With so many respected and highly capable companies that offer virtual bookkeeping services, how do you choose the one that’s right for your business? How do you know that an accountancy firm can handle your financial affairs, identify fraud, process receipts directly from suppliers, deal with the nuances of your particular industry, and do all the things you’d expect from the best bookkeeping companies?
The answer is simple: you compare the best of the best and make a decision based on their suitability.
Whether you’re looking for an accounting firm that specializes in construction companies or retail, a little research goes a long way. But before you choose your bookkeeping service, it’s important to understand what they do, why you need them, and which questions to ask.
What Do Bookkeeping Companies Do?
A lot of small businesses are still doing their own accounting because they think it’s a simple way to save money. But that’s often short-term thinking. By paying an experienced and trustworthy bookkeeper a monthly or annual fee, you could end up saving money in the long run. And, more importantly your books are clean and up-to-date.
The primary functions of bookkeeping services include recording data, organizing data, reporting financial data, invoicing management, billing management, payroll processing, transaction reconciliations, tax preparation, auditing, processing debit and credit transactions, balance sheet management and profit and loss management.
Of course, this list isn’t exhaustive. The duties of a particular bookkeeping service depend on the needs of the client. And the needs of construction companies can differ greatly from the needs of a manufacturer, for instance.
Choosing the best bookkeeping company for your business should start with an assessment of the services they offer.
What Makes a Good Bookkeeping Service?
In your search for a suitable bookkeeping company, you’ll need to ask a few questions on issues as varied as customer testimonials and professional accreditations. Get answers to those questions, and you’ll be able to make an informed decision.
How Long Has the Company Been in Business?
The relationship between a bookkeeper and their client should be built on trust. But how can you trust a bookkeeping service if you haven’t dealt with them in the past? One way is to assess the company’s history of serving its clients and delivering exceptional service.
If a bookkeeping firm has only been in business for a few months, it hasn’t had the opportunity to demonstrate its ability to deliver and inspire trust. But a firm that has been delivering for its clients over many years must be doing something right; it must be inspiring the trust needed to enable such longevity.
Is the Company Incorporated in the US?
If you’re a US-based business, you need to follow a range of laws and guidelines relating to financial reporting and taxes. An accounting firm incorporated in the US will need an in-depth understanding of these laws. In fact, the company will have to comply with many of them.
Choosing a US-incorporated bookkeeping company is a good way to ensure that your financial affairs will stay on the right side of US laws. Unfortunately, too many firms try to save money by outsourcing to non-incorporated firms abroad. It might surprise you to learn that not all US-incorporated bookkeeping companies are based in the US, however. In fact, there are some highly respected accounting firms located in India that are fully incorporated in America.
Does the Company Have an A+ Rating?
The Better Business Bureau (BBB) in the US gives companies a rating based on their performance, reliability, and trustworthiness. The best bookkeeping companies in the US have an A+ rating, which demonstrates that they have a proven track record of delivering for their clients.
Whenever you find a potential bookkeeping service, check their score with the BBB. And if they’re not even listed with the organization, avoid them at all costs.
Does the Company Have the Requisite Skill Set?
Think about what you’ll need your bookkeeper to do for your business — then check that those services are offered. For example, do they have a QuickBooks certification? Can they process balance sheets and profit and loss statements using the powerful online accounting tool? Do they have a demonstrable history of delivering for their clients? Have satisfied customers left positive reviews and testimonials? These are all indications of a bookkeeping service that is both experienced and capable.
Does the Company Offer Affordable Rates?
Reputable bookkeeping companies in America are always upfront and transparent about the prices they charge. If the rates aren’t clearly displayed on the company website, representatives from the firm should be willing to share them over the phone or via email. While the rates charged by accounting companies depend on the exact services they offer, a reputable service will be willing to give you some approximate rates.
Tip: Don’t instantly dismiss low rates as an indication of low quality. A lot of US-incorporated firms with a proven track record of success are able to offer low rates because they keep their overheads low.
Are the Accounting Professionals Courteous and Knowledgeable?
Any bookkeeping company can paint a positive picture of its quality, experience, and expertise on a website. But can they back up those claims with a professional approach and a courteous manner? Take the time to chat with the people behind the website, and you’ll get a feel for their professionalism and capabilities.
The best bookkeeping service companies for small businesses
Now you know what to look for in a bookkeeping service, you can search for the service that’s right for your business. To help you get started with your search, here are 9 of the top bookkeeping companies in the US right now.
1. Maxim Liberty
Maxim Liberty has been delivering trusted bookkeeping services and CPAs in the United States and Canada since 2005. And with bookkeeping rates from just $7.50 per hour, it’s easy to see why this firm is proving very popular among small businesses in America and the best bookkeeping service.
While Maxim Liberty works extensively in the accounting, construction and real estate industries, the company has clients in a range of sectors including IT consulting, manufacturing, wholesale and law.
Key Achievements
Maxim Liberty has a client base measured in the thousands — proof of the bookkeeping company’s ability to deliver consistent results. Since its formation in 2005, Maxim Liberty has garnered hundreds of five-star reviews across multiple review services. The company is easily one of the USA’s most popular offshore, fully incorporated bookkeeping services.
