Category: Bookkeeping

Any business entity, including nonprofits, sole proprietors, LLCs, trusts, and partnerships, who pay a nonemployee $600 or more in one tax year. The due date for filing Form 1099-NEC is January 31st of the year following the payment. For example, if you made payments in 2024, you must file Form 1099-NEC by January 31, 2025. The IRS states these payments should not be reported on Form 1099-NEC.

If your state doesn’t participate, you may need to send a copy of any 1099-NEC forms you issue to the state as well as the IRS. Businesses need to send a copy of the form to both the recipient and the IRS by this date. If the due date falls on a weekend or holiday, you must file the form on the next business day. Many have taken to side-gigs such as driving for a ride-share company or selling goods via Etsy to earn extra money. If this isn’t your first year on one of those platforms, you may be accustomed to getting your earnings reported on a Form 1099-MISC or 1099-K.

The following payments made to corporations must generally be reported on Form 1099-MISC. The IRS has developed IRIS, an online portal for e-filing information returns. If you are filing paper returns, print them and send them to the IRS at the address depending on your state.

Box 10. Gross Proceeds Paid to an Attorney

Examples of this kind of compensation include rent, book royalties, fishing boat proceeds, or the value of prizes won in a sweepstakes. The 1099-MISC is issued for form 1099-nec payments totaling $600 or higher, similar to the 1099-NEC. As a business owner, you may already issue W-2 forms for your employees, but 1099 forms work differently. To make it even more confusing, there are two types of 1099s to choose from. If you made any direct sales of $5,000 or more of consumer products for resale, buy-sell, deposit-commission, or any other basis, enter an “X” in the checkbox.

How to Submit Form 1099-NEC to IRS

Find details on the final e-file regulations and requirements for Forms W-2. For assistance with your individual tax return, refer to the “Help” tab on the IRS.gov home page. For refund inquires please click on the “Refunds” tab on the IRS.gov home page.

Can I Get More Time to File Form 1099-NEC?

The filing requirements for Form 1099-NEC apply to a broad range of business entities that make payments for services during their trade or business. Understanding your business’s filing obligations helps ensure compliance with IRS requirements and avoids potential penalties for missed filings. You can file form 1099-NEC forms on paper, but filing electronically is much easier and you don’t need to worry about important tax forms getting lost in the mail. Also, a business may need to file a Form 1099-NEC if they withheld federal income tax under backup withholding rules even if the amount if less than $600. For example, persons who have not furnished their TINs to you are subject to withholding on payments required to be reported in box 1.

• Now, review the form to ensure the data matches your records and there are no errors.
• This page is applicable to specific and limited reporting requirements.
• The service allows the company to validate the legal name and TIN shown on a W-9 with the IRS database.

Box 3. Excess Golden Parachute Payments

Amounts paid for more than 10 children or more than five other individuals are reportable on Form 1099-NEC. If state or local sales taxes are imposed on the service provider and you (as the buyer) pay them to the service provider, report them on Form 1099-NEC as part of the reportable payment. However, if sales taxes are imposed on you (as the buyer) and collected from you by the service provider, do not report the sales taxes on Form 1099-NEC. You are required to keep records showing the date and amount of each cash payment made during the year, but you must report only the total amount paid for the year on Form 1099-MISC.

Generally, you must report payments to independent contractors on Form 1099-NEC in box 1. If a state tax department requires that you send them a paper copy of this form, use Copy 1 to provide information to the state tax department. Give Copy 2 to the recipient for use in filing the recipient’s state income tax return.

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You may enter an “X” in this box if you were notified by the IRS twice within 3 calendar years that the payee provided an incorrect TIN. If you mark this box, the IRS will not send you any further notices about this account. If you are filing a correction on a paper form, do not check the VOID box on the form.

If you work as an independent contractor, freelancer, or self-employed individual, you should receive a 1099-NEC from any business that paid you at least $600 during the tax year. However, if you were paid by credit or debit card or through a third-party payment processor like PayPal, you shouldn’t receive a 1099-NEC for those payments. If you paper-file forms that you order directly from the IRS, you’ll also need to include Form 1096. Form 1096 is essentially a cover sheet for submitting information returns to the IRS. You’ll need a separate Form 1096 for each type of information return you file, including Form 1099-NEC, 1099-MISC, and more.

