Monthly Bookkeeping Services: What You Need to Know

Monthly bookkeeping services involve an external provider handling your business’s financial records on a recurring basis, ensuring your books are accurate, up-to-date, and tax-ready. This is a popular option for small to medium-sized businesses (SMBs) that need consistent financial oversight without hiring a full-time accountant.

What’s Typically Included in Monthly Bookkeeping Services?

Most providers offer core services such as:

1. Transaction Recording & Categorization

• Tracking income and expenses

• Organizing transactions in accounting software (QuickBooks, Xero, etc.)

2. Bank & Credit Card Reconciliation

• Matching bank statements with book entries to detect errors or fraud

3. Accounts Payable (AP) & Receivable (AR) Management

• Tracking unpaid invoices (AR)

• Managing vendor bills and payments (AP)

4. Payroll Processing (Optional Add-On)

• Calculating wages, taxes, and deductions

• Filing payroll taxes

5. Monthly Financial Reports

• Profit & Loss (P&L) Statement – Revenue vs. expenses

• Balance Sheet – Assets, liabilities, and equity

• Cash Flow Statement – Tracking cash inflows/outflows

6. Tax Preparation Support

• Organizing records for year-end tax filing

• Providing reports for your CPA

Who Needs Monthly Bookkeeping Services?

✔ Small businesses without a dedicated finance team
✔ Startups needing clean books for investors
✔ E-commerce businesses with high transaction volumes
✔ Freelancers & solopreneurs who want to focus on growth
✔ Growing companies that need scalable bookkeeping

Pricing for Monthly Bookkeeping Services

Costs vary based on business size, transaction volume, and complexity:

*(Some firms charge hourly ($50–$150/hr) or per transaction.)*

How to Choose the Right Monthly Bookkeeping Service

1. Determine Your Needs – Do you need basic bookkeeping or advanced reporting?

2. Check Qualifications – Look for CPAs, QuickBooks ProAdvisors, or certified bookkeepers.

3. Software Compatibility – Ensure they use your preferred system (QuickBooks, Xero, etc.).

4. Security & Data Protection – Confirm encryption and confidentiality policies.

5. Reviews & References – Check testimonials or ask for client examples.

6. Scalability – Can they grow with your business?

Top Monthly Bookkeeping Service Providers

• Bench – Best for automated bookkeeping ($299+/mo)

• Bookkeeper.com – Good for small businesses ($400+/mo)

• QuickBooks Live – Real-time support with QuickBooks experts ($200–$400/mo)

• Pilot – Great for startups & tech companies ($599+/mo)

• Belay – Virtual bookkeeping for growing businesses ($450+/mo)

(Some firms offer discounts for annual contracts.)

DIY vs. Outsourced Monthly Bookkeeping

Final Thoughts

Monthly bookkeeping services save time, reduce errors, and provide financial clarity. If your business is growing or you’re tired of managing books yourself, outsourcing can be a cost-effective solution.