Key Benefits
Maxim Liberty offers a range of impressive benefits to its clients, which is why so much of the firm’s business comes from repeat customers and referrals.
- Bookkeeping plans start at just $50
- A customer satisfaction guarantee — with the Maxim Liberty 100% money-back guarantee
- Rates from just $7.50 per hour
- An industry-wide reputation for integrity and transparency
- No contracts — clients can cancel at any time
- Customized bookkeeping services based on the needs of the client
- Based in two Indian data centers — there’s always someone available to perform tasks at short notice
- Stringent privacy and data protection measures
- Support for a wide range of accounting systems, including QuickBooks
- Ideal for CPAs and accounting firms
Services
Maxim Liberty is a full-service bookkeeping company that tailors its services to the specific needs of each client. Those services include:
- Book balancing
- Bank statement processing
- Daily administrative tasks, including updating sales and expenses entries in accounting software
- Bank balance reconciliation
- Cash flow management
- Funding shortfall warnings
- Billing and invoice management
- Tax filing services
- Payroll processing
- Financial reporting
Why Maxim Liberty?
The relationship between bookkeeper and client is one that’s founded on trust and mutual respect. Maxim Liberty has been delivering for its clients since 2005, which is the clearest possible sign that this is a company that can be trusted with a business’s accounts. And with hundreds of five-star reviews behind it, it’s easy to see why more and more American businesses are turning to Maxim Liberty for reliable bookkeeping services.
2. Quickbooks Live
One of the world’s largest accounting SaaS companies, Intuit Quickbooks Live is packed with useful features, easy-to-use management features, and automated processes. Among its most popular features are its free consulting services, personalized reports, and the provision of a certified QuickBooks online bookkeeper — although some say these individuals lack the personal touch when it comes to dealing with clients.
Quickbooks provides a wide range of useful features as standard, including transaction categorization, account reconciliation, balance sheets, profit and loss statements, and much, much more. You also have the option of purchasing payroll services. Below are the tiers of pricing for Quickbooks Live.
- Average expenses of $0-10,000 per month, the monthly price for QuickBooks Live is $200.
- Average expenses of $10,001-50,000 per month, the monthly price for QuickBooks Live is $300.
- Average expenses of $50,001 or more per month, the monthly price for QuickBooks Live is $400.
3. Accounting Department
Accountant Department is an award-winning bookkeeping service that focuses on the use of QuickBooks and NetSuite to serve its clients. The company offers everything you would need from a bookkeeper, including financial statements invoicing, payroll processing, tax returns, cash flow management, budgeting, inventory, and more.
However, with relatively high monthly and annual fees, Accounting Department isn’t an ideal choice for small and medium-sized businesses that have been doing their own bookkeeping until recently. By the company’s own admission, its ideal clients are those with a minimum annual revenue of $1 million.
Priding itself on delivering customized accounting services. Accounting Department is a great choice for large businesses, but smaller organizations might find their prices a little on the high side.
4. Bench
Bench is an innovative bookkeeping company that delivers many of its services via web and mobile apps. Its main focus is on making the bookkeeping process as simple as possible for its clients. Targeting entrepreneurs who want a more personalized service with the human touch, Bench assigns every client a dedicated bookkeeping team.
Bench customers receive dedicated account managers, reconciled transactions, a range of financial reporting services, and tax filing services — all delivered via desktop and mobile apps. Unfortunately, Bench doesn’t offer CFO advisory services. And with a starting fee of $249 per month for the most basic essentials plan, it’s a little expensive for a lot of startups and family-run businesses.
Bench offers a free trial for new customers. And with scalable plans, it’s a service that can expand as your business grows. But if you’re searching for CFO advisory services, it may not be what you’re looking for.
5. 1-800Accountant
1-800-Accountant isn’t a SaaS platform — it’s an online team of bookkeepers that offers bespoke accounting services to businesses of all sizes. Every new relationship with 1-800Accountant starts with a consultation. Once the bookkeeping team has a clear understanding of the company’s needs and challenges, it curates service packages designed to deliver for the client. This firm is perfect for people starting a business for the first time, as it offers Article of Incorporation filing, name search and verification, tax savings consulting, banking resolution, business tax registration services, and many more services designed to help fledgling organizations get off the ground.
One of 1-800Accountant’s specialties is its tax filing service. The bookkeepers at this respected firm will take full control over your business’s tax affairs — leaving you free to concentrate on running your business. They’ll gather all the necessary information and file with the IRS on your behalf. And they’ll explore every opportunity to lower your tax burden and let you keep more of your business’s money.
With advanced payroll processing services and CPA services delivered by real people, 1-800Accountant is the ideal choice for business owners that want maximum support from humans instead of SaaS platforms.
6. Botkeeper
For businesses that want non-nonsense, affordable bookkeeping services at a low price, Botkeeper is ideal. This automated service prides itself on offering maximum capacity for the lowest resource consumption. Botkeeper is very popular among bookkeepers and accounting firms, as its various automated systems take the hard work out of administrative tasks, reporting, and a wide range of essential accounting duties.
