It is important for small businesses to have a firm grasp of their finances. This will help them to go to the next level and create financial plans for growth. One of the best ways a business can ensure this is by hiring an accounting firm to handle the financial records of the company. But, since there are plenty of firms, it might be overwhelming to choose the best online accounting firms for small business.
In this article, we will share with you some of the best accounting firms for small businesses. You can choose from the list the ones that suit the needs and demands of your business. Apart from that, we will also share some major factors that you will need to consider before you hire an accounting firm for your business. Hence, to learn more, read on through to the end of the article.
Accounting Firms For Small Business: Why Are They Important?
According to Investopedia,
“Beyond general journal and ledger bookkeeping, an accounting firm also can perform account reconciliation, payroll processing, cash flow management, monthly statement preparation, and tax services. It also can provide additional layers of accounting functions to accommodate a growing business’s expanding needs.”
When it comes to accounting and bookkeeping, you need to ensure accuracy and security. Apart from that, these tasks are also time-consuming if you want to handle them your own way. Hence, hiring an accounting firm for the same will be the best investment for you.
In general, the challenge of a small business is to find the right accounting firm which can work well with the business. The business needs to ensure that the accounting firm fits well with the needs and demands of the business. Hence, it is important for businesses to choose an accounting firm based on a set of criteria. These criteria include services, cost, compatibility with software systems, experience, and other factors.
A quality online accounting firm can save business owners both time and money. However, since there are hundreds of options available, it can be difficult for a small business to go through them all and choose the best one that suits their needs. Hence, we have selected a few accounting firms from which you can choose your best.
What To Look For In Accounting Firms For Small Businesses?
NerdWallet recommends –
“The best bookkeeping services handle your target tasks without breaking your business’s budget, integrate with your accounting software, and offer a dedicated line of communication with a live bookkeeper. In addition, consider the availability of add-on services like tax planning, payroll, and human resources support.”
The following are some of the major factors you will need to consider if you want to look for accounting firms for your business:
1. Pricing
Here, you will need to consider whether the online offerings are free or not. Apart from that, check for how many days the company offers a free trial. There are some companies that offer customized services. In such cases, the charges are different.
2. Features
In this case, you must decide on what features you need and what features the accounting firm is offering. Here, you should choose the one that best suits the features that you are looking for in an accounting service.
3. Support
To ensure that the accounting firm offers top-end customer support, you must check reviews of the company on top review platforms.
4. Integrations
No matter which accounting software your business uses, the accounting service must be able to provide good integrations. Here, you must choose the one that integrates with your software the best.
The Best Online Accounting Firms For Small Business
According to FreshBooks.com,
“Every online bookkeeping service will offer a mixture of different features ranging from basic to advanced. As a result, a suite of features from one service will appeal more to very small businesses, while an entirely other set of features from another service might appeal to larger small businesses. That’s why there’s no standard one-size-fits-all solution.”
1. QuickBooks
If you are a user of QuickBooks online, then this is the one you must choose for yourself. Hence, it will be easier for you to integrate. The services come at $200 per month. One of the best things about this service is that if you point out a mistake, QuickBooks will correct the error for free. However, the service charges will increase after the business exceeds $10,000 in average monthly expenses.
2. 1-800 Accountant
This one starts at $399 per month. Apart from bookkeeping services, this accounting firm also offers year-round tax advice from an expert accountant. Furthermore, you will also get personal and business tax preparation and filing services. In addition to that, the company also offers add-on payroll services and catch-up accounting.
3. Bench Accounting
If you are looking for an accounting service to hand over all your accounting-related tasks, Bench Accounting is the service you need to choose. You will get a free trial for one month. However, from the next month onwards, you will need to pay $299 per month. Apart from that, one of the major cons that you will face here is with integrations.
4. Pilot
Although a bit expensive ($699 per month, billed annually), it can offer niche services to startups. This accounting service is the best option for small businesses that have a higher potential for growth. It also has good integrating capabilities with software systems like QuickBooks, Gusto, Shopify, etc.
5. Bookkeeper 360
It starts at $49 per month. However, there are additional pricing tiers as per the services you choose. One of the best things about this accounting service is that it accommodates both accrual and cash accounting methods. Apart from that, it also has great integration power.
Wrapping Up
I hope this article was helpful for you in giving you a better idea of the best online accounting firms for small business. If you are overwhelmed with the options available online, choose from among the ones that are in this article. However, if you have further options to add, consider using the comments section below.
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