Online bookkeeping services that are cost-effective and simple to use offer many bookkeeping solutions, as well as easy access to bookkeepers. Many top virtual bookkeeping companies also offer additional services such as tax filing, catch-up bookkeeping, and payroll. This can help you to streamline your work.
Top 8 Online Bookkeeping Services for 2022
We’ve compiled a list of the top eight online bookkeeping services available for small businesses in 2022.
1. Bench: Overall Best Online Bookkeeping Service
Bench has been voted our best online bookkeeping platform. It offers bookkeeping support at an affordable price, as well as tax assistance and payroll integration. If you are more than two years behind on your bookkeeping, it even offers catch-up services. Although the service doesn’t allow you to create invoices or manage bill payments and payroll, it will work with accounting software like FreshBooks so that you can complete these essential tasks.
Freelancers and startups who often work remotely will appreciate the iOS mobile app. That provides real-time cash flow updates and financial reporting functionality. You’ll be able to access a team of in-house bookkeepers upon enrollment. You can schedule a free monthly check-in with them or a tax season review call.
- Supports unlimited users
- Catch-up bookkeeping services are available
- Affordable plans include an annual income tax return
- Access to a team of bookkeepers in-house
- Mobile app available
- Bench uses proprietary software that isn’t compatible with QuickBooks.
- No mobile app for Android
- Software separate for billing, bill payment, payroll, and inventory management
Bench offers tax assistance and catch-up bookkeeping as an add-on solution. These are just a few of the other features that Bench offers:
- A dedicated bookkeeper: All Bench bookkeepers work in-house and are not contracted, employees. Your bookkeeper will manage all aspects of your account, and be your point of contact.
- Monthly financial statements: You’ll get financial statements monthly.
- Catch up on bookkeeping: For an additional fee you can sign up for BenchRetro. This is a program that helps businesses that are more than two years behind with their bookkeeping.
- Tax assistance: When you choose Bench’s Premium plan your federal and state tax returns as well as individual returns as sole proprietors are included.
- Payroll integration: Bench is integrated with Gusto (a top payroll provider) to help you manage payroll. It will handle your payroll tax filings, manage employee information, and benefits, and generate W-2s.
2. Bookkeeper.com: Best for Accounting Firm
Bookkeeper.com uses cloud computing and offers a variety of add-on services, such as bill pay, tax return preparation, payroll, and tax return preparation. Bookkeeper.com offers free services for business, financial planning, tax advice, and more. Bookkeeper.com provides more services than QuickBooks Live to QuickBooks Online users and, upon registration, offers a variety of other services.
You’ll be assigned a dedicated bookkeeper or account manager. Although it doesn’t have a mobile app, QuickBooks Online allows you to access your books through the app. This app is ideal for businesses who want to outsource bookkeeping to a full-service accounting company.
- All-in-one bookkeeping and tax solution.
- QuickBooks Online Specializes
- Bookkeeper dedicated to your needs
- Payroll can be accessed for an additional charge
- Protect your financial data with a secure online network
- No mobile app is available
- Service fees are high
- Pricing transparency with additional services such as tax preparation is not available
- You may have to pay extra for features you don’t need.
- There is no free trial
Bookkeeper.com is a virtual bookkeeping service that offers full service. However, it also has other unique features. The following are some of these:
- Your dedicated bookkeeper and account manager: Your bookkeeper will be a certified QuickBooks ProAdvisor. You’ll also have an account manager to assist you with onboarding and provide support for any questions.
- Monthly financial reports: Your bookkeeper will provide a monthly balance sheet, profit and loss (P&L), statement cash flows (SCF), and general ledger (GL) report.
- Free advice: Included in your monthly fees is a range of free business advice including software
- training, tax planning, and general business consulting.
- Software Setup: Your accounting software setup is included with the monthly fee.
- Tax preparation and payroll add-ons: For an additional fee you can choose to have your tax or payroll prepared. Bookkeeper.com is staffed with certified public accountants and enrolled agents who can help you plan and strategize.
