Bookkeeping Outsourcing Services For Small Businesses In USA

Bookkeeping Outsourcing Services For Small Businesses In USA

Since bookkeeping is one important component of running a business that takes a lot of time, many business owners outsource their bookkeeping services to professionals. Whether you run a huge company or work for yourself, there is a solution for you. As you read on, you will see the top six bookkeeping outsourcing services for small businesses in USA.

What Does A Bookkeeper Do For A Small Business?


In the classic sense, bookkeeping has existed for as long as there has been business - roughly 2600 B.C. A bookkeeper's job is to keep meticulous records of every money that enters and exits a company. Bookkeepers keep track of everyday transactions in a regular, easy-to-understand manner, which helps accountants carry-out their duties.

These are some typical bookkeeping tasks:

  1. Recording financial transactions
  2. Posting debits and credits
  3. Producing invoices
  4. Managing payroll
  5. Maintaining and balancing ledgers, accounts, and subsidiaries

Maintaining a general ledger, which is a document that records the amounts from sale and expense receipts, is one of a bookkeeper's key responsibilities. To manage its entries, debits, and credits, ledgers can range in complexity from a single sheet of paper to sophisticated bookkeeping software like QuickBooks and Xero. [Are you on the lookout for accounting software? See our top picks.] You can also Read our Top 9 Benefits of Outsourcing Bookkeeping Services For Small Business.

Each sale and purchase made by your firm must be recorded in the ledger, and some things will need documentation. The IRS website has more information on which transactions require supporting paperwork.

To become a bookkeeper, no formal schooling is required, but one must be aware about financial topics and concepts and strive for accuracy. The work of a bookkeeper is usually overseen by an accountant or the owner of a small firm. A bookkeeper, on the other hand, is not and should not be regarded an accountant.

In a nutshell, bookkeepers can record financial transactions, post debits and credits, create invoices, manage payroll, and keep the books.

Outsource Bookkeeping Services In USA


Which are the best companies for outsourcing bookkeeping services? The best companies for outsourcing bookkeeping services in USA are:

1. Bench Accounting


Bench Accounting is a web-based bookkeeping service with a lot of features. They provide monthly bookkeeping and annual financial statements, as well as unlimited support for business owners like you, tax help, and historical bookkeeping for those who haven't reconciled their books in a while. Bench works with all types of businesses, but it's best for those with yearly revenues of less than $5 million.

Pros: Bench provides unlimited support from a specialized staff of bookkeeping experts. As a result, you'll be able to reach them throughout the month if you require any assistance. They also help you save a significant amount of time. Bench will take care of the rest after you connect your bank account and credit cards to their system, and your bookkeeping will be completed within 15 days.

Cons: Bench is a proprietary system that does not integrate with QuickBooks or Xero. This could make switching to another provider more difficult in the future.

Price: Bench's essential bundle is normally $299 per month. Monthly bookkeeping by a specialized team, year-end tax financial statements, and unrestricted communication are all included. A one-on-one tax plan, limitless services, and annual tax filings are all included in their premium package.

2. QuickBooks


QuickBooks is a well-known accounting software used by millions of companies. It's a really adaptable program because there are so many different products to choose from. QuickBooks Online, which is used by more than 7 million businesses, provides four distinct subscriptions starting at $25 per month. You can track income and expenses, manage your cash flow, invoice and collect payments, and more with any of the options.

Pros: QuickBooks offers a variety of products, such as QuickBooks Online, QuickBooks Self Employed, and QuickBooks Live. Some products assist you in e-filing your taxes. It comes with a cloud-based solution as well as a mobile app for on-the-go use.

Cons: QuickBooks has syncing issues with banks on occasion.

Price: The cost begins at $25 for basic users and increases from there.

3. Wave


With its free and low-cost software, Wave has quickly become a popular choice among small business owners. Their staff of bookkeepers provides personalized support and direction so you can focus on your business. Wave is perfect for small business owners who don't send a lot of invoices.

Pros: The free software is one of the most tempting aspects of Wave. Connecting your bank accounts and credit cards is very simple, allowing for automatic bookkeeping as you purchase.

Cons: Payroll management requires a monthly subscription, with fees ranging from 1 to 3.4 percent per paid invoice.

Price: Basic accounting and invoicing are free. The fee for collecting payments varies between 1 and 3.4 percent. The cost of a monthly tax service begins at $20.

4. FreshBooks


FreshBooks may be the right fit for your company if you send a lot of invoices. FreshBooks was established with the intention of sending, receiving, paying, and printing invoices. Other bookkeeping responsibilities, such as spending monitoring, bill payment choices, business health reporting, and more, are now available. They provide four different programs to suit everyone's demands and budget.

Pros: FreshBooks' advanced and configurable invoice capabilities set it apart from the competition. It's also cost-effective and cloud-based, making it simple to use.

Cons: There is no payroll management solution available.

Price: There are three pricing levels available, each costing $15, $25, or $50 each month. For businesses with more sophisticated needs, they can offer a customised package.

5. Bookkeeper


Bookkeeper is a full-service accounting firm that caters to businesses that require more than just basic bookkeeping. When you sign up, you'll be assigned a personal bookkeeping and accounting manager who will work with you one-on-one to meet your specific requirements. They are QuickBooks ProAdvisors, which means they can walk you through the entire process while utilizing your Quickbooks or Xero software. Bill payment, wages, taxes, and financial planning are also handled by them.

Pros: Their system interacts with QuickBooks and Xero, allowing them to help you navigate (and arrange) your finances. They publish weekly reports and provide industry analysis. There are no long-term obligations.

Cons: Their prices are higher than those of many of their competitors.

Price: Their beginning subscription costs $449 per month and is limited to 100 transactions per month. Their advanced subscription, which offers extra premium features, costs $849 per month for 300 transactions.

6. Xero


Xero is one of the best accounting software for small businesses that require basic and straightforward accounting assistance. Businesses can use Xero to track and pay invoices, take payments from a variety of sources, such as Stripe and GoCardless, manage payroll, store files, and track inventory, among other things.

Pros: For your convenience, Xero is cloud-based, and they provide a user-friendly mobile app that allows you to access your account from anywhere. Gusto has a payroll link, so you can track your invoicing and payroll on the same platform.

Cons: In comparison to competitors, their reporting capacity is limited, and they charge fees for ACH payments.

Price: The cheapest Xero package is $12 per month, but it only allows you to create 20 invoices. The top-tier plan is $65 per month, and all plans may be upgraded to include Gusto for an additional $39 per month.

Conclusion


Outsourcing bookkeeping services in USA can be a wonderful option if you're ready to take bookkeeping off your plate, but it can also raise a lot of questions. What types of duties can a bookkeeper assist you with? What is the price of a bookkeeping service? Is it possible to get by with solely using bookkeeping software?

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