Just about everything Botkeeper does is automated, which eliminates human error, speeds up processing times, and delivers an almost unprecedented level of functionality. The software can automatically pull transactions from online banking systems. It can also perform all of its functions on a paperless basis — reducing administration and lead times. Other useful features include the Work task manager, the Transaction Manager, the Business Insights analytics tool, and an advanced password manager. And because all of these functions are delivered via a single online portal, managing accounts becomes a seamless experience.
7. Ignite Spot Accounting
Ignite Spot is a fully customizable and scalable account solution that delivers CFO services at reasonable rates. Favoring a personalized approach to accounting services, the company offers online accounting services and virtual bookkeeping services that can grow and evolve in line with the business’s growth.
Among Ignite Spot’s impressive range of bookkeeping services are payroll processing, account management, data reporting, invoicing, account reconciliation, and financial transaction database management. The company takes great pride in delivering an onboarding process that is managed by real people — something that’s very important to first-time business owners who are unsure about accounting and tax filing in the US. When clients choose Ignite Spot, they’re guaranteed the services of an in-house team that takes the time to understand the businesses they serve.
8. Sunrise
Sunrise by Lendio offers a free version of its online accounting system — perfect for freelancers and sole proprietors who want help with the most basic accounting functions. However, for growing businesses in need of a full-service bookkeeper, Sunrise might be lacking in some essential functionality. It offers double-entry accounting, but it lacks robust reports, real-time data reporting, and full mobile accessibility.
For first-timers on a very tight budget, Sunrise is a good option during the early months of trading. It offers a user-friendly interface, easy-to-use invoicing tools, a cash flow page, and various billing and invoicing options. However, it’s only capable of generating the simplest financial reports, and there’s no project-tracking functionality.
9. Bookkeeper 360
Fully customizable and packed with useful features, Bookkeeper 360 is one of the most powerful and versatile accounting platforms on the market today. Ideal for startups and SMEs, this package includes everything you could possibly need from a bookkeeping service, including cash flow analysis, compatibility with Xero, real-time data reporting, monthly reconciliation, monthly P&L, chat support, a mobile app, weekly updates, CFO advisory services, payroll, invoicing, and much, much more. You also get a dedicated accountant, who will help you with everything from balancing your books to minimizing your tax burden.
The only significant downside to Bookkeeper 360 is the price. For a monthly business with up to $20,000 in monthly expenses, a subscription starts at $399 per month. And that will be way beyond the budget of many small businesses in the US right now.
The Shortlist – Top 4 bookkeeping companies
- Maxim Liberty
- Pro – Ideal for CPAs and small businesses that need full-service daily bookkeeping with built-in supervision
- Con – While incorporated in US, leverages staff from two centers in India.
- QuickBooks Live – From Intuit, provides basic bookkeeping to go along with their software.
- Pro – QuickBooks brand. Starts at $200 per month for basic bookkeeping.
- Con – Very limited range of services. No AP, AR, Inventory and Payroll Management.
- Accounting Department – Provides a full range of bookkeeping and accounting services.
- Pro – Great range of services that includes CPAs. US-based staff.
- Con – Very expensive > $100 per hour. Competes with CPAs for their business.
- Bench – Provides a full range of bookkeeping and accounting services.
- Pro – All online software
- Con – Uses proprietary software to lock you in. No support for QuickBooks or other software. Gets expensive as you add more services. Not suitable for CPAs at all.
How do they compare?
| Description | Maxim Liberty | QuickBooks Live | Accounting Department | Bench.co |
|---|---|---|---|---|
| Incorporated in US? | Yes | Yes | Yes | Yes |
| Five star reviews? | Yes | No | N/A | No |
| Start Date | May 7, 2005 | May 29, 2019 | 2004 | 2012 |
| BBB Rating | A+ | N/A | A+ | A- |
| Support for QuickBooks | Yes | Yes | Yes | No, Proprietary Software |
| India Staff? | Yes | No | No | No |
| Special CPA Plan | Yes ($225 per month) | No | No | No |
| A/P and A/R Management | Yes | No | Yes | Yes Separate Software |
| Accrual Accounting | Yes | Yes | Yes | Yes Separate Software |
| Inventory Management | Yes | No | Yes | Yes Separate Software |
| Minimum Monthly Plan | $50 per month (up to 5 hours) | $200 per month (0-$10,000 in monthly expenses) | > $100 per hour | $299 per month |
| Lowest Hourly Rate | $7.50 per hour | Not disclosed | > $100 per hour | Not disclosed |
| Full Service Plan | $200 per month (up to 20 hours) | Not available | Extra charges | Extra charges |
| Clean-up | Included | Extra charges | Extra charges | Extra charges |
| Built-in Supervision | Yes | No | No | No |
Conclusion
For the best of all worlds, Maxim Liberty is a great choice for small and medium-sized businesses in the US. With a full selection of bookkeeping services, real people working behind the scenes, and a long track record of excellent customer service, it’s the sensible choice for small businesses on tight budgets.
Join 1000s of Small Businesses and CPAs who outsourced their Bookkeeping to Maxim Liberty!
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