integrating directly with third-party accounting platforms.

Virtual Accounting, Bookkeeping, and Outsourced CFO Services for Small Businesses and High Net Worth Individuals

In the end, your virtual bookkeeper should be a partner that can help grow your business affordably. Keep that in mind as you search for the right virtual bookkeeper for Accounting Periods and Methods your small business. The benefit of using a virtual bookkeeper as a business owner is that it is often cheaper than hiring someone local to work on-site. The bookkeeper can be paid as a contractor and work as little or as much as the business needs. For a bookkeeper, working virtually provides convenience in the form of schedule flexibility and the ability to work from home.

• You can buy an unlimited number of licenses, which is great for larger accounting firms.
• Would you rather tackle accounting yourself instead of outsourcing it to a third party?
• 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.
• However, as with any in-person accounting professionals you’d trust with your financial data, you should always verify a bookkeeping firm’s credentials before committing to a monthly plan.
• Some bookkeepers offer regular check-ins, while others are on-demand only.
• Here are three other online accounting service providers worth looking at.

Monthly reports

We love the varying levels of bookkeeping services 1-800Accountant offers. Take the bookkeeping stress off your plate with a full-service plan, which will get you a dedicated accountant even at the starter-level Business plan, which costs $209 per virtual accountant month, billed annually. That said, QuickBooks Live doesn’t handle bill payments, invoicing, inventory management, or financial advising. If you need a more comprehensive bookkeeping solution, Bookkeeper360 is a stronger choice, especially since it topped my list in the bookkeeping services category. The 100% money-back guarantee adds extra peace of mind, showing confidence in their service. Merritt is built for QuickBooks users, providing monthly financial reports to help with tax filing and offering 1099 issuance and e-filing for an extra fee.

Personalized expertise focused on your success

• When it comes to running your business, it’s all about finding the right services that help things run smoothly.
• The benefit of using a virtual bookkeeper as a business owner is that it is often cheaper than hiring someone local to work on-site.
• Timely responses help your bookkeeping team keep your books up to date and avoid delays.
• The Premium plan ($399 a month if billed annually or $499 billed monthly) adds tax advising services, end-of-year tax filing, and financial strategy planning.
• Online bookkeeping is an important solution for small businesses looking to outsource their financial upkeep and management.
• It also received nearly perfect user reviews, making it a strong choice for those who want comprehensive accounting support.

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. If they are using different software and tools, you should figure out why and use that to determine if you really want to work with them. Typically, bookkeepers cannot file tax returns on behalf of other companies on their own. Bookkeepers will usually prepare relevant records and tax documents, and then forward this information to an accountant, who will then prepare the actual tax return.

How does virtual bookkeeping work?

Depending on the service you select, they may also pay bills, invoice clients, process payroll, and prepare your income taxes. 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. For more information about Expert Assisted, refer to the QuickBooks Terms of Service. Yes, virtual and outsourced bookkeeping is just as legitimate as in-house bookkeeping and accounting. However, as with any in-person accounting professionals you’d trust with your financial data, you should always verify a bookkeeping firm’s credentials before committing to a monthly plan.

You may even ask for a few customer testimonials to be sure that the service Retail Accounting is a good fit. Some of the apps might be different, but if your prospective virtual bookkeeping service can cover these five bases, then there is a good chance you’re covered. With these five apps alone I can manage every aspect of my clients’ needs.

To downgrade from Expert Full-Service Bookkeeping, you may need to wait until the end of your current subscription billing period. See how connecting with experts one-on-one gives this busy voice-over artist the confidence her books are done right and frees up time for the things she loves to do. We weighted each category equally to calculate our star ratings, and we also considered our accounting expert’s opinion and advice when ranking our top brands. At Business.org, our research is meant to offer general product and service recommendations.

Why you can trust Fit Small Business

While they primarily work with QuickBooks and Xero, their CPAs are experienced enough to adapt to whatever bookkeeping software you prefer. Though it’s a smaller company, its depth of accounting knowledge makes it a strong option for businesses that need personalized, expert-level support. Catch-up bookkeeping is offered at 20% off the standard monthly rate but is only available to new clients who sign a one-year bookkeeping services contract.