Virtual Bookkeeping Services

virtual bookkeeping

Once you know who your audience is, you can start on the channel they spend the most time on. For example, if you offer family or individual accounting, Facebook may be your best channel. If you only work with small business owners, LinkedIn may be a better fit. To figure out how you’ll make money as a virtual bookkeeper, you’ll need to write a business plan. Fast-growing businesses may also turn to you, as their bookkeeper, to manage payroll and payroll taxes too.

  1. Depending on the service you select, they may also pay bills, invoice clients, process payroll, and prepare your income taxes.
  2. Minimally, you’ll need $1,000 to get started if you already have a laptop.
  3. This can be on a local server, but better yet, cloud-based software that can be updated in real time.
  4. Here are some ideas to get you the help you need to set up your bookkeeping system.

For startups that have a lot of customers or a lot of bills, virtual bookkeepers can save many hours every month. Using cloud-based software, virtual bookkeepers reconcile bank accounts, manage payroll, create financial reports, update financial records, collect payments, record receipts, and more. Essentially, virtual bookkeepers do everything an on-site bookkeeper does, but it’s done remotely. The Essential plan ($249 a month if billed annually or $299 billed monthly) focuses on bookkeeping only, giving you access to a dedicated team that performs monthly bookkeeping services.

Best for Bookkeeping Services By the Hour

Also, it offers more services to QuickBooks Online users than QuickBooks Live; and, upon enrollment, you’re assigned your own dedicated bookkeeper and account manager. 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.

virtual bookkeeping

If you’re seeking a low-cost service that also offers strong customer support, QuickBooks Live is an excellent option. Its pricing can be a bit confusing as there is a sliding scale based on not only the accounting basis but also the amount of monthly expenses and the frequency and type of services you need. If you’re seeking straightforward and affordable pricing, then Bench is a good option, although it has its own proprietary accounting software.

Bookkeeping goes well beyond organizing your bank and other financial statements in the right folders. With solid bookkeeping practices, you have a better idea of which invoices clients need to pay and which vendors you need to pay. When you have a better idea of when money is coming and going, you can get ahead of potential cash flow issues. Some bookkeeping services can provide a full suite of bookkeeping, accounting and tax services.

It means that your virtual bookkeeping service has missed the biggest boat of all when it comes to being a “cloud-based” bookkeeping service. They must offer flat rate pricing — a monthly fee in exchange for a well-defined set of deliverables. They take care of importing your bank statements and preparing whatever financial statements you need every month. The Bench Client Research Team gives you intelligent answers to complicated questions. You also get visual reports that help you see what’s going on at a glance.

When you have a clear understanding of your budget, cash flow, and expenses, you’re more equipped to make better business decisions. Skip the drive through traffic and the awkward silence of an in-person bookkeeper’s waiting room. A virtual bookkeeper can give you guidance and answer questions about categorizing transactions, reconciling credits and debits, and managing your workflow. Katherine Haan, MBA is a former financial advisor-turned-writer and business coach.

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QuickBooks Live is limited in the bookkeeping services it offers, and it was penalized for not offering invoicing and bill pay services. You also don’t have access to full-service payroll or the ability to customize a service plan. Tax and consulting services also aren’t offered, so points were deducted there as well. If you want all of these features—including bill pay, invoicing, full-service payroll, customized services, and tax and consulting services—Bookkeeper360 is an excellent solution. However, while your financial statements are sent to you monthly, your bookkeeper won’t pay bills, send invoices, manage inventory, and provide financial advice. If this is important to your business, we suggest, which aced our bookkeeping services category and also works with QuickBooks Online users.

This can cover a DIY website and subscription to a bookkeeping software like QuickBooks. As a bookkeeping service, you can provide companies with better and more comprehensive data. And because you work from home, you may work with fewer distractions (and stress!), which in turn makes you more efficient. Virtual bookkeepers also make themselves available for discussions around budget planning, late customer payments, cash flow, and any other finance-related questions. And it is, but you may still be asking yourself, “Well, what’s it like to run a virtual bookkeeping business?

virtual bookkeeping

We evaluated whether the online bookkeeping service offered tax and consulting, and the scope of those services. For tax and accounting, Bench also scored high, although it doesn’t offer the ability to file sales tax returns, so we recommend for that feature. The user review score of Bench is high as well, at almost a perfect score. If you need help with the platform, working with a Wave Advisor is the easiest way to do so because it offers a team of dedicated bookkeeping professionals to help businesses manage their finances.

Keep that in mind as you search for the right virtual bookkeeper for your small business. Terms, conditions, pricing, special features, and service and support options subject to change without notice. If you invoke the guarantee, QuickBooks will conduct a full n evaluation of the Live Bookkeeper’s work. Our bookkeepers average 10 years of experience working with small businesses across a wide array of industries.2 They’re certified QuickBooks ProAdvisors, and many are CPAs.

As any good bookkeeper knows, one of your primary jobs is making sure your clients’ financial data is safe and secure. That means communicating with them about who should have access to information and how you prioritize security. So you set the number of clients, hours, and the amount of time you want to work each week. To become a virtual bookkeeper, you should have the same essential qualifications as an on-site bookkeeper.

of Overall Score

Examples include bookkeeping journal entries, bookkeeping ledger, bookkeeping reconciliation and bookkeeping trial balance. When you have a Small Business Plus plan or higher, you get unlimited online support. All plans come with onboarding, a dedicated bookkeeper and account manager, reconciliation at month-end, balance sheet, P&L, statement of cash flows and a portal with document storage. Higher-tiered plans unlock more transactions and a more frequent service level. It’s also ideal for brand-new businesses because FinancePal can help with entity formation.

The service doesn’t include financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll. Every entrepreneur knows that their most stretched resource is the number of hours in a day. Keeping the books up to date is one of the easiest business tasks to delegate effectively.

Connect with bookkeepers wherever work takes you

The price is the same regardless of your business size and the number of employees. Although it might save money to do your business’ books yourself, you might have run into some of the downsides. It’s common to make mistakes, get behind on your books, or realize that you’ve been doing something incorrectly. Hiring a bookkeeper comes with an upfront cost, but it can save you a lot of time, energy, and effort when it comes to keeping your finances in good shape.

In this case, you’ll be responsible for ensuring they make proper entries, reconcile accounts and bank statements, get financial documents, and more. There are three pricing tiers for QuickBooks Live, which are based on your business’s monthly expenses. In addition to the cost of QuickBooks Live, you will pay a monthly subscription fee for QuickBooks Online, which ranges from $30 to $200.

Smaller or less complex businesses might only need a few hours of bookkeeping services per month, so you aren’t onboarding a full-time employee. For virtual bookkeeping businesses, these tools can make the process more efficient and make the workload steadier throughout the month. Monthly fees come with benefits on both sides, providing reliable income for the bookkeeper and predictable bookkeeping expenses for their clients.


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