3. QuickBooks Live
QuickBooks Online offers QuickBooks Live, an online bookkeeping solution, and its ranked top small-business accounting software. QuickBooks Live is a great tool for helping QuickBooks users manage bank fees. classifying transactions, reconciling accounts, and printing financial statements.
The company matches you with a dedicated accountant who will work with you virtually in order to make sure your books are accurate. Additional assurance is provided by the 100% Accurate books guarantee. For beginners, you can choose to receive training on daily bookkeeping tasks. Your bookkeeper can help you set up your chart of accounts and connect your banks. They will also assist with cleaning up any data that is not in order. Your financial statements will be sent monthly to you, but your bookkeeper will not pay bills, send invoices or manage inventory.
- Bookkeeper dedicated to your needs
- Monthly financial reports
- No contract required
- 100% Accurate Books Guarantee
- You will need to subscribe to QuickBooks Online separately
- This does not include invoicing clients, bill payments, invoice clients, accounts receivables (A/R) or accounts payables (A/P).
- It is not possible to get financial and tax advice
- Accounting using the accrual method is not supported
- Inventory management is not included
QuickBooks Live Features
QuickBooks Live offers many features to help with bookkeeping. Your bookkeeper will help you set up your account, update your books, and ensure that your financial information is up to date.
- A dedicated bookkeeper: After enrollment, you will be assigned a bookkeeper–a QuickBooks ProAdvisor who has an average of 15 years of experience.
- Access in real-time: Your designated bookkeeper will access your QuickBooks Online account directly. This will ensure that your books are up-to-date and will allow you to see the data in real-time.
- Customized setup: Your bookkeeper can help you customize your setup based on your requirements. This includes your chart, customer and vendor lists, as well as connecting your bank or credit card accounts.
- Add-on to your QuickBooks Online payroll: QuickBooks Online provides full-service payroll integration that works with its software. Your QuickBooks Live ProAdvisor can’t help you run payroll for your employees.
4. Bookkeeper360: Best Xero Online Bookkeeping Services
Bookkeeper360 provides both cloud-based and accounting services, as well as business advisory services. It’s a Xero Platinum Partner which makes it ideal for small businesses. You are using Xero bookkeeping software and you want more than a bookkeeping service.
Bookkeeper360’s mobile app can be integrated with your Xero account for business insights. There are also back office and payroll services, as well as human resources (HR) and chief financial officer (CFO). Bookkeeper360 is our top recommendation for Xero users. However, it can also be used by QuickBooks Online users who are not satisfied with the limited services offered by QuickBooks Live.
- Bookkeeper dedicated to your needs
- Use Xero and QuickBooks bookkeeping software
- Consultations are free
- A wide range of services and customized solutions are available
- Accounting on an accrual basis is available
- A $500 retainer is required to start a pay-as-you-go plan
- Higher than other options
Bookkeeper360 provides a variety of features designed to simplify small business owners’ lives. The following features are available:
- Mobile App: Bookkeeper360’s mobile app connects with your Xero and QuickBooks Online accounts and provides valuable information including scorecards.
- CFO advisory: A dedicated accountant is available for an additional fee to help you analyze your finances and develop a strategy to grow and manage your business. This service starts at $1,000 per quarter.
- HR and Payroll solutions: Full-service payroll integrates fully with your bookkeeping. Prices start at $45 per month. It can also be integrated with providers such as Gusto or ADP.
- Accrual Basis Accounting: Accrual Based Accounting is an option. It includes complex accounting such as deferred revenue and inventory.
5. Merritt Bookkeeping: Best Online Bookkeeping Service on a Small Budget
Merritt Bookkeeping offers a cost-effective, remote bookkeeping solution. It’s offered at a flat fee with no limits on transactions or frequency. It can be used by businesses using QuickBooks. Although it does not offer the same advanced tools as other online bookkeeping services, it is easy to use and requires no setup. Catch-up bookkeeping can also be used if you are behind in your books.