• Social Security numbers and Employer Identification Numbers (EIN) are both TINs.
• These boxes are provided for your convenience only and need not be completed for the IRS.
• Regardless of whether the attorney is a sole proprietor, partnership, or corporation, a 1099-NEC must be filed.
• The report you must give to the recipient for these direct sales need not be made on the official form.

Instructions for Forms 1099-MISC and 1099-NEC (04/

The 1099-NEC has an earlier filing deadline of January 31st for both the IRS and the recipient, while the 1099-MISC often has later deadlines. Additionally, state-specific filing requirements may differ, as not all states accept the 1099-NEC through the IRS’s Combined Federal/State Filing program. If you pay independent contractors, you may have to file Form 1099-NEC, Nonemployee Compensation, to report payments for services performed for your trade or business. Generally, you need to send a copy of Form 1099-NEC to the recipient (the independent contractor or freelancer you paid) and another copy to the IRS by January 31 of the following tax year.

Form 1099-NEC is also used to report sales of consumer products totaling $5,000 or more, for resale, on a buy-sell, a deposit commission, or other basis. This income should be reported on the recipient’s small business tax return. You must also file Form 1099-NEC for anyone from whom you withheld federal income tax under backup withholding rules for any amount, even if it’s less than $600. Digits, the first AI-native accounting platform, automatically tracks and categorizes contractor payments in real-time. You’ll have the data you need to file on time, avoid penalties, and maintain strong relationships with your freelancers—all without manual spreadsheets or end-of-year stress. You may send it via mail, but you must include Form 1096 for any paper submissions.

I Only Received One Paycheck from My Summer Side-Gig. Am I Self-Employed?

The separate instructions for filers/issuers for Form 1099-NEC are available in the Instructions for Forms 1099-MISC and 1099-NEC PDF. Now, nonemployee compensation gets reported on Form 1099-NEC, while other forms of payments, including rents, royalties, and other categories of miscellaneous income, go on Form 1099-MISC. These boxes are provided for your convenience only and need not be completed for the IRS.

Using the straight-line method of depreciation, the company would depreciate $8,000 per year (($50,000 – $10,000) / 5 years). The depreciation rate is the percentage rate at which an asset is depreciated across the estimated productive life of the asset. It may also be defined as the percentage of a long-term investment done in an asset by a company that the company claims as a tax-deductible expense across the asset’s useful life. The estimated resale value of the car can be calculated by subtracting the accumulated depreciation from the purchase price, which gives us $60,000. The purchase price of the car is $100,000, and it has been driven for 4 years. The annual depreciation expense is $10,000, so the accumulated depreciation to date is $40,000.

Are Depreciation & Useful Life of an Asset the Same Thing?

• For accurate asset valuation and risk assessment, businesses must calculate the correct scrap value.
• Wrong calculations of the residual value can lead to mismatched profits and sometimes unaccountability.
• Accurately forecasting depreciation patterns and their effect on salvage value is challenging.
• A business that consistently underestimates or overestimates salvage value can give an inaccurate picture of its financial health.
• Currency fluctuations can also impact the salvage value of internationally traded assets.
• Depreciation schedules provide a detailed record of how assets depreciate over time, ensuring accurate financial reporting and compliance with accounting standards.
• This method also calculates depreciation expenses based on the depreciable amount.

Several of the depreciation functions include optional arguments to allow for more complex facts, such as partial-year depreciation. Managing inventory has never been easier with TAG Samurai Inventory Management. Designed for businesses of all https://skyevia.co.uk/?p=5975 sizes, this powerful tool simplifies the complexities of inventory management. Say goodbye to manual tracking and hello to real-time updates, accurate stock levels, and seamless organization.

Obsolescence and Technological Depreciation

The result of this calculation will invariably be lower than the current value of the asset. OneMoneyWay is your passport to seamless global payments, secure transfers, and limitless opportunities for your businesses success. CFI is the global institution behind the financial modeling and valuation analyst FMVA® Designation.

