Best Online Accounting Firms for Small Businesses
In this blog, we go over the different options for small business looking for accounting teams to assist with various financial operations involved with running and scaling a business.
Running a small business is not easy. Aside from providing goods and services, business owners and managers have to contend with a lot of back-end financial planning and day-to-day financial operations that can cost them a lot of headaches and ultimately take away their focus from providing top-notch results for their clients. The easiest way to alleviate this burden and help themselves scale up is to work with an accounting firm. Accounting firms can provide various benefits, from tax prep and tax advisory services, monthly bookkeeping, payroll, and more.
We feel AEM Accounting Solutions is the best overall option for accounting needs for small businesses. Various other firms fill specific niches or needs very well as well. Check out our list of Pros and Cons below, as well as some info about what benefits Accounting Firms offer to small businesses.
Best Online Accounting Firms – Pros and Cons
Best Overall
AEM Accounting Solutions
Pros
- Great client-first culture
- Experienced Accountants with background across Industries
- Can provide all-in-one solution (taxes, bookkeeping, payroll), or a la carte
- Tailored to your needs
Cons
- Not always taking new clients – check their website
- May be a bit expensive if your small business is still a one-man-show
Best Basic Plan
1-800 Accountant
Pros
- Cheaper than most
- Always taking new clients
Cons
- Very basic offerings
- Not tailored to your needs
- Slow customer service
Best for Hiring Freelancers
Paro
Pros
- Can work with a single accountant one-on-one
- Fractional CFO services available
Cons
- The quality of the accountant you match with may vary
- Opaque Pricing Structure
Best for Tech Startups
Pilot
Pros
- Focused specifically on Tech Startups
- Experienced in Research and Development Accounting
Cons
- May not be what the vast majority of small businesses need
What is an accounting firm?
An accounting firm is a business that is ready to help businesses or people with their financial needs, like bookkeeping, taxes, payroll, and more. They hire and maintain teams of accountants, generalists and specialists, to meet the needs of their clients.
Why are accounting firms important?
Accounting firms can help you keep track of your finances. This enables business owners as well as individual people to be able to make smart decisions based on their current financial picture, plan into the future, avoid problematic audits due to incorrect tax returns, and more.
If you are getting more and more overwhelmed trying to manage bookkeeping for your growing business, or are confused on how to fulfill your tax obligations correctly, or wanting to save money on taxes but not knowing where to start, etc., it is likely time to bring an accountant on board.
How do you choose an accounting firm?
You should first consider what your current situation is.
Are you looking for someone to help you with your personal finances? Or for your business?
Do you need tax prep and filing help, general tax advice? Payroll, bookkeeping? Or an all-in-one accounting solution so you only have to worry about the rest of your business?
Once you have that in mind, you should begin researching individual accounting firms, understanding their offerings, and what sorts of results they have brought to their other clients. Read up on reviews about them – you can typically find reviews on their websites or on Google.
The Bottom Line
No matter which option you go with, accounting services are essential to growing your small business into a stable, income-producing asset, and taking it to the “next level.” Working with a professional accounting firm can be a great way to do that, and is much more straightforward than attempting to hire and pay a full accounting team in-house as a small business.
We believe AEM Accounting Solutions is the best all-around option for small businesses. Examine the options, make contact today with your preferred accounting firm, and get started growing your business.
