{"id":1700,"date":"2023-01-14T23:09:20","date_gmt":"2023-01-14T23:09:20","guid":{"rendered":"https:\/\/content-hub.stackcommerce.net\/guide\/?p=1700"},"modified":"2023-04-19T23:56:12","modified_gmt":"2023-04-19T23:56:12","slug":"4-best-virtual-bookkeeping-services-of-2023","status":"publish","type":"post","link":"https:\/\/content-hub.stackcommerce.net\/guide\/small-business-tools\/4-best-virtual-bookkeeping-services-of-2023","title":{"rendered":"4 Best Virtual Bookkeeping Services of 2023"},"content":{"rendered":"\t<div class=\"entrepreneur-authors\">\n\t\t<div class=\"images\">\n\t\t\t<a href=\"https:\/\/content-hub.stackcommerce.net\/guide\/author\/jason-fell\"><img loading=\"lazy\" src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2023\/01\/jason-fell-150x150.png\" width=\"48\" height=\"48\" alt=\"Jason Fell\" class=\"avatar avatar-48 wp-user-avatar wp-user-avatar-48 alignnone photo\" \/><\/a>\t\t<\/div>\n\t\t<div class=\"members\">\n\t\t\t<span class=\"member\"><a href=\"https:\/\/content-hub.stackcommerce.net\/guide\/author\/jason-fell\">Jason Fell<\/a><\/span>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\n\n\n<div class=\"wp-block-entrepreneur-guide-commission-notice wp-block-entrepreneur commission-notice-block\"><p class=\"text\">We may earn an affiliate commission from partner links on the Entrepreneur Guide. These do not affect our editors\u2019 opinions.<\/p><\/div>\n\n\n\n<p>It\u2019s no secret that there are <a href=\"https:\/\/smallbusiness.chron.com\/tasks-responsibilities-small-business-owner-23718.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">a lot of responsibilities that come with owning and operating a business<\/a>. Creating business strategies, ensuring that all laws are followed, increasing revenue, serving customers, and engaging employees are just the tip of the iceberg. These tasks are essential to keeping your business open and not becoming another statistic.&nbsp;<\/p>\n\n\n\n<p>On top of these responsibilities, bookkeeping is another crucial task that <a href=\"https:\/\/www.entrepreneur.com\/article\/244189\" target=\"_blank\" rel=\"noreferrer noopener\">must be done correctly to avoid severe consequences<\/a>.&nbsp;<\/p>\n\n\n\n<p>The problem is that bookkeeping can be challenging and time consuming. It\u2019s easily one of the <a href=\"https:\/\/www.entrepreneur.com\/article\/240875\" target=\"_blank\" rel=\"noreferrer noopener\">most disliked aspects of operating a business<\/a>. Trying to perform accounting duties and maintain accurate finances when running a business can be a real headache, especially <a href=\"https:\/\/www.entrepreneur.com\/article\/431193\" target=\"_blank\" rel=\"noreferrer noopener\">when you don\u2019t have an accounting degree<\/a> or experience working in financial fields.&nbsp;<\/p>\n\n\n\n<p>When done correctly, bookkeeping will drain your time and energy. When done incorrectly, you could end up in trouble with the IRS, owe money to vendors and employees, or have to file for bankruptcy.For these reasons, it\u2019s widespread for many small-business owners to turn to bookkeeping services for help. In some cases, these might be real-life <a href=\"https:\/\/www.entrepreneur.com\/article\/159788\" target=\"_blank\" rel=\"noreferrer noopener\">people with a strong background and knowledge of finances<\/a>. In other instances, accounting-oriented software can help small business owners keep their books. Using a combination of both might be the best opinion.<\/p>\n\n\n\n<h2 id=\"h-what-are-virtual-bookkeeping-services\"><strong>What are virtual bookkeeping services?<\/strong><\/h2>\n\n\n\n<p>For large companies, it\u2019s common for bookkeeping services to be handled by a qualified accountant. For corporations, these responsibilities are typically assigned to an entire team or department of accountants.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/smallbusiness.costhelper.com\/accountants.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">expenses that come from paying a high-quality accountant<\/a> (or more) are often too high for small-business owners to justify. Keeping your books can save a lot of money, but it can also be a severe hassle and quite risky.<\/p>\n\n\n\n<p>Fortunately, <a href=\"https:\/\/smallbusiness.chron.com\/virtual-bookkeeping-52641.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">accounting software specialists created bookkeeping services<\/a> to help alleviate the burden. The software can help its users store records of monetary transactions, correctly handling payroll and expenses, and preparing financial statements such as balance sheets and income statements.