Step 4: Adjust for Disposal Costs

• Salvage value is the monetary value obtained for a fixed or long-term asset at the end of its useful life, minus depreciation.
• For instance, a company’s mainframe computer may still be in high demand and have a remaining useful life of 5-7 years, making depreciation less relevant.
• At this point, the company has all the information it needs to calculate each year’s depreciation.
• When an asset has reached the end of its useful life, it may still have value in its individual components or as scrap.
• The Internal Revenue Service (IRS) allows businesses to deduct the depreciated amount of an asset from their taxable income, which can result in significant tax savings.
• To depreciate these assets appropriately, the company may depreciate the net of the cost and the salvage value of the useful life of the assets.

Straight line depreciation is the most commonly used and straightforward depreciation method for allocating the cost of a capital asset. It is calculated by simply dividing the cost of an asset, less its salvage value, by the useful life of the asset. For example, if a company spent $1 million purchasing machinery and tools with a useful life of 5 years, the annual depreciation would be $160k. The salvage value is also important, as it directly impacts the annual depreciation expense.

The scrap value is also important to an organisation as it determines the cash flow it shall receive upon selling an asset after its useful life. Most companies use their assets until the scrap value of the asset becomes 0; in other words, the asset becomes obsolete. Therefore, this method of calculating this value is referred to as the estimated method. Businesses calculate this value beforehand at the time of buying this machinery.

With a 20% straight-line rate for the machine, the DDB method would use 40% for yearly depreciation. The IRS allows businesses to use the Accelerated Cost Recovery System (ACRS) or Modified Accelerated Cost Recovery System (MACRS) methods to determine the amount to be depreciated. You must subtract the accumulated depreciation from the basis cost to arrive at the asset’s current salvage value. Accumulated depreciation is another key factor, normal balance which is the total depreciation expense taken during the asset’s class life.

A depreciation schedule helps you with mapping out monthly or yearly depreciation. In such cases, the insurance company decides if they should write off a damaged car considering it a complete loss, or furnishing an amount required for repairing the damaged parts. So, in such a case, the insurance salvage value formula company finally decides to pay for the salvage value of the vehicle rather than fixing it.

This agreement is not just a formality; it serves as the blueprint for all financial transactions and decisions within the partnership. It specifies how profits and losses are to be shared, the roles and responsibilities of each partner, and the procedures for admitting new partners or handling the withdrawal of existing ones. Without a well-drafted partnership agreement, the financial management of the partnership can become chaotic and contentious. Partners’ salariesIn some ways, the term ‘salaries’ is a misleading description.

C. Profit and Loss Appropriation Account

Proper documentation and transparency throughout this process are essential to avoid disputes and ensure compliance with legal requirements. Tax considerations also play a significant role in the allocation of profits and losses. Partnerships are typically pass-through entities, meaning that the profits and losses are reported on the individual tax returns of the partners rather than at the partnership level. This can lead to complex tax situations, especially if the partners are in different tax brackets or if the partnership operates in multiple jurisdictions. Properly allocating profits and losses can help optimize the tax liabilities of the partners, making it a critical aspect of partnership accounting. This flexibility allows partnerships to tailor their profit and loss allocations to reflect the unique contributions of each partner, fostering a sense of fairness and motivation.

1 Calculation of Interest on Drawings

The individuals are personally responsible for the debts the partnership takes on. The specifics of profit sharing should be laid out in writing in a partnership agreement. In a general partnership, all partners share liabilities and profits equally. In other types of partnerships, profits may be shared in different percentages or some partners may have limited liability. Partnerships may also have a “silent partner,” in which one party is not involved in the day-to-day operations of the business.

Chapter 2: Reconstitution of a Partnership Firm: Admission of a Partner

This decision can be triggered by various factors, such as the expiration of the partnership term, mutual agreement, or specific events like the death or bankruptcy gym bookkeeping of a partner. Once the decision is made, the partnership must notify all relevant stakeholders, including employees, creditors, and clients, to manage expectations and obligations. Partners may receive salaries or commissions for their work in the business.

3 Nature of Partnership firm

A partnership agreement between partners covers their rights and responsibilities while protecting the partner’s contributions. Now Rs. 1,080 should be written back by debiting the partners account in the profit sharing ratio and then distribute the same to partners account in the capital ratio. A partnership is a legal arrangement that allows two or more people partnership accounting to share responsibility for a business. Those partners share the ownership and profits, but they also share the work, responsibility, and potential losses.

This is a variation on (b) above and always causes problems for candidates. What you have to realise is that for the partners not bearing the expense, the profit is that shown by the income statement plus the special expense. You have to split that increased profit among the partners, then deduct the special expense from the partners who are to bear it.

