Bookkeeper360 Review: A Comprehensive Comparison with Maxim Liberty

Choosing the right bookkeeping service is essential for maintaining your business’s financial health. In this Bookkeeper360 review, we’ll explore its pricing, features, and compare it to Maxim Liberty, an alternative provider known for affordability and comprehensive services. Learn how Maxim Liberty offers up to 82% savings and daily updates that Bookkeeper360 does not.

Table of Contents

• Catch-Up Bookkeeping Costs
• Ongoing Bookkeeping Costs
• Client Scenarios: Core Services vs. Full Management
• Summary Comparison Table

Catch-Up Bookkeeping Costs

Accurate records are essential for a solid financial foundation. Catch-up bookkeeping ensures your books are up to date.

Maxim Liberty

• Cost: $300 for 1,200 transactions (100/month x 12 months) at $0.25 per transaction. The per transaction cost can be a lot higher if you need more details behind a transaction. For example, it would take much longer to enter all the payroll details behind a payroll withdrawal. Likewise, entering all the itemized details behind a credit card transaction will take much longer. However, catch-up bookkeeping is usually done to get accurate profit & loss and balance sheet for tax purposes. So, such details behind transactions are largely unnecessary to produce the financial reports. Further, this cost does not cover one-time integrations which are billed at higher hourly rates.
• Money-Back Guarantee: Covers the first deposit (up to $720), which includes up to 60 hours of service.

Bookkeeper360

• Cost: Starting at $1,000. This amount appears to cover the setup of the bookkeeping system like QBO or Xero, setup of chart of accounts and even some one-time integrations. It it not clear what exactly the $1,000 covers. For example, does it cover an entire worth of catch-up bookkeeping? It depends.

Savings

In general, Maxim Liberty’s catch-up bookkeeping saves $700 (70%) when compared to Bookkeeper360 for the typical catchup or cleanup.

Ongoing Bookkeeping Costs

Managing monthly bookkeeping is vital for tracking income, expenses, and profitability. Services include reconciliations, financial reporting, and categorizations.

Maxim Liberty

• Basic Plan (Monthly Updates): $60/month
  • Once-a-month updates
  • Manual data entry and/or downloads
  • Transaction categorizations
  • Bank and credit card reconciliations
  • Financial reporting
• Premium Plan (Weekly Updates): $120/month
  • Weekly updates
  • All Basic Plan features
• Enterprise Plan (Daily Updates): $240/month
  • Daily updates
  • All Basic Plan features plus:
  • Accounts payable (AP) management
  • Accounts receivable (AR) management
  • Sales tax filing
  • Payroll processing

Greater Savings: The Maxim Liberty Enterprise Plan includes all these features at $240/month, compared to $874/month for Bookkeeper360 when factoring in payroll processing, sales tax filing, and AP/AR management as add-ons. This represents a 73% savings.

Bookkeeper360

• Bookkeeping Plan: $399/month (up to $20,000 in monthly expenses).
• Add-Ons:
  • Payroll: $200/month
  • Sales tax filing: $125/month
  • Back-office support (AP/AR): $150/month
• Total Monthly Cost: $874/month

Cancellation Policy

• Maxim Liberty: Cancel anytime, with no long-term commitments.
• Bookkeeper360: Requires at least 30 days’ notice for cancellation, which limits flexibility.

Savings

Maxim Liberty’s $240/month Enterprise Plan saves $634/month (73%), offering more features like daily updates.

Client Scenarios: Core Services vs. Full Management

Client A: Core Bookkeeping Services

Services: Data entry, categorizations, reconciliations, and financial reporting.

• Maxim Liberty: $240/month with daily updates.
• Bookkeeper360: $399/month with weekly updates only.

Savings: $159/month (40%) with Maxim Liberty, plus daily updates.

Client B: Full Financial Management

Services: Core bookkeeping, AP management, AR management, sales tax filing, and payroll processing.

• Maxim Liberty: $240/month with all services included.
• Bookkeeper360: $874/month (bookkeeping + add-ons).

Savings: $634/month (73%) with Maxim Liberty.

Summary Comparison Table