July 14, 2021

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Review of the 6 Best Virtual Bookkeeping Services in 2021

Review of the 6 Best Virtual Bookkeeping Services in 2021

An entrepreneur or a business owner does not have to know how to do bookkeeping. After all, when you need to have electrical work or plumbing done in your office, you hire an electrician or plumber. Why should you do bookkeeping if this is not your main specialty? Today, we are going to review top bookkeeping services in 2021 that you can use without having an actual employee sitting in your office.

Bookkeeper.com

Pros:

  • Wide variety of accounting-related services
  • Secure storage for documents
  • Reconciliation of accounts
  • Accrual or cash-based bookkeeping
  • Major financial reports
  • Multiple additional features
  • Syncs with QuickBooks

Cons:

  • No mobile application

Bookkeeper.com is not just a remote bookkeeping service. This is a place where businesses also get their payroll and other related tasks done. Every client gets a personal specialist who will maintain the books and account manager. Clients love Bookkeeper.com because it is convenient to use and services can be expanded as necessary. The ability to choose between cash or accrual-based accounting is also a plus.

They also offer consulting, payroll, invoicing, human resources, and other services as add-ons to the basic plan. In fact, their most expensive plan comes with CFO and advisory services, unlimited support, invoicing, and other features. However, these obviously come with an additional cost. An ability to integrate these services with QuickBooks Online makes it a great choice for those who already use this software and need more than just a computer program.

Review of the 6 Best Virtual Bookkeeping Services in 2021

inDinero

Pros:

  • Reconciliation of accounts
  • Cash and accrual-based accounting
  • Key financial reports
  • Tax preparation
  • CFO consulting
  • Synchs with QuickBooks and NetSuite
  • Own bookkeeping software
  • Mobile app

Cons:

  • Cash basis only with the Essential plan

inDinero is an example of a start-up company that quickly became an in-demand service among start-ups and small businesses and even larger enterprises. The success of this company is explained by the great customer support it provides. In addition, clients have access to updated financial reports on a daily basis.

Specialists at inDinero can also help business owners analyze and plan their budgets. At an additional cost, their CPA will help you prepare your taxes. inDinero is one of the few providers of bookkeeping services that also has an application and even a software developed specifically for its clients. In addition, it can work with the following bookkeeping programs: NetSuite and QuickBooks.

QuickBooks Live

Pros:

  • Reconciliation of accounts
  • Accrual or cash-based bookkeeping
  • Key financial reports
  • Tax preparation and filing assistance

Cons:

  • Does not work with AP and AR
  • No filing of taxes or tax counseling

Almost everyone in the business world is somewhat familiar with QuickBooks technology. If you are one of those business owners who is already using this bookkeeping software and believe it will be the best choice for your company, you should consider also getting their QuickBooks Live plan that also keeps your financial books in order for you.

This service is provided by professional bookkeepers who review your business transactions and correctly categorize them, do bank reconciliation every single month, and prepare key financial reports at the end of the year. Clients also appreciate assistance with preparing and filing of their taxes. Although payroll service is not included in the QuickBooks Live package, you can get it separately.

Merritt Bookkeeping

Pros:

  • Synchs with QuickBooks
  • Automated monthly reporting
  • Catch-up bookkeeping
  • Account reconciliation
  • No set-up fee and 90-day money back

Cons:

  • Cash basis only
  • Limited add-ons

Merritt Bookkeeping does all the basic bookkeeping tasks for you so you can focus on your business. Moreover, it is done for a relatively low fee. So, if you are a start-up or a small company or you already have QuickBooks bookkeeping records, these bookkeeping services might be the right choice for you.

What are you going to get? This service includes everyday bookkeeping and categorization of transactions, automated monthly reports, and reconciliation of accounts. You, your management and investors will benefit from having accurate key financial documents always at hand when you need to make important decisions.

In addition, if you previously fell behind on keeping your books up to date, they will fill in the gaps at a discounted rate. The downside is that taxes would need to be done on your own or other specialists. Invoices, payroll, and similar features are also not offered at Merritt Bookkeeping. It also will not work for larger businesses as it works only with cash-based accounting.

Bench

Pros:

  • Proprietary software
  • Key financial statements
  • Real-time expense tracking
  • Unlimited expert support
  • Makes tax time very easy
  • Connects with major payroll platforms
  • Connects with major payment processors
  • Catch-up and cleanup bookkeeping

Cons:

  • Does not file taxes

Bench is basically a bookkeeping software where you have your own designated bookkeeper. In other words, you get bookkeeping software along with a real bookkeeper who manages your reports, expenses, categorizes transactions, and so on. The greatest advantage is that a real person with critical thinking reviews all the records and communicates with you for clarification, as needed, so you get accurate records and reports, which a completely automized computer program would not be able to achieve.

Although it is an awesome bookkeeping service, Bench is expensive. In addition, business owners who need to track finances for several businesses need to create multiple Bench accounts. If you want to import transactions from a bank of your preference, you cannot go with the simplest plan. At the same time, you have three different plans to choose from and pay only for what they need.

This service is best for companies that are not very big yet. It should be noted that although Bench prepares all the documents for tax filing, it does not file them for you. However, they partner with Taxfyle Tax Professional to help their clients file the taxes.

Review of the 6 Best Virtual Bookkeeping Services in 2021

Bookkeeper 360

Pros:

  • Human resource and payroll
  • Planning and preparation of taxes
  • Works with Shopify and Expensify
  • Inventory management
  • Multi-entity reporting

Cons:

  • Limited to Xero or Bookkeeper360 software

This is another company that provides a whole package of services and helps businesses with their daily transactions, accounting, Human resources, and payroll needs. In addition, they have inventory management, category tracking, tax planning and preparation, CFO consultations, and other valuable features as add-ons.

This service has its own software, which can be seen as a plus or a downside. However, it also uses a popular bookkeeping software called Xero, which has many great features. Like Bench bookkeeping service, Bookkeeper360 allows clients to connect their Shopify and Expensify accounts, making it a good choice for ecommerce businesses.

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Author: Charles Lutwidge

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