3月 13th, 2021

With a CFO, you can optimize your business, minimize costs, and maximize profits through effective planning, organizing, and monitoring. Bookkeeper360, founded in 2012, is a financial technology firm that offers accounting and cloud-based bookkeeping and business advisory services. As a Xero Platinum partner, Bookkeeper360 provides seamless integration with Xero’s cloud-based accounting software. Collective offers financial solutions for self-employed business owners. It provides financial solutions such as bookkeeping, tax management, accounting, payroll management, and more. If you’re using Xero or QuickBooks, both the desktop and mobile apps will connect to your account and provide information like scorecards and metrics.

• The charts will show your cash inflows and outflows for the past 12 months, past 24 months, last calendar year, last two calendar years, and last three calendar years.
• Many or all of the products featured here are from our partners who compensate us.
• The second plan, “Small Business Plus,” accommodates 126 to 150 transactions and class and location tracking, in addition to the features of the Small Business Plan.
• If you want a more detailed view of business performance, you can switch to the Metrics view to year-over-year data for revenue and common size amounts for gross profit, net income, and payroll.
• Although these are both great accounting solutions used by numerous business owners, this is a problem if you use another system.
• It offers solutions for startups, consumer goods and retail companies, and more.

The charts will show your cash inflows and outflows for the past 12 months, past 24 months, last calendar year, last two calendar years, and last three calendar years. It also shows cash insights by computing your net cash after deducting credit card liabilities. The direct cost column chart above is another chart that you’ll find very useful in costing. What we like about this chart is that you can see the cost behavior of different cost drivers in the business.

Bookkeeping

If you’re using the cash basis, Bookkeeping360 will handle the accruals and deferrals for you. The dedicated bookkeeper will meet you monthly to fix your books and generate monthly reports. If you’re unsure whether Bookkeeper360 is the right assisted bookkeeping service for you, check out our guide on the best online bookkeeping services for more choices.

• It prepares users’ taxes and provides financial expertise and guidance to make informed business decisions.
• You can also call your bookkeeper or message them in Bench for support whenever you’d like.
• However, you can also work with the Bookkeeper360 team to build a custom package.
• With a CFO, you can optimize your business, minimize costs, and maximize profits through effective planning, organizing, and monitoring.

Bookkeeper360’s service does not require a contract, and you can cancel at any time. For cash-basis accounting, pricing starts at $399 per month for companies with up to $20,000 in monthly expenses. For accrual-basis accounting, prices start at $549 per month for companies with up to $20,000 in monthly expenses.

Compare Bookkeeper360 to Competitors

The three CFO Advisory plans are called “Advisory,” “Coaching” and “Inventory.” The Advisory plan includes services such as KPI reporting, profitability improvements and basic operational processes. The Coaching plan is more in-depth, not only providing assistance with overall systems and operations but also strategic planning and executive coaching. Finally, the Inventory plan is designed on a project basis and can accommodate inventory management, workflow planning, inventory projections and reorder points. Bookkeeper360 offers a range of support options for businesses in conjunction with its core bookkeeping services. The CFO will help in determining and evaluating key performance indicators, performing profitability analysis, developing a growth strategy, and optimizing cash flow.

This revenue source is not present in all months while merchandise licensing is consistent in almost all months. As a business owner, you can use this chart to analyze revenue not just as a whole but in different components. You can also reach out to your dedicated adviser through the Tasks section, which eliminates the need to email your bookkeeper if you have questions. You can create a task for your bookkeeper, set a due date, and wait for them to get back to you. This feature is available because the communication happens within the Bookkeeper360 interface. Their application that provides great visuals of how our business is doing on a daily basis with goals and metrics.

If you’re planning to expand your business but need additional capital, the CFO will help you forecast the business’s financials, craft business plans, and determine the optimal capital structure. Bookkeeper360 pricing scored low in our evaluation because it’s quite expensive compared to competitors, and we believe that very small businesses with limited budgets might find its services expensive. It offers several solutions for business owners and, because of the prices of its different services, the total cost will vary.

