Lean, mean, modern businesses are increasingly turning to online bookkeeping and accounting services. These services let you tap into financial subject matter expertise, keep you in compliance, and save you the time and headache of doing it yourself.

If you’re considering this route, we’re breaking things down so you can better understand your options.

While accounting and bookkeeping will always be an important aspect of any business, you may not love (or know how) to keep the books yourself.

Advantages of Online Bookkeeping Services

Outsourcing financial record management and other accounting-related tasks come with a host of benefits and below are some of them:

More time to focus on growing the business

One of the leading reasons why business owners elect to outsource is for them to have more time to focus on growing the business.

It’s no secret how an entrepreneur’s schedule can become so tight, making them lose sight of their more important responsibilities. It’s not easy to manage a business’ daily operation when you’re also in charge of managing the books and monitoring your financials.

Having a dedicated person or team to do this on your behalf is definitely more sensible considering how you can focus most of your time and energy on growing your business and getting more things done.

More Money Saved

Hiring someone in-office or fulltime can become expensive with overhead costs like office rent and insurance adding up to what you actually need to pay for which makes this option less popular now that the gig economy is in full swing.

By outsourcing your bookkeeping tasks, you’re practically saving a lot more money since you’re only paying for hours worked and nothing else. If cost efficiency is something you value, outsourcing is definitely the better choice.

Top-notch bookkeeping skills and experience

Moe than the time and money you’ll save, outsourcing to an online bookkeeping service allows you to work with accounting professionals who have years of experience and expertise.

This fact alone almost guarantees high-quality results right from the get-go and with the need to hone their skills regularly to keep up with the competition, you’re assured that you’re leaving your books to more than capable hands.

By working with such talented individuals, you’ll be left with more peace of mind and fewer things to worry about.

Access to Top Accounting and Bookkeeping Systems

Another benefit that goes along with outsourcing bookkeeping services is being given access to some of the world’s best accounting and bookkeeping systems and software.

Such systems can be a bit pricey because of the features they have to offer. Just one of the many perks that go along with outsourcing to bookkeeping services.

Drawbacks of Working with Online Bookkeeping Services

As attractive as it is to outsource to online bookkeeping services, such option also comes with its own downsides and below are some of them:

Less Control

One of the biggest drawbacks to outsourcing is the lack of control on your part as the business owner. Unlike having it done in the office, doing it remotely gives you less control over how things are done.

When you’re working with an online bookkeeping service, you’re technically at the mercy of the freelancer or freelancers assigned to work on your project.

If you are quite particular with how things are done or is big on having your preferences implemented, outsourcing may not be right for you.

Urgency

Urgency is another big factor when it comes to outsourcing. One of the things that can make this difficult is if you’re the type who likes to hover around or ask questions from time to time.

This is definitely going to be an issue because these questions couldn’t be answered outright. Most of the time, you’ll have to wait for the freelancer who’s handling your project to come online before you get one.

Since they work their own hours, your answer may come in a matter of hours or take a few days depending on the freelancer’s availability.

Potential Language Barrier

One of the risks of outsourcing tasks to freelancers is the possibility of facing language barriers. It’s no secret that freelancers today come from different parts of the world and this fact puts you in a position of possibly working with someone who does not speak fluent English the way you do.

Since bookkeeping involves working with a lot of money, you can’t afford to have any form of miscommunication or misunderstanding because the consequences can be catastrophic, to say the least.

Potential Security Risk

Outsourcing to bookkeeping services means giving other individuals access to sensitive and confidential information. While this may not be a huge deal considering the policies and agreements you have in place, the fact still remains that you are putting your security at risk.

Letting an outsider in on information that is supposedly for your eyes only isn’t for everyone. If you’re not comfortable sharing this kind of information, outsourcing may not be your best option.

How Much Do Accounting and Bookkeeping Services Cost?

On average, the price of outsourcing bookkeeping services can range from $125 to $2,500 a month depending on a number of factors. The price may vary based on the number of transactions you order for, the expertise of the freelancer, or the complexity of the services you require.

What makes outsourcing an attractive option is that it gives you the ability to customize the services, giving you more options to fit everything in your budget.

My Experience in Outsourcing Accounting and Bookkeeping Tasks

The first accountant I hired was kind of a disappointment. She was local to me in California, and for the price I paid, I expected a little more help on the tax-saving / strategy side.

Instead she basically just punched in the numbers I gave her, without much consultation at all.

After that, I did my own taxes for both my personal and business returns for several years. Eventually I found another CPA I really like working with. On just our free initial consultation, he made a couple recommendations that were worth thousands of dollars in savings!

On the bookkeeping front, I’m actually the math nerd who loves keeping on top of the revenue and expenses. I can tell you my year-to-date profit and loss every day.

I have a pretty streamlined system for dealing with this and find it really rewarding–at least when the money’s coming in!

Which Accounting and Bookkeeping Service is Right for You?

There’s definitely a lot of benefits to working with bookkeeping services, both from a financial and logistical standpoint. While it does come with its disadvantages, there’s no question that the advantages far outweigh them.

By outsourcing your accounting needs to any of these services, you are putting your business in a better position to grow and become more profitable.

The Best Bookkeeping Services

Outsourcing to bookkeeping services is a huge decision. If you’re still in the fence whether you’d it or not, the following services we provided below may help make things easier.

We suggest you browse through each of these services so you can read the reviews and feedback associated with each of them and make a decision in the process.

Overall RatingNo Ratings
Quality of WorkNo Ratings
CommunicationNo Ratings
ValueNo Ratings

Pilot

Pilot is an online bookkeeping service specializing in providing bookkeeping services for businesses of all sizes. Their goal is to put premium bookkeeping solutions within reach of every business, so you can leave the number crunching to their qualified bookkeepers […]

Overall RatingNo Ratings
Quality of WorkNo Ratings
CommunicationNo Ratings
ValueNo Ratings

Remote COO

Remote COO is a US-based virtual assistant company. They market their business directive as “your operations resource” by providing dedicated virtual assistants to handle those day-to-day tasks taking up too much of your time. The company has been in business […]

Overall RatingNo Ratings
Quality of WorkNo Ratings
CommunicationNo Ratings
ValueNo Ratings

Bookkeeping.com

Bookkeeping.com is, as the name gives away, an online bookkeeping service. They provide customized bookkeeping solutions for businesses of all sizes, along with some other services to help take financial and bookkeeping tasks off your hands. The company has been […]

Overall RatingNo Ratings
Quality of WorkNo Ratings
CommunicationNo Ratings
ValueNo Ratings

Bean Ninjas

Bean Ninjas is an online bookkeeping and accounting service aimed at helping individuals and small to medium-sized businesses manage their business accounts using the Xero accounting software. The company has been operating since 2015. Their head offices are based in […]

Overall RatingNo Ratings
Quality of WorkNo Ratings
CommunicationNo Ratings
ValueNo Ratings

ZipBooks

ZipBooks is an online bookkeeping and tax reporting service aimed at helping individuals and small to medium-sized businesses manage their financial accounts. The company has been operating since 2015 but didn’t fully release their platform until 2017. They are based […]

Overall RatingNo Ratings
Quality of WorkNo Ratings
CommunicationNo Ratings
ValueNo Ratings

Bench.co

Bench is a remote bookkeeping service specializing in providing tax-ready financials for small businesses. Their clients are primarily spread across the U.S and Canada. The company was formed in New York and has been in operation since 2002. They relocated […]