Need of Bookkeeping Services for Startups in Texas

Dallas Bookkeeping Services

Published: 10/9/20

Over the last few decades, the pace of life has been accelerating and becoming the fastest as it never before. The advanced world constantly sets the bar high and encourages us to step on the fast track. Because of the arrival of speedy technological progress, people have started to feel rushed, occupied, and overpowered. The reason behind this is that everyone wants to succeed and be on top of every field of life.

There are more than 25 million small businesses in the United States. But not every small business gets successful. As a matter of fact, only about two-thirds of businesses with employees survive for a minimum of two years, and about half survive for five years. So when you decide to start a new business you may be in for a real contest.

Starting a business requires planning, making important financial decisions, and completing a string of legal acts.

10 Important Steps for Startups

  1. Conduct Market Research and find a Business Idea
  2. Make a Thorough Business Plan
  3. Plan Your Finances Wisely
  4. Choose your Business Structure
  5. Pick and Register Your Business Name 
  6. Get Licenses and Permits
  7. Choose Your Accounting System 
  8. Set Up Your Business Location
  9. Choose Your Team
  10. Promote Your Business through Branding and Advertising

All these steps are of great importance while starting a new business, but today we will talk about taking care of finances by outsourcing bookkeeping services in Dallas

Bookkeeping Services

Here is the list of things that are included in Bookkeeping Services:

  1. Bank Reconciliations
  2. Cash-Flow Management
  3. Profit/Loss Records
  4. Account Sums Due and Claims
  5. Budgeting
  6. Credit Investigation
  7. Monitoring and Tracking of Stock Systems
  8. Maintenance of Accounts such as Asset, Expense, and General Ledger

The majority of business owners in the United States Of America would think of taking financial matters into their own hands in order to cut costs.  It’s undoubtedly true that when you perform tasks by yourself, you can save money, but it is not always a wise decision. Bookkeeping in Dallas can be a major problem for business owners, So outsourcing the bookkeeping task to a professional may pay back in several ways. Many people who want bookkeeping for a small business search for the best bookkeeping services in Dallas.

Qualities of a Professional Bookkeeper

  1. Must be Trustworthy
  2. Affordable
  3. Must have Relevant Experience and Knowledge
  4. Work Efficiently
  5. Must Know about Latest Technologies
  6. His Goal should be In-line with that of the Company
  7. Honesty
  8. Flexibility to Accommodate Different Working Styles
  9. Relationship Building Skills
  10. Acquainted with Industry Procedures

Now if you have made up your mind about outsourcing bookkeeping services, there are a lot of benefits that you will have from outsourcing bookkeeping services in Dallas TX.

How Outsourced Bookkeeping Services Add Value

  1. Time-Saving
  2. Minimizes Paperwork
  3. You have more Time to Provide Value to your Clients
  4. Risk Management and Accuracy to save you from IRS Audits in Dallas
  5. You will have access to Detailed Financial Reports without Paying Extra for an Accountant
  6. You will have a Centralized Cloud-Based Bookkeeping System
  7. You will be able to Make Smarter, Wiser Business Decisions
  8. You will Always be Prepared for Tax Season with No Extra Cost and Effort
  9. You can Easily Keep Track of the Cash Flows
  10. Working with a Highly Trained Bookkeeping Expert will Ensure your Bookkeeping is at its Best

Best Bookkeeping Services

Our list of options ranges in price from $190 per month for basic bookkeeping assistance to $350 or more for more extensive options. Let’s consider all the options:

  • Bench. co

Bench is a well-liked option for small businesses because it offers an economical bookkeeping solution with an intuitive, user-friendly platform. Bench provides you with quick access to visual reports that give you practical insight to expand your company. Another benefit is that you can quickly interact with your bookkeeping team. Bench also provides a tonne of integration options and rave online reviews.

Bench charges less than many of its rivals for bookkeeping assistance. For $399 per month when paid annually, it also provides a subscription that includes unlimited income tax assistance and annual tax filing services.

Pricing: Starts at $249 per month (paid annually).

Pros

  • Powerful financial reporting
  • Unlimited phone conversations and in-app texting with your bookkeeper.
  • One-on-one support with an assigned bookkeeper
  • Real-time accounting
  • Offers a free trial period of one month

Cons

There is no connectivity with Xero, QuickBooks, or another accounting program. Owners of businesses must utilize Bench’s proprietary software, which may make switching to a different supplier challenging in the future.

