Bookkeeping is the recording of a company’s financial activities. It can take time to reconcile bank statements and invoices with receipts and create financial reports. These tasks can be outsourced to an online bookkeeping service, which can relieve some of the stress on small-business owners.
Online bookkeeping is the process of keeping your financial records. However, online accounting services are more efficient than traditional bookkeeping.
Online bookkeeping services generally have real staff who will reconcile your books every month, generate financial reports such as balance sheets or cash flow statements, and ensure that your documents are in order for tax time.
Bookkeeper360: Best overall
Pros
- Integrates with QuickBooks, Xero and other accounting software.
- Weekly reporting available
- Pay-as-you-go pricing option available.
Cons
Higher than other competitors.
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Bench Accounting: The best for new businesses
Pros
- Unlimited text messaging and phone calls to your bookkeeper.
- One-month trial is available.
Cons
- Integration with QuickBooks, Xero, or any other accounting software is not possible. Bench’s proprietary software is required for business owners. This could make it difficult to switch to another provider.
QuickBooks Live Bookkeeping: Best for QuickBooks users
Pros
- Fully integrated with QuickBooks Online
- Onboarding month also includes catch-up bookkeeping starting with your last tax return.
- You can ask another bookkeeper to look over your books if you believe your bookkeeper made an error.
- QuickBooks will free reopen your books and correct any errors.
Cons
- Tax filing is not required, even if it’s an add-on service.
Merritt Bookkeeping: The best for budget-conscious businesses
Pros
- Integrates with QuickBooks
- As tax season nears, we will communicate with the user’s certified public accountant.
Cons
- There are no add-ons.
Pilot: The best for startups that are rapidly growing
Pros
- This product is for startups with high potential growth.
- Accounting on a accrual basis.
- Integrates with QuickBooks and Gusto, Expensify and Gusto, among others.
Cons
- Higher than other competitors.
Online bookkeeping saves time when you need to keep track of your finances. For example, you can use it to manage a business that has multiple locations and employees. You also don’t have to worry about spending all day in the office because you can work from home or on the go.
