The 6 Best Bookkeeping Services For Small Businesses

small business Dec 01, 2021

Bookkeeping is one aspect of running a business that can take a lot of time, which is why many business owners hand their accounting duties to professional bookkeepers. Whether you own a large enterprise or are self-employed, there's an option for you. Here are the six best bookkeeping services for small businesses.

Bench Accounting

Bench Accounting is a powerful web-based bookkeeping service. They offer monthly bookkeeping and annual financial statements, unlimited support for business owners like you, tax assistance, and historical bookkeeping for owners that haven't had their books reconciled in a while. Bench works with all kinds of businesses but is best for businesses that make less than $5 million annually.

Pros: Bench offers unlimited support with a dedicated team of bookkeeping professionals. That means you can keep in contact throughout the month with any guidance you may need. They also save you large amounts of time. Once you connect your bank account and credit cards to Bench's system, they take care of the rest and will complete your bookkeeping within 15 days.

Cons: Bench uses a proprietary system and does not integrate with other accounting software like QuickBooks or Xero. This could make it difficult to switch to another provider in the future.

Price: Normally Bench's essential package is $299 per month, but use our link to get it for $249 per month. This includes monthly bookkeeping with a dedicated team, year-end tax financial statements, and unlimited communication. Their premium package, which is $399 with our link, also includes a one-on-one tax strategy, unlimited services, and annual tax filings.

QuickBooks

QuickBooks is a trusted software for millions of businesses. There are numerous different products to choose from, making it a very versatile program. QuickBooks Online, which is used by over 7 million businesses, offers you four different packages to choose from, starting at just $25 per month. All of the plans enable you to track income & expenses, manage your cash flow, invoice and accept payments, and more.

Pros: QuickBooks has numerous products to choose from including QuickBooks Online, QuickBooks Self Employed, and QuickBooks Live. Some products help you e-file taxes. It has a cloud-based option and a mobile app to take on the go. Use our partner link to get 40% off the first 6 months of your QuickBooks plan.

Cons: QuickBooks has occasional syncing problems with banks.

Price: It starts at $25 for basic users and goes up from there.

Wave

Wave has quickly become a popular option among small business owners due to its free and low-cost software. They offer personalized assistance and guidance from their team of bookkeepers so you can focus on your business. Wave is best for Entrepreneurs that do not send numerous invoices.

Pros: Of the main elements of Wave that makes it appealing is the free software. It's also easy to connect your bank accounts and credit cards for automatic bookkeeping as you purchase.

Cons: Managing payroll requires a paid subscription and they charge between 1% and 3.4% per paid invoice.

Price: Basic invoicing and accounting are free. The charge for accepting payments ranges from 1% to 3.4%. The monthly tax service starts at $20 per month.

FreshBooks

If your business sends a lot of invoices, FreshBooks may be the solution for you. FreshBooks was originally created to send, receive, pay, and print invoices. Now, it can now handle other bookkeeping tasks as well, such as expense tracking, bill payment options, business health reporting, and more. They have four plans to choose from to fit everyone's needs and budget.

Pros: The advanced and customizable invoice features set FreshBooks apart from the rest. It is also affordable and cloud-based for easy access.

Cons: They do not have a payroll management service.

Price: They have three pricing plans, which cost $15 per month, $25 per month, and $50 per month. They also have a customizable plan for businesses with complex needs.

Bookkeeper

Bookkeeper is a full-service company that is ideal for businesses that need more than simple bookkeeping. When you sign up, you will receive dedicated bookkeeping and accounting manager who will work with you one-on-one to meet your needs. They are certified QuickBooks ProAdvisors, so they can guide you through the whole process, using your Quickbooks or Xero software. They also handle bill pay, payroll, taxes, and financial planning.

Pros: Their system integrates with QuickBooks and Xero so they can guide you through (and organize) your books. They have weekly reporting and offer industry insights. There is no long-term commitment.

Cons: They are more expensive than many of their competitors.

Price: Their beginning package is $449 per month and caps at 100 transactions per month. Their advanced package is $849 per month for 300 transactions and includes other premium offerings.

Xero

Xero is one of the best software out there for small businesses that need basic and simple accounting assistance. With Xero, businesses can track and pay bills, accept payments from a variety of sources including Stripe and GoCardless, manage payroll, store files, track inventory, and more.

Pros: Xero is cloud-based for your convenience and they have a user-friendly mobile app, so you can access your account wherever you go. They also have a payroll integration with Gusto, so you can track your invoices and payroll on one platform.

Cons: Their reporting capacity is limited compared to competitors and they charge fees for ACH payments.

Price: Xero's base plan is only $12 per month, but limits the number of invoices to 20. Their top-tier plan is $65 per month and all plans have the ability to add Gusto for $39 per month.

How To Choose The Right Bookkeeping Services For Your Small Businesses

It's important to pursue bookkeeping services that fit the need of your business. Bookkeeping services take the hassle away from you so you can focus on other important aspects. Here are some questions to keep in mind when choosing a bookkeeping service.

  • How much bookkeeping do you need to catch up on? If you have a lot, consider Bench to help you get caught up and stay on top.
  • Do you already use accounting software? If you already use a form of QuickBooks, then using QuickBooks online or other QuickBooks services may be the right course.
  • Do you want to accomplish more than simple bookkeeping? If the answer is yes, consider Bookkeeper's full range of bookkeeping, tax, and financial planning support.
  • What is your budget? If you need a simple and inexpensive option, Wave, Xero, and FreshBooks are viable options to consider.

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