All small businesses must monitor their cash flow and generate financial reports to increase profitability. Hiring an entire accounting team, on the other hand, is not always feasible or prudent. Fortunately, you can meet your needs by using outsourced or online bookkeeping services. The main challenge for small businesses is identifying the best accounting firm for their needs among the dozens available. Using a set of criteria such as cost, service range, software compatibility, and small business expertise. This article on “10 Accounting Services for Small Businesses” covered a list of accounting services that small businesses should consider.
What is an Accounting Service?
Accounting services are available by a third-party provider who reviews your books and provides insights to assist your team in making financial decisions. Unlike accounting software, this service includes the assistance of a financial advisor or other professional. Accounting services typically provide the following services:
- Calculate cash flow
- Examine balance sheets to help you pay off debt or cut costs
- Create financial reports to help you make future decisions
- Make profit projections for the future
- Keep track of payroll services and employee benefits
- Provide tax services to keep your end-of-year payments to a minimum
- Account payable and receivable management
- Maintain a general ledger of transactions
Accounting has a significant impact on a business. Accounting services are also required for any small or large organization to run smoothly and efficiently. For example, accounting is involved when a transaction is documented, tax documents are filed, or a cost is planned. According to the National Small Business Association’s Technology and Business Survey, 55% of small business owners manage payroll online, and 88% manage banking accounts online.
Why You Should Consider Using Small Business Accounting Services
Accounting is required for the operation of a small business. Retaining professional accounting services, on the other hand, can reduce error, increase efficiency, and assist small business owners in making better decisions and investments.
Accounting services are required by small businesses to produce accurate financial records, provide professional tax advice, and ensure adherence to federal and state tax laws and other business regulations. Following are some specific benefits for small businesses:
- Improve your financial decisions: Accountants provide an overall picture of your financial situation to help you make better decisions.
- Keep track of your tax obligations: An accounting service should keep track of your tax obligations so that you can pay quarterly and keep track of all potential deductions.
- Save time on bookkeeping and accounting services: Instead of catching up on bookkeeping, your team’s time might be better spent on higher-level tasks.
- Avoid overpaying for different services: Accounting services track expenses, which may reveal areas where you can cut back or switch to a less expensive provider.
- Keep up with payments: Failure to do so may result in late fees or interest payments.
Ten Accounting Services for Small Business
Small businesses can outsource accounting services, from daily transactional bookkeeping to more complicated strategic CFO services. And outsourcing, rather than hiring, allows you to get a wider set of skills to benefit the company. Following is a list of 10 accounting services that small businesses should consider.
1-800Accountant, the best accounting firm for basic plans, offers a solid basic plan for a flat fee of $125 per month for small businesses with specific accounting needs. Furthermore, we chose 1-800Accountant as the best accounting firm for a basic plan because it combines personal support from a nationwide team of professionals with the convenience of digital technology for a flat rate.
Advantages of 1-800Accountant
– Low flat fee regardless of transaction volume
– Committed local accountant
– Tax preparation and filing services at a reasonable cost
– Money-back guarantee for 30 days
Disadvantages of 1-800Accountant
– The base service is somewhat restricted
– Costs increase substantially for add-on services
Since its inception in 2009, inDinero has been refining its all-in-one accounting service for small businesses. In addition to one of the most comprehensive service offerings, inDinero provides clients easy access to a crew of staff accountants and financial experts via its user-friendly dashboard or mobile app. As a result, InDinero ticks all of the boxes, making our selection the best overall accounting firm for small businesses.
inDinero provides a wide range of accounting services to its clients, an easy-to-use platform, access to in-house specialists, and a dedicated customer support team, making it our choice for the best overall accounting firm.
Advantages of inDinero
– Real-time financial insights
– Scalable solutions for businesses at various stages of development
– Integrates with payment services such as Bill.com and Expensify
Disadvantages of inDinero
– You might work with different CFOs during each call
– Lack of advanced features like time-tracking and project manager
InDinero’s proprietary software and CFO access may be useful if you’re looking for a software-as-a-service accounting solution.
- Block Advisors
Block Advisors, which H&R Block manages, provide personalized trading advice virtually. Services begin at $50 per month, but each option has its price. As a result, block Advisors is an excellent choice for those who require additional assistance with taxes or are focused on a specific area.