The 100% money-back guarantee is another attractive feature. It provides monthly financial reports that can be used to help you file taxes. You can also use it to assist contractors with electronic filing. of 1099s for your contractors at an additional fee.
- If you are not completely satisfied with the services, we will refund your money 100%
- Additional fee for catch-up bookkeeping
- Flat-rate pricing that is affordable and does not include setup fees
- It is quick and easy to set up.
- Accounting on an accrual basis is not possible
- You do not have access to your QuickBooks files.
- We offer only basic bookkeeping services. This does not include tax, payroll, or invoicing
Merritt Bookkeeping Features
Merritt Bookkeeping offers many useful features that can be very helpful for small businesses with tight budgets. The following are some of these:
- A dedicated account manager: You will have access to a dedicated manager, not your bookkeeper. This ensures continuity of service, even if different bookkeepers work on your account.
- Intuitive user Interface: Merritt Bookkeeping offers an easy-to-use client portal that allows you to view reports as well as see how transactions have been categorized. You can use the custom interface to indicate any corrections.
- Monthly financial statements: You’ll receive your P&L and balance sheets each month. Or, you can access them through your client portal.
- 1099 Form Filing: Merritt can assist you with 1099 forms filing for contractors. There is an additional $75 fee for the report preparation and $8 per form.
- A 90-day money-back guarantee: Although there’s no free trial, you can try it for three months without any risk. You will be refunded in full if you are not completely satisfied with the product within this time period.
6. Pilot: Best Online Bookkeeping Service for Startups
Pilot provides financial services to startups and small businesses. Its services are designed to meet the needs of venture capitalist-backed startups.
The accrual-based and advanced services it provides will prove invaluable as your business grows and may need funding. When you sign up for the service, you’ll be assigned a bookkeeper who will guide you through the integration of your existing online bookkeeping software and processes with QuickBooks.
- Bookkeeper dedicated to your needs
- Accounting available that is accrual-based
- Financial reports specific to each industry
- Additional services available for invoicing, bill payment, tax and CFO services
- QuickBooks Online is essential for businesses
- Financial statements can only be viewed on an accrual-basis basis
- Plans are more costly than other options
- Payroll services are not available
- Plan payments must be made annually
Pilot offers accrual-based accounting as well as support for multiple entities. Other features of Pilot include:
- Your dedicated bookkeeper: Your bookkeeper will help you set up your account and be your point of contact for any questions. They will work closely with you to understand your business.
- Basic financial reports on a monthly basis: Basic financial reporting is sent on a month-to-month basis. You can also get more personalized reports with the Plus plan. Your burn rate is included in the monthly statements so you can see exactly where you stand and where your investors are.
- Accrual basis accounting: Complimentary with all plans. All businesses use accrual basis accounting. As required by GAAP, accrual-based accounting is preferred by investors and banks. It’s used by most larger companies.
- A/R and A/P: With the Plus plan Pilot will create and send invoices for your customers. You can also set up bill payments for your vendors.
- Tax management: pilot tax is available separately and includes federal, state, and local income tax preparation as well as 1099 filing. This package also includes unlimited email support.
7. Botkeeper: Best for Accounting software to Outsource Client Bookkeeping
Botkeeper automates most bookkeeping tasks by using artificial intelligence (AI), and machine learning, and is intended to replace manual labor in bookkeeping companies. You can think of it as a virtual bookkeeper who supports your accounting practice. It is compatible only with QuickBooks and Xero and can handle multiple-entity accounting.
The price includes both a platform fee and a client entity fee. This must be paid each year. It helps you focus on more important client advisory services by allowing you to offload the daily bookkeeping tasks such as data entry, reconciliations, and classifications.
