Solution Finder: Bookkeeping Systems

A person sitting at a desk holds a cup of coffee and studies his bookkeeping systems

Every business needs a bookkeeping system to record its financial data and transactions. These systems can help you manage bank reconciliations and accounts payable and receivable, and they can help you ensure that your financials are in good order for tax filings, audits, or even selling your business.

Digital, automated, and software-based bookkeeping systems are easy to implement and use, but some factors make certain options more appealing than others. Before investing in any solution, be sure to look into the upfront and ongoing costs, functionalities, the integrations it offers with other tools you may use, and its security features.

Ready to dive in? Here are three options you might consider:

 

 

GrowthForce

More than just bookkeeping and tax preparation, GrowthForce is like hiring a full accounting department for a fraction of the cost of doing it in-house. This full-service offering includes bookkeeping, accounting, controller, and advisory services, and it provides oversight to ensure you are maintaining compliance.

 

Costs are high relative to bookkeeping services—around 10x the cost of Bench (our best value pick)—but many find that the costs are less than a quarter of the cost of hiring in-house accounting and finance professionals.

 

If you’re looking for this level of hands-on help, GrowthForce may be a great choice for you. Learn more about GrowthForce by visiting their website.

 

Bench

Bench is an affordable bookkeeping and tax filing solution that covers the bases many small business professionals need to stay on top of their financials. This service offers one-on-one expert support, detailed financing reporting, access to their tax advisory service, and personal and business tax filing, along with other features that may benefit your business.

 

Pricing starts around $249/month if you use Bench’s bank and Gusto’s payroll system (which starts around $39/month). The price increases to $350/month if you use your own bank account and payroll system.

 

Visit Bench.com to learn more.

 

QuickBooks Live Bookkeeping

One of the most recognized names among business owners, QuickBooks’ Live service is a full-service bookkeeping solution that includes setup, cleanup, ongoing categorization and reconciliation, and month-end close. This solution does not include tax filing (though you can hire an accountant to take on that specific task), nor does it offer financial advisory services, tax advice, the creation or submission of 1099s, or payroll administration. However, it integrates well with other QuickBooks solutions.

 

Plans start at $200/month (but vary based on factors specific to your business), and there is a $300 fee to clean up your accounting history.

 

Check out QuickBooks in action by visiting their website.

 

If you’re interested in adding accounting solutions, consider the following popular options:

 

Zoho Books

This solution allows you to coordinate sales orders, client invoicing, and payments in one simple system, and it coordinates with other Zoho products that can simplify the tasks on your plate.

Plans range from $0 to $60 per month, depending on the number of users you need and the number of invoicing you need to manage.

Visit Zoho’s site to learn more about this solution.

 

FreshBooks

Best for service-based businesses, FreshBooks offers robust invoicing, proposals, and collections services.

This product starts around $5/month for up to 5 billable clients and grows to $8/month for 50 clients and $15/month for 500.

Check out FreshBooks, and explore the solutions that might suit your business.

 

QuickBooks

QuickBooks is widely used among business owners to take on accounting tasks. This solution can handle all your accounting needs (including billing and payments), it’s easy to automate, and it integrates with TurboTax.

Plans start at around $13/month for one user for basic accounting tasks and increase to $35/month for up to 5 users who want to include bill pay, inventory management, and other capabilities.

Go to QuickBooks’ site and review the plans that are available for your business.

 

Wave

This free solution is the go-to choice for owners who are looking for basic accounting functionality.

It’s important to note that, while the accounting software is free, Wave charges slightly higher than average rates for payment processing. At present, these rates are 1% on bank payments, 3.4%+$0.30 for American Express, and 2.9%+$0.30 for other major credit cards.

Go to Wave and find out whether this budget-friendly solution is the right choice for your business.

 

While you’re exploring bookkeeping options, consider hiring an accountant. You can use the search tool below to connect with a live, certified accountant who can help with bookkeeping, developing financial statements, and tax filings and take on your business’s other accounting and financial tasks:

 

Interested in other small business solutions? Let us help you find the right systems. Then, log into your owner’s portal for more articles and advice tailored to your business’s needs.

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