Advantages of Block Advisors
– 100% Tax Accuracy Guarantee
– Every year, tax professionals receive ongoing training
– Free consultations available
Disadvantages of Block Advisors
– Doesn’t integrate with QuickBooks or other popular bookkeeping options
– Separately billed services
Sunrise is a free accounting service that provides information about everything from cash flow to expenses. A paid plan is also available. Sunrise is a solid financial services solution for those on a tight budget who want to manage their accounting.
Advantages of Sunrise
– No cost
– Connect to your bank account
– Create and send branded invoices
Disadvantages of Sunrise
– You must still update your expenses and payments
– Takes payment processing fees
- QuickBooks Live
QuickBooks Live provides real experts to assist you with your books. This solution is simple to incorporate into your existing tools. Pricing begins at $12.50 per month, with a free trial. It is an additional bonus for those who already use QuickBooks software.
Advantages of QuickBooks Live
– Easily integrate with your existing books
– Accuracy guarantee
– Get paired with an ongoing bookkeeper
Disadvantages of QuickBooks Live
– Doesn’t include invoicing
– No bill payment features
The pilot is a relatively new firm founded by former startup founders and backed by entrepreneurs who clearly understand other startups and their accounting needs, making it our choice for the best accounting firm for startups. It combines a wide range of financial services into a single plan. You can also customize your offerings and have access to a dedicated team. The monthly fee begins at $599. The pilot provides customizable solutions for businesses that can afford the ongoing costs.
Advantages of Pilot
– Financial reports tailored to each industry
– Access to a dedicated bookkeeper
– Additional services are available
Disadvantages of Pilot
– More expensive than many other services
– Must purchase different services for bookkeeping, tax, and CFO services
Paro is a finance app that uses artificial intelligence to help you find the best experts and services for your specific needs. You are given a list of experts who meet your criteria and work directly with them. Prices differ depending on the services provided and the level of experience.
Through a multi-step vetting process, Paro reviews applications and builds a database of thousands of CPAs, financial analysts, internal auditors, finance vice presidents, and bookkeepers. Indeed reports that Paro freelancers earn an average of $46.40 per hour, with a low of $23.10 and a high of $77.50 per hour.
Advantages of Paro
– Get a dedicated CFO
– Completely customizable
– Ability to compare skills and services
Disadvantages of Paro
– Each expert controls their hourly rate
– Experience may vary widely
BookKeeper.com offers a wide range of virtual bookkeeping services. They offer various plans with DIY options, online support, and monthly calls. Pricing starts at $ 399 per month. In addition, BookKeeper.com offers an all-in-one solution that can be customized to your needs.
Advantages of BookKeeper.com
– Dedicated bookkeeper
– Integrates with QuickBooks
– Ability to add on services
Disadvantages of BookKeeper.com
– It can be costly for new businesses
– Some features include DIY
For businesses with straightforward financials ready to outsource their bookkeeping, bench accounting is equipped to take it all on, making it the best accounting firm for bookkeeping services. Bench provides access to a team of bookkeepers and a DIY platform. Pricing starts at $ 249 per month, with a free trial available. Bench pairs proprietary software with real bookkeepers to customize services for small businesses.
Advantages of Bench
– One-to-one support
– Integrates with payment solutions
– Offers financial reports
Disadvantages of Bench
– Switching providers is difficult due to proprietary software
– Bill pay, invoicing, and check writing are not included in the services
Bookkeeper360 provides cloud-based bookkeeping through Xero, QuickBooks, and Gusto. Its monthly plans start at $349. In addition, Bookkeeper360 includes various bookkeeping options and services, with various payment options for businesses with different needs.
Advantages of Bookkeeper360
– Monthly, accrual, and pay-as-you-go plans are available
– Integrates with multiple bookkeeping solutions
– Dedicated account manager
Disadvantages of Bookkeeper360
– Extra financial solutions are billed separately
– The smallest plans don’t include unlimited support
Best Bookkeeping Services for Small Business
Rather than providing analysis or financial insights, bookkeeping entails keeping an ongoing ledger of transactions. These services may be useful if you want to outsource your bookkeeping.
As this list demonstrates, accounting firms’ offerings and pricing for small businesses vary greatly. The key is understanding your accounting requirements and the value of having someone from your company perform those functions. Even the most expensive firm on this list is likely to be less expensive than hiring someone to do them in-house.
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