&nbsp;<\/p>\n\n\n\n<p>Placing these essential tasks into the hands of more qualified individuals online has several benefits. You\u2019ll lower the risks of making highly consequential mistakes and reduce your stress of dealing with some tedious work <a href=\"https:\/\/www.entrepreneur.com\/article\/219279\" target=\"_blank\" rel=\"noreferrer noopener\">while saving considerable time and money<\/a>. It\u2019s truly a win-win scenario for business owners.&nbsp;<\/p>\n\n\n\n<h2 id=\"h-which-bookkeeping-services-are-the-best-in-2023\"><strong>Which bookkeeping services are the best in 2023?<\/strong><\/h2>\n\n\n\n<p>More services are hitting the market each year, and each is vying for your business. You\u2019ll need to carefully consider your options and select the one that suits your specific needs the most.&nbsp;<\/p>\n\n\n\n<p>Here is a list of the four services that you should consider first:&nbsp;<\/p>\n\n\n\n<ul><li>Bookkeeper360<\/li><li>Pilot<\/li><li>Bench Accounting<\/li><li>Merritt Bookkeeping<\/li><\/ul>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-1 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">1<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"bookkeeper360\"><strong>Bookkeeper360<\/strong><\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2023\/01\/bookkeeper-360-logo.png\" alt=\"bookkeeper 360 logo\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/bookkeeper360.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\">On Bookkeeper 360&#8217;s Website<\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"wrapper\"><div>\n<p><a href=\"https:\/\/bookkeeper360.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bookkeeper360<\/a> is a full-service accounting platform specifically designed to help small-business owners. There are many features available with Bookkeeper360, which is why it\u2019s the first option on this list.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Not only will you be provided with a dedicated accountant, but you\u2019ll also have access to:<\/p>\n\n\n\n<ul><li>A mobile app integrates smoothly with popular accounting software like QuickBooks and Xero and e-commerce platforms such as Shopify and Expensify.&nbsp;<\/li><li>A U.S.-based staff provides customer service via phone, email, and online chat.&nbsp;<\/li><li>Pay-as-you-go pricing options.<\/li><li>Weekly reports and accrual basis accounting.<\/li><li>Full-service payroll and human resources support.<\/li><li>Chief financial officer and comptroller advisory services.<\/li><li>Tax filing and preparation.<\/li><li>Customer and vendor invoicing.<\/li><li>Category tracking.<\/li><li>Cash flow and burn analysis.<\/li><li>Inventory management.<\/li><li>Balance sheets.<\/li><li>Monthly profit and loss reports.<\/li><li>Multi entity reporting.<\/li><li>Monthly reconciliation of bank statements.&nbsp;<\/li><\/ul>\n\n\n\n<p>These features can be highly beneficial for a small-business owner. The problem is that they aren\u2019t cheap.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The least expensive pricing plan starts at $349 monthly and can reach as high as $699. The additional features can further increase the monthly costs. Annual billing will provide a 10% discount, but that\u2019s a lot of money to spend each month on bookkeeping. Periodic help is available for $125 an hour, but this feature will require an initial retainer fee of $500.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Another issue with Bookkeeper360 is that it doesn\u2019t work with FreshBooks, a prevalent accounting software.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-2 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">2<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"pilot\">Pilot<\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2023\/01\/pilot-bookkeeping-logo.webp\" alt=\"pilot bookkeeping logo\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/pilot.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\">On Pilot&#8217;s Website<\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"wrapper\"><div>\n<p><a href=\"https:\/\/pilot.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Pilot<\/a> is a financial service firm that provides various bookkeeping services for start-ups and new businesses. The features are designed to meet the needs of companies looking to establish their place in a competitive market.