Choosing the right accounting firm to outsource your financial tasks can save your business time and money. In 2024, several firms stand out for their excellent services and customer satisfaction. This article will explore the top five outsourced accounting firms you should consider this year.
Table of Contents
Key Takeaways
- Bookkeeper360 offers a full-service accounting platform with additional services like payroll and HR.
- Maxim Liberty provides virtual accounting with detailed financial reporting and affordable rates.
- Fully Accountable specializes in financial reporting, payroll, and CFO services for e-commerce businesses.
- Indinero integrates cloud-based accounting and tax solutions for efficient bookkeeping and tax services.
- TGG offers a dedicated team for each client, providing highly customized accounting services.
1. Bookkeeper360
Bookkeeper360 is a top-notch accounting solution tailored for small business owners. It helps you manage your company’s finances from one convenient location. Besides accounting and bookkeeping, it offers payroll, HR, tax, back-office, and CFO advisory services.
Key Features
- Compatible with a range of platforms, including QuickBooks, Gusto, Xero, Expensify, Shopify, and more.
- Choose between weekly and monthly bank reconciliation schedules.
- Add-on services like CFO advisory, tax, payroll, HR, and back-office support.
- Flexible pricing options, including monthly or pay-as-you-go rates.
- All accounting professionals are based in the United States.
- Customer service available via phone, email, and online chat.
- Specializes in various industries like e-commerce, SaaS, healthcare, real estate, non-profit, and crypto.
Pricing
Bookkeeper360 offers three pricing models:
- Pay-as-you-go: $49 per month plus $125 per hour for support.
- Monthly billing: Starting at $399 per month.
- Weekly billing: Starting at $549 per month.
Pros
- Pay-as-you-go pricing provides a low-cost, low-risk option.
- Extensive integration options make it largely platform-agnostic.
- App functionality enhances user experience.
- Customizable solutions with optional modules.
Cons
- Some specific third-party integrations are unsupported.
- Pricing can scale up quickly depending on your needs.
Value
Bookkeeper360 provides a highly adaptable range of services. Clients have the option to select either monthly or weekly bank reconciliations and can opt for either cash or accrual accounting methods. As your business expands, you can easily upgrade your plan, with subscription tiers accommodating monthly expenses from $20K to $100K.
Downsides
Bookkeeper360’s pricing packages are slightly more expensive than other similar services for small businesses. If you’re looking for a low-cost alternative, consider Maxim Liberty.
2. Maxim Liberty
Maxim Liberty is a virtual bookkeeping firm that has been serving small to medium-sized businesses and accounting firms since 2005. They offer flexible and cost-effective outsourced bookkeeping services, making them a popular choice for many. Their plans start at just $50 per month, and they provide a 100% money-back guarantee on your first payment.
Services Offered
Maxim Liberty provides a comprehensive suite of services designed to streamline your financial operations:
- Payroll processing
- Financial reporting
- Bank reconciliations
- Billing management
- Sales tax management
- Accounts payable (AP) and accounts receivable (AR)
- Payroll services
Special Features
- Catch-up and ongoing data entry services
- Specializes in QuickBooks but accepts all software
- Monthly, weekly, or daily updates and reconciliations
- Unlimited bank accounts, credit card accounts, and transactions
- Additional 1099 filing and tax preparation add-ons
- 100% money-back and 10% price-beat guarantees
Value Proposition
Maxim Liberty stands out for its affordability and flexibility. Their plans are designed to meet the needs of various businesses, whether you need updates daily, weekly, or monthly. They also offer a 10% price-beat guarantee, ensuring you get the best value for your money.
Downsides
A potential drawback is that Maxim Liberty has non-compete agreements with the CPA firms they partner with, which means they don’t handle year-end tax filings directly. Despite this, they do offer tax support and collaborate with your tax preparer to make sure your annual returns are filed accurately.
Clientele
Maxim Liberty serves a diverse range of industries, including manufacturing, engineering, and consulting. An impressive 70% of their business comes from white-label partnerships with accounting and CPA firms, highlighting their commitment to fostering collaborative alliances within the accounting ecosystem.
Why Choose Maxim Liberty?
If you’re looking for a reliable and affordable bookkeeping service, Maxim Liberty is a strong contender. Their comprehensive service offerings and flexible plans make them an excellent choice for businesses of all sizes.
3. Fully Accountable
Fully Accountable specializes in outsourced accounting services tailored specifically for the e-commerce sector. Their offerings span from financial reporting and payroll management to tax preparation and strategic financial planning.
