Bookkeepers often take care of payroll, ensuring employees are paid correctly. Having a virtual bookkeeper means that someone else does the books on your behalf online. The above reasons aren’t the only signs that you should outsource your bookkeeping. In general, the sooner you start with outsourced bookkeeping, the faster you’ll see its benefits. QuickBooks Online provides the most flexibility, allowing both the client and the outsourced bookkeeper to access and update financial data from anywhere with an internet connection. If you need in-house support but can’t afford to hire a bookkeeper full-time, consider hiring one part-time, and increasing their hours as needed.

Not Ready to Outsource Your Bookkeeping?

As an addition, you get access to lower credit card transaction fees, pre-authorized debit transaction fees, and many other benefits. When you use an external what is overhead party, the process doesn’t include hiring, supervising, and onboarding expenses.

DocuClipper is trusted by over 10,000 professionals for accurate and quick data extraction from financial documents such as bank statements, invoices, receipts, purchase orders, and tax forms. For more detailed services like financial analysis and payroll, mid-range plans are around $100 to $750. You can consider virtual bookkeeping a combination of the best in bookkeeping software and traditional bookkeeping.

Accounting Services

An in-house bookkeeper provides control and immediate access, but it’s also the most expensive due to salaries, benefits, and overhead costs. Check out our bookkeeping costs comparison to explore part-time and full-time costs. Intended to automate the majority of both your bookkeeping efforts as well as your tax preparation, 1-800Accountant turns a major hassle into a huge relief. With a dedicated accountant assigned to help you get your records in shape, the service maintains your finances and prepares your taxes simultaneously. At year end, tax prep is virtually effortless because they already have all of the information in hand. What Microsoft Office is to the productivity space, QuickBooks is to the financial sector.

Bench Accounting: Best for small businesses

You’ll then have the opportunity to make any necessary changes before receiving the next report—and so on. If there’s ever something you’d like clarified or don’t understand, you can contact them for help. Ignite Spot Accounting delivers heftier reports than many other cloud accounting providers we checked out for this piece. Along with typical financial reporting (like profit and loss reports and balance sheets), you’ll get a KPI (key performance indicator) report and profitability analysis, among others. However, Ignite Spot doesn’t list its virtual accounting prices upfront.

1. For teams like this, it’s all too easy to find yourself months or even years behind the current financials.
2. For most business owners, it’s best to do it sooner rather than later.
3. You can hire a freelance bookkeeper, a local bookkeeper, or an accounting firm to handle your bookkeeping needs.
4. For more detailed services like financial analysis and payroll, mid-range plans are around $100 to $750.
5. But Merritt Bookkeeping’s most stand-out feature might be its in-depth financial reports.

When you find a suitable bookkeeping solution, ensure you interview the person before hiring them. Most business owners seal the deal immediately and often miss some important details, only to notice the disadvantages when it’s too late. All outsourcing companies have unique qualities but differ in many ways. It’s best to create a pros and cons list of companies when outsourcing bookkeeping so you’ll know you’ve made the best choice. Earlier in the article, we discussed different ways to outsource bookkeeping.

We serve thousands of clients across various industries, so we can apply the best practices for your specific needs, ensuring your books are managed efficiently. Stay involved initially to ensure the provider aligns with your expectations. For an understanding of typical hourly rates, refer to the bookkeeper hourly rates page.