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>For example, Pilot offers a discount of up to $200 per month for pre-revenue companies in their first year of operation.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You\u2019ll receive a dedicated finance expert with each plan along with some of the following services:<\/p>\n\n\n\n<ul><li>Accrual-based accounting.<\/li><li>Burn rate calculations.<\/li><li>Integration with Expensify, Gusto, and QuickBooks.<\/li><li>Inventory tracking.<\/li><li>Automatic transaction reports.<\/li><li>Cash flow statements.&nbsp;<\/li><li>Profit and loss reporting.<\/li><li>Payroll and balance sheet reconciliation.<\/li><li>Chief financial officer service with customer financial support.<\/li><li>A dedicated tax prepared with full tax prep service.&nbsp;<\/li><\/ul>\n\n\n\n<p>The most significant drawback of Pilot is that their pricing is a bit high.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The basic plan starts at $599 monthly with limited features. You\u2019ll need to pay $849 to unlock all the above features.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Another issue is that these prices are only for businesses with less than $30,000 monthly expenses. After reaching that threshold, the costs will be scaled and increased accordingly. Another problem is that Pilot only integrates with Quickbooks. You\u2019ll need to switch to Quickbooks if you use Xero or FreshBooks.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-3 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">3<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"bench-accounting\"><strong>Bench Accounting<\/strong><\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2023\/01\/Bench_Logo.jpeg\" alt=\"Bench_Logo\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/bench.co\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\">On Bench Accounting&#8217;s Website<\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"wrapper\"><div>\n<p><a href=\"https:\/\/bench.co\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bench Accounting<\/a>  is an excellent bookkeeping option for small businesses that don\u2019t require extensive features.<\/p>\n\n\n\n<ul><li>The Essential plan includes monthly bookkeeping and starts at $299 a month.&nbsp;<\/li><li>The Premium plan provides bookkeeping, annual tax filing, and tax advisory services, starting at $499 a month.&nbsp;<\/li><li>Both plans are eligible for a 10% discount when billed annually. You can try a one-month free trial with Bench to see which option you prefer.<\/li><\/ul>\n\n\n\n<p>Each plan comes with a dedicated bookkeeping team and can include some of the following features:<\/p>\n\n\n\n<ul><li>Unlimited phone calls and in-app messages with your bookkeepers.<\/li><li>A desktop and mobile app allow you to monitor your accounts and real-time cash flow reports.<\/li><li>Catch up on bookkeeping if your business is more than two years behind.<\/li><li>Financial statements and reports include balance sheets, income statements, and expense tracking.&nbsp;<\/li><li>Accrual accounting.<\/li><li>Inventory management services.<\/li><li>Payroll integration with Gusto.<\/li><li>Categorized and reconciled transactions.<\/li><li>Tax preparation and filing.<\/li><\/ul>\n\n\n\n<p>The biggest issue with using Bench is that it doesn\u2019t integrate with QuickBooks, Xero, FreshBooks, or other popular accounting software.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You\u2019ll need to use Bench\u2019s software which can be difficult if you ever decide to move on from Bench.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You\u2019ll also need to download separate software to access some additional features.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The customer service for Bench has a bit of a slow response time which can be frustrating when you\u2019re dealing with a timely concern.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The Bench app is handy and contains many excellent features, but it is only available for iPhones. Android users will be stuck with the desktop version.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-entrepreneur-guide-transactional-widget wp-block-entrepreneur transactional-widget position-4 force-open\"><div class=\"top\"><div class=\"position\"><span class=\"number\">4<\/span><div class=\"data\"><h3 class=\"brand\" class=\"brand\" id=\"merritt-bookkeeping\"><strong>Merritt Bookkeeping<\/strong><\/h3><\/div><\/div><div class=\"info\"><div class=\"box\"><\/div><\/div><div class=\"more\"><div class=\"logo\"><img src=\"https:\/\/content-hub.stackcommerce.net\/guide\/wp-content\/uploads\/2023\/01\/Logo_Merritt_Bookkeeping.jpeg\" alt=\"Logo_Merritt_Bookkeeping\"\/><\/div><a class=\"learn-button\" href=\"https:\/\/merrittbookkeeping.