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. While there are certain scenarios where it makes sense to have a dedicated bookkeeper (or several) on your staff, this is typically reserved for very large companies. For the vast majority of how to prepare and analyze a balance sheet businesses, the job of bookkeeping is too small for a department but too much for the owner.

Online bookkeeping services typically give you a dedicated bookkeeper or team of financial experts to help you with basic bookkeeping tasks. A bookkeeper’s main responsibility is maintaining accurate financial records. Along with offering the typical outsourced bookkeeping services, AccountingDepartment.com provides outsourced controller services. With this service, their CPAs manage bookkeeping while also budgeting, forecasting, doing job costing, managing cash flow, tracking inventory, and performing other financial management tasks on your behalf. Bookkeeper360 offers a pay-as-you-go plan that costs $125 per hour of on-demand bookkeeping support. It’s an ideal plan for businesses that need minimal monthly support, though if you want more than two hours of help a month, you’ll save more money simply going with a service like inDinero or Bench.co.

Frequently Asked Questions

Keep bills organized so you know where you stand with vendors. Upload an image of your bills, email bills to your account, and import expenses directly from your bank account. Then, run reports like Profit & Loss, Cash Flow Statement, and Accounts Payable Aging to see what’s coming in, outstanding bills, and how much sales tax you’ve paid. Waiting for a bank statement and comparing it to your books takes too much time, which is why you are going to love automated bank reconciliation.

Although InDinero offers scalable plans, they’re not very transparent about what exactly they include in each plan until you talk to a salesperson. Unfortunately, InDinero doesn’t have many integration options, but if you already use the software they integrate with, it’s a very robust solution. Bookkeeping is an unavoidable part of having a business because the IRS has certain rules around financial recordkeeping. Aside from staying compliant, having organized books helps you monitor the health of your business, prepare for tax time, and prepare key financial statements.

Free Course: Understanding Financial Statements

Here are 11 alternatives to explore, each with a different emphasis in supporting your small business finances.

Managing Your Books Is Simple With Advanced Accounting

Some additional services you may have access to include inventory tracking, BillPay, CFO services, and tax services. We reviewed multiple accounting software options using a detailed methodology to help you find the 9 best online bookkeeping services for small businesses. Our ratings considered everything from pricing and customer reviews to the number and quality of features available and what our panel of experts thought about the services available. Bookkeeper.com’s cheapest virtual bookkeeping service starts with bookkeeping basics, like preparing key financial statements.

Accounting software that makes the hard part easy

1. Part of what makes Bench unique is that we blend together the human touch with modern technology.
2. Its bookkeeping service comes with its Enterprise plan, which costs $399 per month when billed annually.
3. It’s known for its easy-to-use interface and its simplification of accounting jargon.
4. It’s also ideal for brand-new businesses because FinancePal can help with entity formation.

To put this in perspective, a bookkeeper’s average salary is $44,527. Virtual and outsourced bookkeeping and accounting services are a happy medium between do-it-yourself software and pricey in-house bookkeeping. If that description fits what you’re 8 bookkeeping tips to simplify small business financials bench accounting looking for, one of the nine best virtual bookkeeping providers can save you time, money, and stress.

When you know how to read your financial statements, you can find ways to increase your profit and catch problems before they grow. Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes. Botkeeper is best for accounting firms that want to scale by automating bookkeeping tasks. If getting your books caught up is your priority, our Catch Up and Retro bookkeeping teams will work with you to get your books in order, fast.

With our resources bookkeeping for contractors specializing in handyman services and expert team, you’ll also get a full understanding of IRS requirements for mixing personal and business transactions based on your corporate entity. We’ll work with you to connect accounts and pull the data we need to reconcile your books. We use Plaid, which lets you securely connect your financial accounts to Bench in seconds.