Accounting and bookkeeping are one of the fundamental things that every trade owner must take care of it. Without accounting and bookkeeping, you cannot make preferences for your corporation’s evolution, and you do not have any knowledge about your company’s monetary status. Accounting and bookkeeping consist of numerous things like balance sheets, budgeting, cash flow administration, financial commerce, invoices, accounts payable and receivable, payroll services, and many other items. These elements are considered core business activities that every business owner must do. One thing in accounting, which is tax filing, is a vital thing to operate your business. However, managing all things alone is a hectic thing. So, it is better to hire an accountant to release your stress.
Still, employing an in-house accountant or bookkeeper can be overpriced for small businesses since small enterprises have fewer monetary transactions and actions corresponding to large companies. Also, engaging an accountant and bookkeeper strategy is a time-consuming and expensive process that can demolish your company’s time and funds. In this crucial situation, you can opt for a virtual bookkeeping service for small businesses. Virtual bookkeeping service is not as expensive and time-consuming a process as hiring an actual accountant or a bookkeeper for your business growth. Virtual bookkeepers can operate your company’s bookkeeping tasks from many outsides of the office, and the best part is you can ask a question anytime and anywhere.
What is a Virtual Bookkeeping Service?
Virtual bookkeeping services commonly provide you with a dedicated and expert bookkeeper or group of bookkeepers of financial expertise to assist you with basic bookkeeping activities. A bookkeeper’s significant duty is to control precise financial registers.
Bookkeeping is a significant part of having a business since the Internal Revenue Service has particular laws around financial record keeping. Besides this, you can stay updated and compliant, assemble accounting records to assist you in checking your company’s situation, prepare tax documents, and prepare the main financial reports.
Virtual bookkeeping service is a reasonable option for small business owners or bookkeeper employees. Generally, an in-house bookkeeper’s salary is approximately $44,527. In contrast, most virtual bookkeeping services began with $200-$400 every month.
What Service Does a Virtual Bookkeeper Provide?
Every virtual bookkeeping service will provide a combination of various features, starting from basics to significant. Hence, suitable highlights from one service appeal more to very small businesses; conversely, bundles of highlights from another service attract larger or smaller businesses.
Let’s discuss some of the typical features of a virtual bookkeeping service mentioned below:
- Payroll service
- Utilizes famous accounting software
- Expert and dedicated virtual bookkeepers
- Monthly comparison of bank statements
- Accounts receivable and accounts payable
- Maintain accounting books
- Tax service
- Data entry
Top Virtual Bookkeeping Service for Small Businesses
Working with the best virtual bookkeeping service for the company can save you money and provide you with accurate financial reports. Here, we will discuss the best virtual bookkeeping services that small business owners can utilize.
FreshBooks
FreshBooks is a virtual bookkeeping service that assists you in protecting your business profits, saving you time, and expanding your company. With integrated with Bench. co, they provide professional virtual bookkeeping systems and tax services. The two platforms work together at the same time, allowing you to bill and invoice with FreshBooks effortlessly and automatically show those earnings in your bookkeeping.
Besides this, FreshBooks delivers 100% compliant tax preparation, taking the stress and anxiety out of this vital but time-consuming process.
The other highlights of FreshBooks’s virtual bookkeeping service are mentioned below:
- Expert virtual bookkeepers
- Streamline and easy workflows between different features
- Clarity on request submitting on your company’s financial health
- Monthly assemble financial transaction reports
- Monthly generate financial statements
- Year-around tax services like advisory and filing
Bookkeper.com
Bookeeper.com is considered one of the costly business bookkeeping services, but it has many chances of add-on service. If you are searching for a bookkeeping solution you can go with for the long term, Bookkeeper.com has the most bookkeeping highlights you could imagine deploying as an add-on. Possible add-ons are payroll service, separate and business tax returns, and financial ability submission with key performance indicators.
Highlights You Can Get with Bookkeeper.com:
- Expert bookkeeper and dedicated account manager
- Monthly bank comparison
- Monthly statements, with cash flow reports
- Cash and accrual accounting
- 30-minute monthly routine meeting on the small business plus plan and 45 minutes on the small business advanced plan
- Lite Virtual Chief Financial Officer service on the small business plus plan
- Previous bookkeeping add-on
Pilot
The pilot provides a large set of bookkeeping and accounting services and highlights with utilization to a chart of accounts and financial statements. However, many services and highlights are available only as add-on services or via the customer plan. For businesses that exceed $200,000 of monthly spending, this could be the kind of personalized you would require. Some extra services you can use are inventory monitoring, bill pay, CFO service, and tax filing service.
Services you will get when you are using Pilot software:
- Professional finance on all plans
- Accrual basis bookkeeping
- Financial statement
- Automatic transaction
- Payroll and balance sheet comparison
- Calculate burn rate.
- Phone review every month
- Priority support
Cost
Core plan is $599-$899 every month with yearly billing
The select method is $849-$1149 monthly with yearly billing
The plan system is based on personalized pricing
Remember that core and select plan costs gradually boost as the business’s monthly spending increases. Companies that exceed $200,000 in monthly spending will require a custom plan. The following financial transactions are added to the overall spending payroll and COGS.
Wrapping Up!
It is natural for business owners of small businesses to try bookkeeping by themselves. However, it is simple for bookkeeping until the tax season has come. Preparing tax filing to the last minute can lead businesses to lose out and miss out on several chances that arrive with spending and revenue, tracking, precise balance sheet accrual accounting, and financial statements. Virtual bookkeeping services can help you with these issues and provide you with the correct bookkeeping statements that can give you space to think about other business activities.
