BooksTime

BooksTime is a US-based outsourced bookkeeping and accounting firm, not a software product. Each client gets a dedicated bookkeeper who records and categorizes transactions, reconciles accounts, closes the books each month and year, and produces a profit and loss statement, balance sheet, and cash flow report. Service options also cover invoicing and payment reminders, vendor bill payments, payroll administration, 1099s for contractors, sales and use tax, inventory and cost of goods sold accounting, multiple currencies, and multiple entities or locations. Nonprofits can get Form 990 preparation, restricted fund tracking, and donor acknowledgment letters. BooksTime does not make its own software. It works in the client's existing tool or picks one, and says it supports more than 25 options, with partners including QuickBooks, Xero, Bill.com, Hubdoc, Expensify, Gusto, Shopify, and Mindbody. Pricing works on a subscription. The Essentials plan starts at $320 per month on monthly billing or $295 per month on annual billing, and the price rises with monthly expenses. The Complete plan, an outsourced accounting department, is quoted individually. Cleanup and catch-up projects are quoted per project, and a consulting CFO costs about $300 per hour. Contracts can be cancelled at any time without fees. The service suits small businesses and nonprofits that want to keep their own accounting platform. Its main limitation is how little BooksTime publishes. It has few independent reviews, no public security or compliance documentation, and no list of which features each plan includes. It is not a CPA firm, so tax returns go to referred CPAs.