8 Best Online Bookkeeping Services for 2024

At the end of the day, however, not all online bookkeeping platforms are created equal, which is why we have compiled this list of our top 5 favorite virtual bookkeepers. Our partners cannot pay us to guarantee favorable reviews of their products or services. If you don’t already have a QuickBooks file, Merritt will create one for you. A QuickBooks file is a copy of all your QuickBooks data that Merritt will manage.

It also offers tax services that must be bundled with bookkeeping services and CFO services. It provides bookkeeping services in QuickBooks, making Pilot accessible to many businesses using QuickBooks. Also, Pilot’s chief financial officer (CFO) services are ideal for businesses that want to scale strategically and gain expert business insights.

Financial Reports

Merritt Bookkeeping, an online bookkeeping service for cash-based businesses, uses QuickBooks as its bookkeeping platform. It offers a basic package that includes automated monthly downloads of bank statements and monthly financial reports. This service is ideal for businesses with basic bookkeeping needs, as Merritt doesn’t assist with taxes, payroll, and invoicing. The affordable flat-rate pricing also makes it a great option for freelancers on a budget or those who are self-employed. Online bookkeepers help firms manage many of their business needs, from preparing balance sheets and monthly financial statements to handling a company’s chart of accounts. In addition, many virtual bookkeeping services offer extras like tax preparation and payroll processing if you are willing to pay for them.

Not every business owner can afford (nor has the need for) in-house bookkeepers and accounts. Online bookkeeping services for small business companies cost less, making them a more cost-effective option. Xendoo clients are assigned a dedicated bookkeeper who manages their accounts and is backed by a team of other bookkeepers. Communication can happen over the phone, email, or live chat during normal business hours or be scheduled for other times. If the dedicated person is not available, another bookkeeper will be connected. Xendoo also has a large library of FAQs, eBooks, and other assets designed to help business owners with tools and financial wellness.

Do you need add-on services outside of basic bookkeeping tasks?

Meritt is the top choice for online accounting software working with QuickBooks. Payroll services, tax preparation, and bill management can be purchased as additional services. The only thing lacking is CFO advisory services – not offered at all. If you needed help with your financial strategy, we recommended looking into other online accounting firms. 1-800’s online accountants for your small business will handle all your taxes, so you don’t have to. Since they’re experts at this, they will literally help you save money on this front.

And if you have specific categories you would like to use for your business, you can easily add these to your transactions when reviewing our work. We’ll review your QuickBooks file to make sure everything is complete and accurate for $140/mth (25% discount) merritt bookkeeping reviews for each month we work on. We collect your bank statements each month using an automated software, so you never have to send us anything. CSR’s are friendly and cordial but can take anywhere from hours to weeks to respond to a single query.

QuickBooks Live

Tim is a Certified QuickBooks ProAdvisor as well as a CPA with 28 years of experience. He spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. Tim has spent the past 4 years writing and reviewing content for Fit Small Business on accounting software, taxation, and bookkeeping. Unlike most other outsourced bookkeepers on our list, Merritt Bookkeeping doesn’t offer any in-house add-ons for payroll and tax services.

• Xendoo clients are assigned a dedicated bookkeeper who manages their accounts and is backed by a team of other bookkeepers.
• Since they’re experts at this, they will literally help you save money on this front.
• The range of features offered puts it miles ahead of the competition.
• They still need to have the same level of education and experience.
• Consult a tax or financial advisor for tax or financial advice.
• We are independently owned and the opinions here are our own.

It evaluates your company’s details, then offers valuable advice regarding how to classify your business for maximum benefits. For instance, S corporation (eliminates double taxation) or LLC (for flexible taxes). It goes without saying that security is paramount for anything business-related. Make sure the company you are hiring safeguards your information and limits access to your accounts.