Does the thought of taxes and balance sheets stress you out? You're not alone. Managing your finances can seem like a constant battle, especially if you’re a small to medium-sized business owner, and you might not even have a vast team to maintain the numbers for your business. Nonetheless, its significance is beyond just compliance. It is the bedrock upon which you will be making your future financial decisions, that too, as safely and soundly as possible. As for the US’s competitive landscape, a sustainable economic plan is of utmost necessity, and hence, this section becomes non-negotiable.
In this regard, the blog is going to act as a guide to help you navigate the landscape of the best online bookkeeping services that would be the right fit for your business. The shift towards online bookkeeping has been significant, and for good reason. It offers compelling advantages like cost-effectiveness and round-the-clock accessibility, allowing you to manage your finances more efficiently than ever before. In fact, a recent report indicated that the global virtual assistant market is projected to reach $30.7 billion in 2025, reflecting a significant rise in adoption across various functions, including accounting and bookkeeping.
Understand Your Bookkeeping Needs & Make Informed Decisions
Let’s begin with the fundamental question: how do you find the best online bookkeeping service for your small to medium-sized business (SMB)? To know the answer to this question, you must first understand there’s no singular answer. What might work for you might not work for others, and vice versa. Here, the “best” can be determined by your requirements and circumstances. For example, simple bookkeeping services would be enough for a startup, but if you own a medium-sized business, you might also need to look for the best accounting services.
To help you pinpoint your specific needs, ask yourself these key questions:
- What is the size and complexity of my business? Do I own a small business or a fast-growing business? Are my revenue streams singular or multiple? What is my employee strength?
- What specific bookkeeping tasks do I need help with? Do I need basic bookkeeping and record-keeping help? Or do my needs extend to payroll management, invoicing, tax preparation, etc.?
- What is my budget? How much money am I willing to invest monthly behind this?
- Do I prefer software with automation or more human interaction? Would I want to rely on automated software that would get more things done, but there’s always a risk of malfunction and data breach? Or would I want to rely more on human bookkeepers who would act as virtual assistants, offering more personalized help and expertise?
Answering these questions honestly will provide a clearer picture of what you're truly looking for in the “best online bookkeeping services”.
What to Look for in a Top-Tier Online Bookkeeping Service?
The absolute best online bookkeeping services have these crucial qualities and features:
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Accuracy: The absolute best service would ensure error-free recording, correct categorization, and more, limiting unnecessary discrepancies during taxation.
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Timeliness: Your fast-paced US SMB will automatically be demanding when it comes to timeliness, and you cannot wait for weeks before getting your reports to make informed financial decisions.
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Easy Navigation: You need to be very specific about the formats in which the financial reports are being presented to you (i.e., whether they are easy to access, navigate, and understand).
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Service Comprehensiveness: A top-tier bookkeeping service might go beyond basic bookkeeping services. It must include other core services like customer invoice management, vendor payment management, and expense tracking.
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Tool Integration Capabilities:
The functional capability of the service must be such that it seamlessly integrates with tools like Xero, QuickBooks, etc.
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Dedicated Customer Service:
This is the most critical aspect of any service. Hence, before choosing, you need to be mindful of how responsive they are, how trustworthy they are, and whether they stick to their promises.
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Transparent Pricing:
The best online bookkeeping services also possess clear and understandable fee structures. There must not be any hidden costs to it.
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Privacy & Security:
This is a critical point and something you must be cautious about. Before choosing, you must carefully judge how they protect sensitive financial information with robust measures.
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Regular Reconciliation:
Regular reconciliation ensures your bank statements perfectly match your bookkeeping records and how active they are regarding the same.
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Financial Reporting: Lastly, a good service provider would ensure that key financial reports (e.g., P&L, Balance Sheet) are generated and provided with insights so that you can make informed decisions in the future.
Spotlight on Leading Online Bookkeeping Service Models
When seeking the best online bookkeeping services, it's helpful to understand the different approaches available, each aligning with various small business accounting best practice principles:
Software-Focused
- As mentioned earlier, tools like QuickBooks Online or Xero back this bookkeeping model.
- They automate a lot of your bookkeeping tasks, like invoicing and tracking expenses.
- These platforms can be super-efficient if you're comfortable taking a DIY approach.
- Just keep in mind that you’ll be responsible for the details and categorization.
- This can get a bit tricky if you’re not well-versed in accounting principles.
Hybrid (Software + Human)
- Software like Zeni.ai combine technology for initial data processing with human bookkeepers for reviews.
- This model gives you the best of both worlds.
- You can enjoy the speed of software while having professional insights available.
- It is a solid choice for small businesses wanting to stay on top of their finances.
- However, the online setback is that you cannot expect personalized support, and you probably need to keep a check on the workflow and communicate your needs continuously.
Virtual Assistant-Based
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f you prefer a more personalized approach, this model is perfect!
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You get a dedicated virtual assistant who handles your bookkeeping tasks.
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This support is tailored to fit your specific needs.
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You’ll enjoy consistent, expert attention to your financial records.
- It takes the stress out of managing your finances.
Also Read: Unleashing the Power of Virtual Assistants: Maximizing QuickBooks for Your Business
Why Brickwork Could Be Your Best Choice for Online Bookkeeping?
We understand the financial complexities you face, and we offer a streamlined solution through our expert virtual assistants. Our virtual assistants provide a comprehensive suite of bookkeeping services, including:
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Recording daily transactions in accounting software (QuickBooks, Xero, Wave, M3, Zoho, and MS Excel)
- Managing AR/AP entries
- Bank and credit card reconciliation
- Creating and updating the chart of accounts
- Handling petty cash and expense reimbursements
- Data entry and invoice generation
- Filing vendor bills and receipts
- Payroll liability and reconciliations
- Financial reporting – P&L, Balance Sheet, Cash Flow
- Budget tracking and variance analysis
- Month-end and year-end closing support
- Coordination with tax consultants/auditors
- PO to Payment cycle tracking and compliance
- Processing consolidated financials
- Accounting data migration
Choosing Brickwork means gaining access to expert virtual assistants (i.e., essentially your dedicated best bookkeeper) who ensure accuracy and compliance while offering significant cost savings compared to in-house hires or premium platforms.
Benefit from effortless scalability to match your business growth and the potential to integrate bookkeeping with our broader virtual assistant services for comprehensive support. Contact us to avail our best online bookkeeping services.
