Some companies offer discounts for catch-up services, which can save you a lot of money if you’re more than a couple of months behind. Jason Ding is a seasoned accountant with over 15 years of progressive experience in senior finance and accounting across multiple industries. Jason holds a BBA from Simon Fraser bookkeeping services University and is a designated CPA. Jason’s firm, Notion CPA, is an accounting firm with a business-first focus. The firm specializes in preparing personal and corporate taxation while providing fractional CFO work and leading the accounting and finance function for several small-to-medium-sized businesses.
If you only have a handful of clients, a basic bookkeeping service may provide all the assistance you need to keep your books in order. If your business has a large customer base, however, you might need to consider a more expensive plan that offers advanced services, like accounts receivable tracking or invoice processing. It’s a way of recording in which every transaction is logged in two accounts, as both a credit and a debit.
How To Choose a Virtual Bookkeeper for Your Business
For pricing, we considered whether a service offers a free trial or a free version of its software as well as the affordability of its lowest and highest price tiers. FinancePal is best for small businesses that need bookkeeping assistance, including catch-up bookkeeping, entity formation and tax filing. A little planning, especially when you know what to look for, can make tax season a lot smoother for business owners.
Assets are all the resources and cash owned by the company, such as inventory. Expenses are cash from the company to pay for items, such as salaries and utilities. This is the “ecosystem” that I use to run my virtual bookkeeping service.