An online bookkeeping service is a cloud-based solution where professionals manage your financial records and transactions remotely using accounting software. Instead of hiring an in-house bookkeeper, you can outsource the work to a company or freelancer who handles everything over the internet.

Here’s what online bookkeeping typically includes:

Recording transactions: Income, expenses, invoices, and receipts.

Bank reconciliation: Matching your books with bank statements to ensure accuracy.

Accounts payable & receivable: Tracking money you owe and money owed to you.

Financial statements: Producing reports like profit and loss, balance sheets, and cash flow statements.

Tax preparation support: Organizing records to make tax filing easier, sometimes even handling filing.