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What Are Online Bookkeeping Services?

Online bookkeeping is the outsourcing of bookkeeping services to an individual or company. This usually happens through bookkeeping websites that perform these services and communicate online with you. Bookkeeping software allows transactions to be updated and exchanged online.

Bookkeeping services can include, but not be limited to, monthly reconciliations, financial statements and reports creation, tax processing, and handling of taxes.

Online Bookkeeping Service: Why Do You Need It?

Compilation of Ledger Accounts-Cash, Sales, Purchases, Expenses. Receipts and Expenses Statement/Profit and Loss Statement. Preparation of the balance sheet. Reconciliation of bank accounts as of the date of the statement. As of date, the balance of Account Receivables and Payables. Bookkeeping service includes managing all aspects of accounts payable and receivable, reconciling bank and credit card accounts, and generating monthly financial reports. 

In the past, businesses hired someone to handle their books. Depending on the company’s size, they might even consider hiring a full-scale accounting department. 

Nowadays, more and more companies are using online accounting and bookkeeping services to take care of their needs. Online bookkeeping services offer a host of benefits, so it makes sense that this is happening. Below, we’ll explore some of them in more detail.

Cost – This is the cost of your bookkeeping services, as well as what you get and your budget.
Features – What services do you require? You can use these services to pay your bills, invoicing, income, expense reports, manage bank statements and credit cards, payroll, and many other things.
Integrations – Your bookkeeping software should be compatible with cloud accounting software such as Quickbooks or Freshbooks.
It’s easy to use – How simple it is to use and how much time it saves you.

Let’s now take a look at some of the best online bookkeeping services available for small businesses. We will compare their performance on these criteria.

1. Bench

Bench offers online bookkeeping services from professional bookkeepers. You can get a monthly financial overview and an expense overview to help you manage your money. The at-a-glance visual reports will help you to see the big picture, and provide you with actionable insight that can be used to grow your business.

A year-end financial package is also provided by them. This includes all the information needed to file your taxes. They can help you find a CPA, or work with your CPA to file your taxes quickly and painlessly.

Bench does not manage your payroll, pay bills create invoices or file taxes. This is a good choice for small businesses that need bookkeeping while also using other tools to manage taxes, invoicing, and payroll.

2. Bookkeeper.com

Bookkeeper.com provides all-in-one bookkeeping solutions for small businesses. It manages your books with the most popular accounting software QuickBooks. You can trust that their team includes certified accountants and QuickBooks professionals.

Quickbooks is connected to your bank and credit card statements upon sign-up. Access to your customized chart of accounts is available. You can set up invoicing and bills.

They will ensure that your QuickBooks file matches the bank and credit card statements. You will always be able to access categorized statements to quickly review your finances. You will be able each month to view your financial statements and work with their team.

It allows you to pay suppliers and vendors using checks. They’ll print and mail checks for you. They will monitor your invoices and make sure they are paid on time.

Read More: How to Choose Your First P2P Lending Platform

3. FreeAgent

FreeAgent, a web-based accounting program, simplifies your bookkeeping. It can connect to your bank accounts, allowing you to track expenses and send estimates. You can also monitor cash flow and see a birds-eye view of your income, expenses, and profits.

FreeAgent won’t handle your bookkeeping. You will have to do it yourself or hire an accountant. You can also add multiple projects, multicurrency invoices, and unlimited clients to the account, as well as set up sales tax.

This software is ideal for small businesses who need an affordable accounting solution that allows them to do their own bookkeeping.

4. Bookkeeper360

Bookkeeper360 offers an online bookkeeping service to small businesses. They use Xero instead of Quickbooks accounting software and can help you set up your books so that no data is lost when they transfer your data over to Xero.

Small businesses can get a dedicated account manager, financial statements and cash and accrual-based reporting, bills, invoicing, and payroll.

 

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