A bookkeeping service is a business that manages the books of other companies for them. They create and maintain financial records, prepare quarterly and annual reports, and provide advice on how to improve your company’s bottom line. Bookkeeping services come in many shapes and sizes. Some providers offer a single service while others provide multiple bookkeeping, accounting, payroll management, tax preparation/preparation help, and more under one roof.
They can also differ dramatically in price depending on their size and the type of services they offer to companies like yours. The Accounts and bookkeeping services offered by the businesses are mainly for helping them in better management, which is important to maintain the consistency of their business. They mostly offer guidance and support on how you can make your financial data more organized so that it becomes easier for you to follow its growth over time.
A successful business needs a sound financial foundation to succeed. If your company’s finances are not in order, it will be difficult for you to grow and expand. With the help of an experienced bookkeeping service, you can get back on track quickly and efficiently. These services provide everything from basic monthly bookkeeping services to more advanced year-end tax preparations.
Here is a list of some of the best account and bookkeeping services available today:
1. FreeAgent
It is a web-based software that is designed to make bookkeeping streamlined. FreeAgent connects with your business’s bank accounts and enables you to send invoices and estimates, monitor expenses, track cash flows and keep a check on overall income, profits, and expenses. Furthermore, it enables you to add various projects, invoices, multi-currency invoices, unlimited users and clients, and manage sales tax. Small businesses that are constantly growing can benefit greatly from this bookkeeping service.
2. Bench
Bench offers online bookkeeping services provided by professional bookkeepers. The service provides monthly financial statements and expenses overview, thereby providing full control of money. The software offers at-a-glance visual reports that allow you to see the bigger picture and provide actionable insights. Additionally, Bench offers a useful year-end financial package containing all vital data you need to file taxes. However, the software does not pay bills, generate invoices, manage payroll, or file taxes. Nevertheless, it is useful software for small businesses.
3. Merritt Bookkeeping
Merritt Bookkeeping is one of the cost-effective Accounts and bookkeeping services. The software leverages QuickBooks to ensure your business finances are up-to-date. The automated software collects your bank statement monthly, so you don’t need to feed anything. Once the bookkeeping services are done, the system will send you detailed financial reports. Furthermore, the simple web interface allows you to easily review and modify the reports.
4. inDinero
inDinero is accounting software that offers all-encompassing solutions. Along with bookkeeping services for small businesses, you can also avail of billing, payroll, and tax filing services. inDinero has a simple yet intuitive interface that provides you with a quick overview of expenses, income, and profits. The onboarding team will help you to set up accounts, credit, and bank statements so that your business finances are always up-to-date. Their pricing plans vary based on connected accounts as well as transactions. The team will assist you in creating a bespoke plan that caters to your business needs. Although the plans are paid yearly, you can request monthly payment options.
5. Bookkeeper 360
Bookkeeper 360 offers online bookkeeping services for small businesses. The software leverages Xero accounting software and helps set up your books to ensure that you don’t lose vital data during the transfer. It provides a dedicated account manager, cash and accrual basis reporting, invoicing, bills, and payroll. Bookkeeper 360 CFO plan, provides technology advisory, daily bookkeeping, HR services, dedicated CFO/CPA, personalized and KPI reporting to manage business accounts.
6. Bookkeeper.com
The software provides extensive bookkeeping services for small businesses. The software managed books through Quickbooks, which is one of the most popular accounting software. The team includes Quickbooks professionals and certified accountants. Once you have signed up, the system will connect your bank account and credit card statements to Quickbooks.
Furthermore, you will have access to personalized account chats, set-up invoicing, bills, and payments. They will ensure that your software file matches bank and credit card statements. You will be able to get categorized statements to get a complete overview of business finances. Every month, you will be able to review financial statements. The software also enables you to pay suppliers and vendors via checks. The team will print and mail the checks for you. The software also monitors invoices to ensure that they are paid on time.
7. KPMG Spark
KPMG Sparks offers valuable online accounting and bookkeeping services in the USA for small businesses. The software leverages its dedicated online accounting software and integrates business accounts with online bookkeepers. It offers a wide range of services, including online accounting, tax preparation, payroll services, expense tracking, dedicated bookkeeper, invoicing and payments, etc. Furthermore, the pricing will be based on the number of accounts you have integrated with the account.
8. Pilot
The pilot is a US-based company that provides reliable accounting and bookkeeping services for start-ups and small businesses. The software provides a wide range of financial services, including bookkeeping, tax, and CFO services. The company offers you a dedicated finance expert who will ensure your business finances are up to date. Along with bookkeeping, the company manages various aspects of finance such as automatic transaction import, transactions, charts of accounts, burn rate calculations, payroll, and balance sheet reconciliation, etc. There are three pricing plans that will depend on your business expenses.
Must-Have Features for Bookkeeping Services
Dedicated bookkeepers:
In order to make sure that your business receives the attention it deserves, you need a bookkeeping service that has dedicated accountants who will provide personal services for businesses. They should always be available to answer questions and offer advice when necessary. In addition, they also understand the industry in which you operate so they can give insight into procedures or technologies which will help your company improve.
Cash-basis and accrual-basis accounting:
When an organization starts a business, it is not concerned with the cash inflows and outflows. It merely wants to keep track of how many units are sold and at what price. Thus revenue is recognized when a product or service has been provided even if payment hasn’t yet been received; expenses are recorded only after they have occurred regardless of whether they have been paid for.
This type of accounting is called the cash-basis method, and it is used by small organizations that sell products on credit, such as retailers or service providers. Many small businesses use this system because it’s easy to apply and understand and requires less administration than other methods.
Tax returns:
Whether you are an individual or a small business, keeping track of your finances is easier done with the help of accounting software. Small businesses can use their tax returns to understand how they make money and where the cash goes every month by filing taxes. Businesses usually have to file quarterly sales tax reports with each state in which it has locations, or they may have to file sales tax returns monthly. An accountant can help you ensure that all the information is correct, and they will also let you know if there are any laws in your state which require additional forms.
Account reconciliation
Account reconciliation is a very important part of bookkeeping. It helps businesses reconcile their bank statements with the financial records they have on file, and it’s done through a process called “reconciliation.” This means that you compare your business’ financial records to those of your bank account. You should do this at least once per month, but you can reconcile your bank statements at any time.
There are different methods for account reconciliation, including the low-tech method and the high-tech method. The methodology used depends on the size of your business, what type of financial records it uses, if there is more than one owner in charge of managing these records, etc.
Payroll and benefits administration:
Many businesses can benefit from payroll and benefits administration services. At the end of every pay period, a business will have to calculate how much they owe each employee in gross wages and taxes, as well as track any accrued holiday time or sick days that employees may be entitled to.
This type of work can be very time-consuming for small businesses that may not have the necessary experience or expertise to complete it. A bookkeeping service can help by providing a monthly report that details how much each employee is owed and what percentage of taxes, deductions, and other expenses need to be paid on their behalf.
A successful business is all about making good decisions and knowing which ones to make. In order for a company leader to know this, they need one thing: data. The right bookkeeping services can help you get that data in the form of information about every aspect of your business, from sales numbers to cash flow reports. Bookkeeping Services can help you get an accurate picture of what’s going on in your business.
Is your organization looking to Outsource Bookkeeping Services in the USA?
Reach out to our experts at Pentadesk today, Pentadesk’s Bookkeeping Services are aimed at lowering the clients’ finance and accounting outsourcing costs by assisting them with their administration, accounting, and tax planning needs.