They provide highly adaptable plans that cater to various needs, ranging from basic bookkeeping services to in-depth CFO advisory support. Clients can create a custom package if the available options don’t meet their requirements, and there is the flexibility to modify the plan on a monthly basis to accommodate any changes in accounting needs.
Fully Accountable Features
- Expertise in the e-commerce and digital business niche
- Monthly, weekly, or daily bookkeeping reports and reconciliations
- Monthly cash flow forecasting and budgeting services
- Key performance indicator (KPI) tracking and analysis
- Highly customizable plans, adjustable as often as monthly
- Payroll, invoicing and billing, sales tax, and tax strategy add-ons
- Cancel your subscription at any time with a 30-day notice
Fully Accountable Downsides
Fully Accountable is a premium service for established e-commerce businesses with significant annual revenues. As a result, it may be a good deal for medium to large businesses but is likely too expensive for the typical small business.
Fully Accountable Value
Fully Accountable offers a range of plans starting with daily bookkeeping and monthly KPI reports at $1,500 per month. More comprehensive options include the $3,000 per month “Your Team” plan with added services like payroll management and quarterly budgeting, and the $6,000 per month “Your CFO” plan for full financial oversight and planning. For custom financial reporting and year-end planning, they offer the “Your Executive” plan with tailored pricing.
Fully Accountable is a great choice if you need remote staffing solutions to transform your accounting operations. They also emphasize the importance of enhancing accounting practices through automation and continuous learning.
4. Indinero
Indinero stands out as a top choice for businesses seeking comprehensive financial management solutions. They offer a wide range of services, including bookkeeping, accounting, tax, and CFO advisory services. Their all-in-one approach ensures that you get everything you need in one package, making it easier to manage your finances.
Indinero’s platform excels at optimizing accounting operations through advanced technology. It integrates effortlessly with popular software like Gusto, Stripe, Bill.com, Expensify, QuickBooks, and NetSuite, ensuring that your financial data remains well-organized and easily accessible.
Indinero’s team is composed of both onshore and offshore professionals, ensuring that you receive expert support no matter where you are. They offer customizable plans to fit the needs of small, medium, and large businesses. Whether you’re a startup or an established company, Indinero can tailor their services to meet your specific requirements.
However, it’s important to note that Indinero’s services are heavily reliant on their proprietary cloud-based accounting and tax software. If you find the system or user interface challenging to use, it might not be the best fit for you.
In terms of pricing, Indinero offers several plans:
- Essential: Best for cash-basis accounting and startups, priced at $750 per month.
- Growth: Suitable for accrual accounting and established companies, priced at $1,250 per month.
- Executive: Offers accrual accounting and part-time CFO services, featuring tailored pricing options.
Indinero also provides an add-on for corporate payroll services, making it a versatile choice for businesses looking to streamline their financial operations.
ALT Text: colleagues in white long sleeve shirts sitting and reading a financial report
5. TGG
TGG provides dedicated accounting services for small and mid-sized businesses, offering a team of four experts: a staff accountant, an accounting manager, a controller, and a CFO. This consistent team stays with you throughout the partnership, ensuring a deep understanding of your business and strong, lasting relationships.
TGG Liberty Features
- Receive help with essential tasks such as keeping your general ledger in order, reconciling accounts, managing payroll, and handling accounts payable and receivable, along with preparing financial reports.
- Benefit from CFO services that offer financial planning, risk management, cash flow forecasting, and support during mergers and acquisitions.
- Personalize your engagement plan to fit your unique needs, ensuring you only pay for the services that matter most to you.
- Partner with a dedicated team that includes a staff accountant, manager, controller, and CFO, all working together to support your business.
- Whether you need extra support or a full replacement for your in-house accounting team, TGG is here to help.
TGG Liberty Downsides
TGG specializes in serving small and medium-sized businesses. If your organization is large, TGG may not be the right fit.
TGG Liberty Value
TGG doesn’t share its pricing upfront, noting that costs vary greatly depending on how well your existing accounting system functions. However, they do mention that an accounting department should ideally cost around 1-3% of a company’s total revenue. Their approach begins with a thorough review of your current processes, followed by a tailored proposal. According to TGG, they often identify opportunities to boost profitability by 5% to 7% during this evaluation.
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Conclusion
In 2024, the top outsourced accounting firms offer specialized services that cater to businesses of all sizes. Leveraging their expertise can streamline financial operations, reduce costs, and allow you to focus on core activities. Choosing the right partner is key to achieving financial efficiency and business success.