• Local authorities may restrict the structure to eligible businesses in knowledge-based industries, for example, legal and accounting professionals.
• The following examples illustrate how different transactions are recorded in partnership accounts.
• This clause also outlines the procedures for additional capital contributions, if needed, and the consequences of failing to meet these obligations.
• When there is no deficiency to be borne by the other partners, i.e., the new partner gets more than the guaranteed amount, then the total profit will simply be divided in the profit sharing ratio.
• Besides, where capitals are unequal but profit sharing ratios are equal, a partner with large capital contribution is affected finan­cially.
• This is an extension of usual Profit and Loss Account for the purpose of adjusting transactions relating to Partnership Deed.

Partnership Deed

Goodwill arises due to factors such as the reputation, location, customer base, expertise or market position of the business. There are a number normal balance of ways in which a partnership may be defined, but there are four key elements. It has Introduction to Partnership Accounting – Meaning, Features and FAQs on its platform for the students to study from. This page is available free of cost and can be downloaded by all the students in an offline PDF mode and then be accessed.

A. Key Features of Partnership Accounting

• The Salary Account is debited and the capital or Current Account is credited with the amount of salary.
• Then, the remaining profit is transferred to Capital Account or Current Account on the basis of Profit sharing ratio.
• A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
• A written contract is an essential component when forming this type of partnership4.
• When interest on capital is to be allowed as per the agreement then interest on capital must be calculated with reference to time and it must be calculated on CAPITAL AT THE BEGINNING.
• This silent partner generally does not participate in the management or day-to-day operation of the partnership.

However, if liabilities assumed by the partnership exceed the property’s basis, gains may be recognized. Understanding the accounting for partnership investment interests is essential for investors and accountants involved in partnerships. These investments differ significantly from corporate equity or debt instruments. Proper accounting ensures transparency and accuracy in financial reporting, helping stakeholders make informed decisions. Partners must be aware of the tax implications of liquidating assets and distributing proceeds. This often involves consulting with tax professionals to navigate the complexities of capital gains, losses, and other tax liabilities.

Law firm accounting is significantly complex, given the nuance and detail needed to track transactions. Providing several flexible payment options can help your team get paid faster and law firm accounting andbookkeeping service reviews improve payment collection. In our 2024 Legal Industry Report, MyCase and LawPay customers collected 33% more from their clients who paid using online payments.

How Kollect Helps Law Firms Get Paid Faster…

From billing to document management and client communication, Clio centralizes essential tools in one platform. With robust security, seamless law firm software integrations, and personalized support, Clio helps firms improve efficiency, reduce administrative tasks, and deliver exceptional client experiences. Approved by over 100 bar associations worldwide, Clio ensures compliance with standards like HIPAA and SOC2.

Fumbling Cash Reconciliation & Accrual Statements

Hiring myself as a bookkeeping would be an expensive waste of resources. Would you hire someone who has mediocre recordkeeping skills to manage your books for $300/hour? If that’s your billable rate, then that’s what you’re effectively doing.

What’s the difference between you and my CPA or office manager?

In legal bookkeeping, it ensures financial clarity, compliance, and organized financial reporting. These solutions allow firms to access their financial data from anywhere, anytime and offer a more efficient accounting process. Cloud-based solutions are also more secure and cost-effective than traditional solutions. Additionally, they can be easily customized to meet the specific needs of the firm.

Trust funds belong to the client unless they are earned or needed for client-related fees. Anything leftover after services are complete will go back to the client. The ABA requires lawyers to maintain client trust account records for at least five years after work has ended. Records can include bank statements, checkbook registers, and any supporting documents related to the account. Cash accounting, or cash basis accounting, is when a firm reports transactions only when cash is received or paid out.

• Only a small mistake or duplicated data entry may result in wasted time, mismatched records, billing complications, and even compliance violations.
• The consequences of making even an innocent mistake that results in commingling funds can have dire consequences.
• Irvine Bookkeeping helps you keep track of costs that are tax-deductible all year long, so you don’t have to stress out at the last minute before tax time.
• For example, you may invest in professional development opportunities if your goal is to expand your team’s skill sets.
• Law firm accounting is a complex system that’s responsible for countless non-billable hours for many legal professionals.

