How to start an accounting firm in 2024 8 easy steps

It's now the largest bookkeeping service, with in-house professionals doing the bookkeeping for more than 11,000 business owners, which is why we chose it as the best accounting firm for bookkeeping services. Bookkeeper360 integrates with third-party tools, such as Bill, Gusto, Stripe, Shopify, Xero, Brex, Square, Divvy and ADP. These integrations make it easy to track your bookkeeping and accounting data in one place. It also offers full-service bookkeeping, meaning that its team will do the bookkeeping for you. Otherwise, monthly pricing starts at $399 and weekly pricing starts at $549 per month. Virtual, outsourced, and online are often used interchangeably when referring to bookkeeping and accounting.

Good customer service can help business owners quickly and easily access the support they need for tasks such as tax compliance, financial management, and accounts receivable software. Virtual accounting is a service provided by virtual accounting firms where qualified and experienced professionals provide accounting services remotely. They perform all the activities for a business that an in-house accountant provides. When compared with in-house accounting, virtual accounting is much more flexible, efficient and saves time as well as money.

Common among all was a requirement for at least two screens, one of which is usually a portable laptop. All staff training is virtual, with an online video training the firm developed. New hires are assigned a manager who orients and supports them as they get up to speed.

  • By going into each engagement with a vision of how the relationship will work, you can create a roadmap for your interactions and project how much of your time each new client will need.
  • FreeAgent stands out from the competition due to its range of editing tools, file-sharing capabilities, and collaboration features.
  • You will have a dedicated bookkeeper who will work closely with you to keep your bookkeeping up-to-date.
  • This means that time spent on collections is reduced, timely payments are made more often, and the necessary processes are improved.

We offer a variety of services such as bookkeeping, accounting, and tax preparation. As with any venture, the success of your virtual accounting firm doesn't solely rely on the quality of your services. It's about getting the word out, building a brand, and growing a loyal client base.

User experience

The next step is to work with your account manager to integrate your existing software and processes with QuickBooks. From that point on, you will receive monthly reports, including cash flow, profit and loss, and balance sheet statements. For additional fees, inDinero offers tax support for filing state and federal taxes for current or previous years.

If you’re ready to elevate your practice with automation and management tools, be sure to start your free trial of Copilot and experience the future of accounting, firsthand. If you want to play around with Copilot, be sure to check out our demo portal designed specifically for accounting firms. The team at Averkamp helped me to untangle my personal and business financial mess by offering clear concise directions in my time of need. Her new HR director helps wade through those resumes and explain to potential hires that this is, indeed, a real job — they just do it from home. Remote work gives both business owners and employees the opportunity to improve their work-life balance. You’ll have more flexibility in your schedule to set your own hours and improve your work-life balance in a way you probably haven’t thought was possible.

If a firm only offers a package that includes services you don't need, you may pay more than you should at this stage in your business. Founded in 1999 by two former members of Price Waterhouse, 1-800Accountant is one of the more established online accounting firms. It combines personal support from a nationwide team of experts with the convenience of digital technology for a flat rate, which is why we selected it as the best accounting firm for a basic plan. Forbes Advisor analyzed 13 online bookkeeping services and considered 15 metrics such as price, features, customer service, ease of use, integrations and service level. We also looked at real customer experiences to determine if their expectations were met based on what each company promised.

That way, all team members can have the information they need to complete client work at their fingertips. To get paid, you need a software solution that lets you receive your money in one piece. In fact, the best accounting workflow software should save you the stress of logging into too many apps to access work files. And, you need to define your services and create a website to market your business to win your ideal clients.

Best for Unlimited Support

While virtual accounting is not always the solution for every accounting professional, there is a growing demand for remote work and many benefits can arise from incorporating this into your business model. In this guide we go over tips of what you should think about if you’re just starting out in virtual accounting plus tips for running your firm more effectively. As you'll find with some of the firms in this review, billing methods can vary beyond a monthly fee, such as an hourly, pay-for-performance fee, or rates based on the number of monthly transactions. In all cases, it's important to crunch the numbers to see what rate or form of billing makes sense for your business. If you already are using an accounting or bookkeeping software program, it would be ideal to work with a firm that utilizes the same software. If you don't already use a software program, the accounting firm will recommend a package.

Financial Cents

Traditional accounting firms usually deploy traditional methods for growth. For example, they may get referrals from existing clients and grow via word-of-mouth in their community. Summit Virtual CFO by Anders is a virtual CFO services provider with a non-traditional approach to accounting.

IRS problem and resolution help offered by David Chartoff CPA

All plans come with onboarding, a dedicated bookkeeper and account manager, reconciliation at month-end, balance sheet, P&L, statement of cash flows and a portal with document storage. Higher-tiered plans unlock more transactions and a more frequent service level. Bookkeeper360 offers a pay-as-you-go plan that costs $125 per hour of on-demand bookkeeping support. It's an ideal plan for businesses that need minimal monthly support, though if you want more than two hours of help a month, you'll save more money simply going with a service like inDinero or At my company, one of the specific things we teach accountants and bookkeepers who want to run a virtual bookkeeping service is that they should specialize in a few industries.

Once you provide this information, each month your virtual accountant will get all information about your transactions without you having to provide anything. The virtual accountant then does the bookkeeping and sends the client reports for interpretation. Generally, you can reach the virtual accountant assigned to you through a given phone number, text, email, or the website. Additionally, knowing which countries these firms are located in will provide insight into how they can modify their strategies depending on local laws, regulations, and culture within each region. This knowledge could be invaluable for SaaS startups based in the USA as they look for virtual accounting firms. As such, comparing Xendoo vs Bench versus Work & Industry or other bookkeeping companies becomes easier with a better understanding of where each firm is located.

How to start an accounting firm in 2024 (8 easy steps)

Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence. You can choose Bench if your business has not entered the growth stage yet and it will take some time for your financials to change. If you are looking for a user-friendly solution, inDinero is a good choice. Merritt Bookkeeping is good for businesses looking for a simplified accounting solution.

LiveCA started using Zoom in 2015, and the cameras have always been on, Davis said. But building relationships virtually differs from doing so face to face. “Meetings start on time and end on time, and that has taught me to be a more functional communicator and cash basis accounting: explain examples, contrast with accrual to make sure we address the issues early and set expectations,” he noted. Expect that noises — children, dogs, or the weed-whacking gardener — can occur when you’re working remotely, but be truthful about other things that could impact a video or phone chat.