Bookkeeper360 provides a sliding scale tool on its website for this cost. If you have more than 30 employees, you have to contact them directly to determine the cost of its payroll services. Bookkeeper360 is working on its own application, 360app, that will allow you to manage all of your Bookkeeper360 services, from accounting to financial planning, in one place. This app has not yet launched, but according to the Bookkeeper360 website, will be included in all packages.

Discover the right solution for your team

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. The cash runway, also called cash burn rate, shows the estimated number of months until cash runs out. In the example above, the cash burn rate is 13 months, assuming the average monthly cash outflow remains the same. I think the biggest thing for me with Bookkeeper360 is just the time savings. And so, I don’t have to spend the time that we were spending in-house to deal with all of these bookkeeping issues. We, as a startup, we’re not going to be the best at doing bookkeeping.

Bookkeeping is the core service that Bookkeeper360 offers and is available by signing up for a consultation with its U.S.-based team. Danielle Bauter is a writer for the Accounting division of Fit Small Business. She has owned Check Yourself, a bookkeeping and payroll service that specializes in small business, for over twenty years.

The features you receive with Bookkeeper360 will largely depend on what your business needs and what kind of strategy you develop in your consultation. Ultimately you can choose services that range from advisory support to full, hands-on bookkeeping management. Digits develops application programming interfaces (API) for businesses and finance professionals. It uses classification algorithms, and machine learning techniques to provide a real-time view of a business’s finances. The company was founded in 2018 and is based in San Francisco, California.

Support

Like Bookkeeper360, Bookeeper.com is a U.S.-based online bookkeeping service provider that works with small businesses. Bench offers its services in five plans, designed to accommodate businesses of different sizes based on their monthly expenses. Regardless of your plan, Bench connects you with a dedicated bookkeeper with whom you work to set up all of your information and accounts on the Bench platform. Bookkeeper360 is an online bookkeeping service designed to help small and medium-sized businesses with their bookkeeping and accounting. When you sign up for Bookkeeper360, you receive a dedicated account manager, who will work with you to create a service strategy that meets your needs.

Accounting system requirements

On the whole, Bookkeeper360 is a good solution for startup and growing companies. Under cash-basis accounting, revenues and expenses are recorded when cash is paid or received. Meanwhile, accrual accounting records revenue and expenses when earned or incurred. Learn more in our cash- vs accrual-basis accounting method comparison, which also covers when to use each.

Visit Bookkeeper360’s Back-Office Technology page for more information about these services. Then, your bookkeeper will reconcile your accounts, categorize transactions, produce financial statements — overall handling your essential bookkeeping tasks on a monthly basis. You can also call your bookkeeper or message them in Bench for support whenever you’d like. Despite these significant benefits of Bookkeeper360, there are also downsides to this online bookkeeping service worth considering.

For instance, we see consistent labor costs throughout the year except in July. Moreover, costs arising from Scooby Snacks can be a mixed cost because it has fixed and variable components. You can interpret this chart in many different ways, and it can aid you in decision-making. The new Bookkeeper360 Marketplace is a place where you can connect third-party apps that can integrate with Bookkeeper360 services. Take note that not all third-party integrations offer special discounts and offers. Bookkeeping.com is a great Bookkeeper360 alternative if you already use QuickBooks and prefer pricing based on transactions.

If you want a more detailed view of business performance, you can switch to the Metrics view to year-over-year data for revenue and common size amounts for gross profit, net income, and payroll. You can also check your working capital and debt-to-equity ratio to measure your business’s short-term and overall liquidity. Excluded in the bookkeeping service would be customer invoicing, inventory management, and vendor billing because these fall under a separate product called Back-office services.

“Bookkeeper360 provided a window into my business that I never knew I needed.”