Bench’s focus on cash-basis accounting is a drawback, despite the Pro plan’s inclusion of a unique accrual accounting plan.

  • Bookkeeper

Bookkeeper360 provides full-service bookkeeping help with a specialized accountant for each small business. Weekly financial reporting and accrual basis accounting are two options that Bookkeeper360 is able to provide for companies with more demanding bookkeeping requirements. Additional services include assistance with payroll and human resources, advice for the chief financial officer, tax preparation, invoicing, and more.

The majority of bookkeeping capabilities you might possibly need are available as add-ons with Bookkeeper if you’re seeking a long-term bookkeeping solution. Payroll services, business, and individual tax filings, and financial performance reporting with key performance indicators are examples of potential add-ons

Pricing: Weekly reporting costs $499 per month, while monthly reporting starts at $349. For larger companies or those who use accrual-based accounting, prices rise.

Pros

  • Integrates with Xero and QuickBooks.
  • Provides a weekly report
  • Dedicated account manager and dedicated bookkeeper
  • There is a pay-as-you-go price option
  • Bank reconciliation every month
  • Monthly reports, including the cash flow statement
  • Accrual accounting and cash flow

Cons

It is comparably more pricey compared to certain rivals.

  • QuickBooks Live

QuickBooks Live connects with the product line, drawing in any data users have already shared with QuickBooks Online, as other QuickBooks services do. Users can set up video calls as needed with their bookkeepers. However, bookkeepers cannot assist with tax planning, invoice sending, or payroll management. They can only produce monthly financial reports.

Pricing: $500 for the first month of onboarding; after that, monthly costs range from $200 to $400. Keep in mind that you’ll also require a QuickBooks Online membership.

Pros

  • Integrates flawlessly with QuickBooks Online.
  • Catch-up bookkeeping from your most recent business tax return to the present is included in onboarding month.
  • You might ask for another bookkeeper to review your records if you believe your current bookkeeper made a mistake. QuickBooks offers free book reopening and error correction.

Cons

No tax filing, not even a supplementary service.

  • Merritt Bookkeeping

Merritt Bookkeeping is a simple, cost-effective QuickBooks bookkeeping option. Each month, the company’s team of bookkeepers classifies bank transactions and generates financial reports, involving CPAs when necessary. Also, Merritt will produce 1099s. However, it does not provide the additional functions that more comprehensive bookkeeping services do, such as payroll or HR support, financial forecasts, tax preparation, or other add-on features.

Pricing: $190 monthly. Depending on how detailed your books are, catch-up bookkeeping charges $70 or $140 per month.

Pros

  • The flat monthly fee of $190 is less expensive than comparable bookkeeping services.
  • Incorporates QuickBooks
  • Easy-to-use interface
  • Automatic retrieval of bank statement 
  • As tax season draws near, will get in touch with a user’s certified public accountant.

Cons

No extra services.

  • MyCountSolutions

Bookkeeping simplified by the experts is what every small business needs. My Count Solutions offers an online optimized process and experts to manage your finances. With MyCountSolutions, you get a committed bookkeeper who is assisted by a group of knowledgeable small-company specialists. It is here to eliminate uncertainty from running your own business permanently. Every month, your bookkeeping team categorizes transactions, imports bank statements, and creates financial statements, as well as relieves you from the stress of taxes. You can sign up for a month of free bookkeeping to get a feel of the best accounting and bookkeeping for independent contractors. 

Pricing: Starts at $300 per month

 Pros

  • Allows you to choose the package most suitable for your business
  • Provides reliable financing strategies
  • Provides a free one-month trial
  • Caters to businesses with simple accounting needs as well as complex audit representation and tax preparation
  • Financial experts analyze your finances at every given step
  • Respond to any queries within 24 hours
  • Has the latest cloud technology
  • Provides services to all kinds of businesses be it restaurants, clinics, or firms
  • Offer maximum security and transparency
  • Clear Financial Reports and Statements

Cons

  • Only provide services in the US.
  • Might be a little costly for small businesses with pricing starting at $300 per month

Conclusion

By looking at the rapidly changing market situation in Dallas, Small businesses need to stay focused more than ever. To do that, they must invest time and money accordingly. If the accounting staff within their company isn’t competent enough, the whole process could slow down. To make the right decisions, a professional person needs a full insight into the company’s financial health at all times. So it becomes clear that outsourced bookkeeping saves time and helps set a clear path toward business growth. It has become a general trend that all small business firms in Dallas are aiming for outsourcing bookkeeping services.