Link your bank accounts for up-to-date transaction information with little or no manual data entry. The legal industry continues to evolve, and external bookkeepers must stay ahead of the curve. Beyond QuickBooks and legal software, external bookkeepers need additional tools for maximum efficiency. You can’t wait until right before tax time to start tracking your finances. In fact, you can’t even afford to wait a week until you make time to enter your transactions. We recommend scheduling a time to track your finances at least weekly.

You don’t need to commit fraud to be in violation.You just need to move the wrong $100 at the wrong time. A successful external bookkeeping relationship requires more than just technical setup—it needs clearly defined workflows that everyone understands and follows. As your budget year crawls on, you can adjust numbers to more accurately reflect reality and plan the rest of the year accordingly.

If your trust account isn’t compliant, your license is at risk.

• When a law firm is growing quickly, managing finances can become time-consuming.
• Whether you do your own bookkeeping or work with Irvine Bookkeeping’s professional team, your system needs to put accuracy and dependability first.
• Features like automated accounts receivable management and invoicing take the stress out of billing.
• Cash accounting is also beneficial because you can look at your bank balance at any time to understand the amount of money available.
• Your potential new hire should have experience working with law firms, managing IOLTA accounts, and navigating trust accounting requirements.

Although you now understand the common mistakes in accounting for law firms, you’re still an accountant or bookkeeper. There will come a point when you need to call in professionals for legal accounting, so don’t be afraid to delegate when you need help. By partnering with a CPA for attorneys, law firms can ensure that tax preparation, financial reporting, and other key accounting tasks are handled with precision.

Accounting Software for Law Firms in 2025

Once you develop a bookkeeping system, business owners will want to consider working with a CPA or professional tax accountant around tax time to handle tax returns. When you take funds out of your business for personal use, it can either be classified as a capital withdrawal or as a payment for salary. These are two different types of transactions and need to be managed accordingly. Having a bookkeeping and accounting system in place will ensure that the payments to yourself are recorded appropriately as salary. The goal of bookkeeping is to have an accurate picture of your current financial standing. For example, you might think you have plenty of money in the bank and buy a new computer before realizing you forgot to record that check to the court reporter.

In other industries, it is allowed to keep clients’ prepayments in your operating account and use the money to fund client projects. But legal bookkeeping and accounting in law firms are different than for other businesses. Your client trust accounts are required to keep separate from your business accounts. Ethics rules vary in each jurisdiction, but there are definitely some basics when it comes to accounting for law firms. Accounting for law firms is often intimidating—even for seasoned lawyers. While you’ve spent years honing your skills to become a great lawyer, you didn’t learn about accounting or bookkeeping for attorneys at law school.

Three-way Reconciliation

Comprehensive financial reporting tools for law firms provide an accurate view of client deposits, transactions, and other expenses in real-time. This not only simplifies deposit reconciliation but gives you a strategic way to evaluate your budgets, cash flow, and financial forecasts. The future of law firm accounting software is focused on automation, integration, and real-time financial tracking, enabling law firms to streamline operations and reduce human error. Many law firms struggle to stay up-to-date with changing tax laws and accounting standards, making it vital to rely on third-party providers who specialize in this niche. Clio is the leading law firm management software solution designed to streamline operations for law firms of all sizes.

Therefore, you’ll also have to consider the cost of your QuickBooks plan, in addition to the cost of QuickBooks Live Bookkeeping. As the name implies, QuickBooks Live Bookkeeping is a QuickBooks-based service that allows you to outsource your bookkeeping to QuickBooks experts. QuickBooks Live is attached to QuickBooks Online, and easily available to users who already have this accounting software.

Essential Online Bookkeeping Features

You’ll almost certainly need them at some point, and understanding how your books work will help you keep track of your finances and perform certain important tasks when needed. Secondly, if your business handles large expenses – over $300,000 per month for example – outsourcing could cost you a huge amount of money. And if you’re dealing with those sums of money, your company is probably big enough at this point to hire in-house bookkeepers.

Best Online Bookkeeping Services for Small Businesses

The income statement (sometimes called a profit and loss statement) tells the story of your revenues and expenses over a period, such as a month, quarter, or year. Analyzing your income statement can help you identify areas to cut costs and improve profitability. While outsourcing offers several advantages, it’s important to consider the potential drawbacks. You may have less direct control over your financial processes, and communication challenges can sometimes arise.