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Learn More<\/a><span class=\"disclaimer\">On Merritt Bookkeeping&#8217;s Website<\/span><\/div><\/div><div class=\"widget-child-blocks\">\n<div class=\"entrepreneur-accordion\" data-script=\"entrepreneur-accordion\"><div class=\"wp-block-entrepreneur-guide-accordions\">\n<div class=\"accordion-item load-close\"><div class=\"item-tab\"><div class=\"item-img\"><div class=\"icon\"><\/div><\/div><span>Overview<\/span><div class=\"trigger\"><span>(Collapse)<\/span><\/div><\/div><div class=\"item-content\"><div class=\"wrapper\"><div>\n<p><a href=\"https:\/\/merrittbookkeeping.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Merritt Bookkeeping<\/a> offers the most cost-effective bookkeeping on this list. While the features might be a little lacking, the cost is unbeatable.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Merritt only offers one plan, a flat rate of $190 per month. Catch-up bookkeeping is also available and can cost between $70 and $140 a month. Merritt is so confident they can meet your needs that they offer a 90-day 100% money-back guarantee.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>These are some of the features available with Merritt:<\/p>\n\n\n\n<ul><li>Categorized bank transactions.<\/li><li>Financial reporting can help with taxes.<\/li><\/ul>\n\n\n\n<ul><li>Issues simplified and electronic filing of 1099s.&nbsp;<\/li><li>User-friendly web interface.<\/li><li>Seamless integration with QuickBooks.<\/li><li>Profit and loss reporting.<\/li><li>Monthly balance sheets.&nbsp;<\/li><\/ul>\n\n\n\n<p>The main issue of working with Merritt is probably evident with such a short list of features. Merritt may be the cheapest option on this list, but it\u2019s also the most lacking.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>For example, there are no accrual-based accounting, HR or payroll support, financial forecasting, invoicing, or tax planning options. Also, Merritt only works with QuickBooks, so you might have to make a switch if you use another option.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<h2 id=\"h-save-time-and-money-with-a-bookkeeping-service\"><strong>Save time and money with a bookkeeping service.<\/strong><\/h2>\n\n\n\n<p>Time and money are two of the most critical cornerstones of successfully running a business. To stay in business, you will need to maximize your amount of both. One of the easiest ways to do that is to address how you keep your books.<\/p>\n\n\n\n<p>Plenty of small-business owners enlist the help of <a href=\"https:\/\/www.entrepreneur.com\/article\/290854\" target=\"_blank\" rel=\"noreferrer noopener\">a qualified bookkeeper to manage their finances<\/a>. These trained individuals can focus solely on the business&#8217;s accounting aspects. While hiring them will save you a lot of time, it will likely cost you a substantial amount of money.<\/p>\n\n\n\n<p>Using one of the options listed above can be an excellent way to eliminate the cost of a bookkeeper while still saving time. Being your bookkeeper <a href=\"https:\/\/www.entrepreneur.com\/article\/219517\" target=\"_blank\" rel=\"noreferrer noopener\">will likely be demanding as you\u2019re first learning<\/a>. However, using the above software can make the transition easier and teach you how to manage your finances properly. Eventually, you\u2019ll be able to manage your finances more efficiently, saving you both time and money.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s no secret that there are a lot of responsibilities that come with owning and operating a business. Creating business strategies, ensuring that all laws are followed, increasing revenue, serving customers, and engaging employees are just the tip of the iceberg. These tasks are essential to keeping your business open and not becoming another statistic.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_jail":false,"hero_heading":false,"post_description":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v20.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 Best Virtual Bookkeeping Services of 2023 | Entrepreneur Guide<\/title>\n<meta name=\"description\" content=\"Bookkeeping can be frustrating. 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