- Helps traditional accounting firms automate their bookkeeping for clients
- Unlimited bank connections and transactions
- Multilocation and enterprise business can be accommodated
- Every plan includes support
- Only compatible with QuickBooks and Xero
- No mobile app
- All plans must all be paid annually
- To recover the steep platform fee, you will need a large client base.
Botkeeper is distinguished from other online bookkeeping services by many unique features. The following are some of these features:
- Automated Bookkeeping: Humans use critical thinking to train the machine to enter expenses, pay bills, invoice clients, and reconcile accounts. Botkeeper’s specialists verify the data to ensure accurate bookkeeping and tax compliance.
- Dashboard: Your interactive dashboard gives you direct access to key performance indicators, data visualizations, and trending analysis.
- ScanBot: A mobile app that integrates with Botkeeper, ScanBot extracts financial data from a photograph of a receipt or invoice from your mobile phone. Then, it syncs it with your client’s book. This makes it easier to record transactions.
- Integration: Credit cards, banks, and payroll providers can be integrated to automatically extract transactions.
- Multi-entity accounting: Botkeeper allows you to include additional entities in an organization, such as subsidiaries.
Also read: Top 10 Tax Software for Self Employed People
8. Block Advisors: Best Online Bookkeeping Firm for Low-priced Tax Preparation
Block Advisors is an H&R Block branch, that provides tax, bookkeeping, and payroll support. If you are looking for reliable, efficient support all year long, this is a great choice. One-on-one support can be provided by a tax professional, or you can opt for the do-it-yourself (DIY), which offers assistance via chat, phone, or video conference.
Online bookkeeping services offered by it include a 30-minute consultation with an accountant, a review and analysis of your books for the year, as well as a quarterly action plan with specific recommendations. The plans can be tailored to your specific needs and are affordable.
- Free accounting software gives you access to tax assistance
- You can meet with a tax professional in person or virtually
- A complete menu of financial services including payroll and taxes
- Transaction syncing is available
- Capability to important documents such as W-2s or 1099s by taking a picture
- Desktop software unavailable
- No dedicated mobile app
- For corporate and partnership returns, DIY options are not available
- Block Advisors uses the Xero accounting system, which can be restrictive if you prefer QuickBooks or another software.
Block Advisors Features
Block Advisors provides personalized assistance, accessible support, and an accuracy guarantee. Block Advisors offers a maximum refund guarantee that ensures you receive the highest refund possible. The company’s small business tax specialists are available all year to help with your payroll and bookkeeping needs. You can also get additional services such as audit support.
- Bookkeeping services. Block advisors offer two levels of bookkeeping assistance: Full-Service and Starter. All levels offer free access to Xero accounting software. You can access an accountant pro to help you create an action plan. You can access financial statements such as your balance sheet and monthly P&L with the Full-Service plan. Your accountant will categorize and reconcile transactions, and then your books will be completed for tax time.
- 100% Accuracy guarantee: Block Advisors guarantees that your books will be correct. In the event that Block Advisors makes an error in your return, you will receive a reimbursement for all penalties and interest. The error cannot be caused by incorrect, incomplete, or inconsistent information you provided.
- Payroll services: Block Advisors are available to assist you with all aspects related to payroll management. These services include creating payroll, filing year-end and quarterly payroll tax forms, as well as answering any questions.
- Expertise in small business taxes: Your Block Advisor has been trained in small business taxes. He is able to deal with everything from your Schedule C return to your financial statements.
- Maximum refund guarantee: If you find a Block Advisors error in your tax return, which could result in lower tax liability or a larger tax refund, the company will refund the tax preparation fee and allow you to file an amended return.
Bottom Line — Online Bookkeeping Services
Online bookkeeping services that are best for your business depend on what you need. Bench is a great option if you are behind in your books and want to catch up.QuickBooks Live will match you with a ProAdvisor if you use QuickBooks Online to manage your books. You may also need to outsource bookkeeping services.Bookkeeper.com is a great resource for financial planning, tax advice, and payroll.