How much is QuickBooks for small businesses?

The most common services are classifying your account transactions, reconciling your bank and credit card accounts, and providing financial reports monthly. Bookkeeper360 aced our personal bookkeeper and bookkeeping services categories. Its main flaw is the cost of its services, which starts at $399 monthly for cash-based accounting and $549 a month for accrual-based accounting and increases quickly for firms with over $20,000 in monthly expenses. If you’re seeking more affordable pricing, then Bench is a good option, although it has its own proprietary accounting software.

• Monthly, reconcile bank accounts, send and pay invoices, and review your overall financial health.
• In order to find a bookkeeper, you need to evaluate which bookkeeping services your business needs.
• Some of these elements are done more regularly than others to ensure that the books are always up to date.
• On top of that, you’ll be able to avoid any penalties with their timely services.
• Even if you aren’t planning on growing any time soon, you need to have a sense of how much money is coming in versus what is going out.
• At year end, tax prep is virtually effortless because they already have all of the information in hand.

Preparing Basic Financial Statements

Working with a Wave Advisor is the easiest way to get help with your Wave software because it offers a team of dedicated bookkeeping professionals to help businesses manage finances. Brainy Advisors uses CPAs from the Philippines to deliver outstanding bookkeeping services, which are affordable considering income summary the work is all done by CPAs. They are expert accountants, although they don’t offer any US tax services or payroll. They can help customers with extremely complicated scenarios, such as consolidating parent and subsidiary corporations. Outsourcing your bookkeeping can be a more cost-effective solution, especially in the early stages. You gain access to professional bookkeeping services without the overhead of a full-time employee, as explained by Kruze Consulting.

What Should You Look for in a Bookkeeping Service?

Some additional services you may have access to include inventory tracking, BillPay, CFO services, and tax services. While Merritt offers only simplified bookkeeping without tax service and payroll processing, it could still be a great choice for you if you’re looking for no-frills cheap online bookkeeping services. It’s Certified Bookkeeper the most affordable option for small businesses that use Quickbooks cash accounting or self-employed individuals and boasts excellent user reviews and a 90-day money-back guarantee. 1800-Accountant is another excellent solution for outsourcing your business books – which is probably one of the most tedious tasks of running a business in the first place. This solution ranked high on our list of online bookkeeping services because it offers unlimited hours of support from a dedicated bookkeeper for a flat rate with no hidden fees. 1800-Accountant integrates effortlessly with any online bookkeeping software you already use, and provides numerous additional services to ensure your books are in order with minimal effort on your part.

How To Manage Bookkeeping in 4 Steps

If you’re comfortable with your current software, ensure your bookkeeping service supports it. While 1-800Accountant offers less expensive plans that may be useful for businesses that need only tax advice and quarterly reviews, only its most expensive Enterprise plan comes with bookkeeping services. Our complete list below includes why we selected each online bookkeeping service, monthly price details and features checklists to help you easily compare bookkeeping services. A vast majority of the bookkeeping services on our list are large, well established companies, sometimes with the support of millions in venture capital.

• Virtual bookkeeping services can also save you money through tax preparation services and tax filing, providing peace of mind that you’re 100% compliant with all tax rules.
• Bookkeeper360’s app is extensive, and allows users to track business performance, cash management, and payroll analytics.
• Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.
• Another bonus is that you get to communicate with your bookkeeping service team via chat easily.
• She also regularly writes about business for various consumer publications.

Another bonus is that you get to communicate with your bookkeeping service team via chat easily. In addition, Bench has raving online reviews and many integration options. Accounting software makes it possible to handle bookkeeping tasks on your own and automate some of them, such as categorizing and matching transactions. Even with these features, though, you’ll still want to double-check for errors, which takes time.

Its services are built around the needs of startup companies backed by venture capitalists. While any of the bookkeeping services in this guide will help new businesses, Pilot focuses on new businesses with aspirations of becoming medium to large companies. However, while your financial statements are sent to you monthly, your bookkeeper won’t pay bills, send invoices, manage inventory, and provide financial advice. If this is important to your business, we suggest Bookkeeper360, which aced our bookkeeping services category. Wave Advisors didn’t score well in terms of customer service, as it took a hit for not providing a phone number to call and not offering unlimited meetings.