Running a Successful Online Virtual Accounting Firm in 2024

For affordable tax preparation and filing, our top recommendation is Bench. Merritt Bookkeeping stood out in pricing with its flat $250 monthly fee, making it one of the most affordable options. However, it fell short in the personal bookkeeper category — while I appreciate that it assigns a dedicated bookkeeper, it doesn’t offer video meetings, direct phone support, or a mobile app. I like Merritt Bookkeeping because it’s one of the highest-rated services among users, how is sales tax calculated earning top marks for ease of use and accessible customer support. Online bookkeeping services vary greatly in price, depending on the features they offer.

How much does outsourced accounting cost?

These meetings provide personalized support and allow you to get answers to specific questions or concerns. Your bookkeeper can offer financial analysis and advice based on your data, saving you time and allowing you to focus on growing your business. We evaluated whether the online bookkeeping service offered tax and consulting, and the scope of those services. Once you’re matched with a dedicated bookkeeper, you can also get hands-on training in daily bookkeeping tasks — a great option if you’re new to QuickBooks.

Best Online Bookkeeping Services Of 2025

Therefore, make sure you ask them which accounting app they use for their business and why. If they are using different software and tools, you should figure out why and use that to determine if you really want to work with them. A service such as QuickBooks Live starts at a relatively low monthly price of $17.50 (for the first three months, then $35), and it comes with great features.

Best for Unlimited Support

Our article on business bookkeeping basics gives you more information on how to do bookkeeping and why. By promoting team engagement, setting clear expectations, and providing opportunities for professional growth, you can foster a positive work environment where everyone feels valued and motivated. Take the first step toward transforming your practice by carefully selecting and onboarding a qualified virtual assistant. Two-factor authentication adds an essential layer of protection across all platforms, ensuring client information remains confidential and compliant with industry standards. Regular automated backups ensure data Bookkeeping for Painters protection and maintain business continuity in line with professional standards.

• It may not have the advanced tools of some competitors, but it’s easy to set up and use.
• The most common services are classifying your account transactions, reconciling your bank and credit card accounts, and providing financial reports monthly.
• The surge in remote work is evident, with the accounting industry following the trend.
• If your bookkeeping has fallen down the priority list in recent months (we get it!), a dedicated cleanup service will help ensure everything gets back on track.
• Since QuickBooks Online is my best small business accounting software, having direct access to trained professionals who specialize in it is a huge advantage.
• And since your potential customers are no longer limited to your local area, you can focus on marketing to the types of business owners you most want to serve.

Popular add-ons from online bookkeeping services

Outsourced, virtual bookkeeping can cost as little as $150 per month and as much as $900 (or more) per month. Some companies charge by the number of accounts you need them to manage, while other companies charge based on your company’s monthly expenses. Typically, the lower your expenses (and the fewer your accounting needs), the less you’ll be charged. Virtual assistants help grow your accounting practice by managing routine tasks while CPAs focus on core client services. Your virtual bookkeeper will categorize all of your financial transactions into the appropriate account, which includes labeling income, expenses, assets, liabilities, and equity. Many online services use machine learning algorithms to automatically categorize transactions based on past data and recognized patterns.

• With Bench’s Catch Up Bookkeeping services, a Bench bookkeeper will work through past months of disorganized bookkeeping to bring your accounts up to date.
• During this phase, the virtual accounting firm conducts a thorough needs assessment to understand the client’s financial requirements, goals, and challenges.
• Once the scope of services is defined, the virtual accounting firm assists the client with the onboarding process.
• Additionally, the firm maintains open lines of communication, offering support and guidance as needed.
• Finding an online bookkeeping service that offers strong software integrations will make your accounting easier.
• Bench also lacks a few key bookkeeping features, including full-service payroll and bill pay.
• While Bench doesn’t handle invoicing, bill pay, or payroll directly, it integrates with platforms like FreshBooks so you can manage those tasks seamlessly.

• This structured approach ensures accountability and continuous improvement in financial operations.
• Merritt also doesn’t provide tax or consulting services, but it will work directly with your tax accountant to ensure they have everything needed to file your return.
• In contrast, outsourced bookkeeping and accounting nearly always refers to accountants with an accounting firm who handle your books from their own office.
• It also received nearly perfect user reviews, making it a strong choice for those who want comprehensive accounting support.
• The Essential plan ($249 a month if billed annually or $299 billed monthly) focuses on bookkeeping only, giving you access to a dedicated team that performs monthly bookkeeping services.
• Typically, the lower your expenses (and the fewer your accounting needs), the less you’ll be charged.

This means that businesses can access a level of expertise that may be difficult to afford or attract in-house. Whether it’s navigating complex tax regulations or implementing advanced financial strategies, virtual accounting firms bring a wealth of knowledge to the table. I like that Brainy Advisors delivers virtual accountant high-quality bookkeeping services at an affordable rate, especially since all work is handled by CPAs from the Philippines. Their expertise makes them a great option for businesses with complex accounting needs, like consolidating parent and subsidiary corporations.