No matter what industry you work in, accounting and bookkeeping is a must for any business. From small, solo entrepreneurs who work online to larger operations with a physical location and multiple employees, you have to track your business finances for both taxes and making the best business decisions.
Today, we are going to look at eDataQuick, a remote bookkeeper that can handle all of your accounting and reporting needs using the industry standard online bookkeeping system so you always have access. Let’s take a look at how eDataQuick works and if it makes sense for your business.
This company is headquartered in sunny Beverly Hills, California. However, most of the work is done by a team of CPAs located in the Manilla, Philippines area. Because the cost of living is much lower in the Philippines than the United States,
But don’t let the big body of water sitting between you and the accounting team scare you off. I have worked with several Philippines-based virtual assistants in the past, and in my experience, they do good work and are reliable team members. Plus, the team at eDataQuick are Certified Public Accountants, often simply called CPAs, which means they are licensed and know US accounting standards inside and out.
If you try to handle your own bookkeeping, you may find that you have to outsource certain parts of the process to an outside company. Maybe that is your payroll. Maybe it is accounts receivable or accounts payable management. eDataQuick handles all of these functions included in one monthly price.
Payroll alone, just for one employee, costs at least $30-$40 per month if you want to outsource to a firm that keeps you in compliance with state, local, and Federal payroll guidelines. This is part of where I was very impressed with
eDataQuick exclusively uses QuickBooks, which is the biggest and most popular accounting software for small to midsized businesses. You can choose between desktop and online versions. I’m partial to QuickBooks Online, even though it charges a slightly higher fee that eDataQuick passes on to you. QuickBooks Online allows you to log in and view your latest information live on the web and access your own reports, though eDataQuick will generate and send reports to you regardless of which version you choose.
Here is a list of the major services included in eDataQuick’s monthly fee:
- Accounting and bookkeeping
- Accounts receivable processing
- Accounts payable processing
- Payroll processing
- State and Federal tax form preparation (1098, 1099, W-2, payroll tax forms, sales tax returns)
- Financial and management reporting
- Custom reports and special projects
If you are a “shoebox full of receipts” kind of business owner, eDataQuick is perfect for you. They will set up all of your accounts and take care of all of the math and complicated stuff behind the scenes. But even hands-on business owners will appreciate having the burden of backend financial work being taken off of your shoulders.
With a CPA taking care of your accounting, you can focus on running your business and growing your profits rather than the tedious work of entering and updating accounting records. Just send your receipts, statements, invoices, and other relevant forms by email, fax, or an online portal and they will take care of the rest.
I mentioned above that pricing starts at $50 per month. That pricing is for businesses with up to $5,000 in monthly expenses and includes 5 manual transactions per month. The next tier costs $65 per month for businesses with up to $10,000 in monthly expenses and includes 10 manual transactions. If you have a larger business, check out the table below for more details.
Whatever plan you choose, the first two months are free. If you love it, which you probably will, billing starts on the third month.
|Monthly Fee||Monthly Expenses||Manual Transactions Included|
|$50||Up to $5,000||5|
|$65||$5,000 to $ $10,000||10|
|$95||$10,000 to $100,000||20|
|$195||$100,000 to $250,000||25|
|$300||$250,000 to $400,000||25|
This truly is bargain pricing. If you have shopped around before landing here, you know how much many bookkeepers charge. And you may run into a la carte pricing that makes it even more expensive. Here, pricing is reasonable and predictable.
If you go over your monthly allotment of manual transactions, additional transactions cost 35 cents each. Depending on your business model, you may have very few or a handful. But considering the time to understand your business and categorize transactions accurately, this price is a good deal.
The only additional cost is for QuickBooks, depending on your choice. You won’t pay any extra for the desktop version and will get financial reports directly from your CPA team. You can pay extra for QuickBooks Online if you want it, which I recommend but it is ultimately up to you.
eDataQuick Makes Sense
It takes a bit of trust to outsource any part of your business. When it is your finances, it could feel like handing over your firstborn child! But rest assured, eDataQuick puts your financial information in good hands.
I had an opportunity to chat with the CEO, who lists his personal cell phone number on the website. Fred was genuine in his love of this business and I could tell how passionate his team is about helping small business owners manage their money at a competitive price.
If you have a small business and want help with everything that needs to happen with your finance outside of preparing income taxes,
eDataQuick staff are Certified Public Accountants licensed by the Philippine Institute of Certified Public Accountants based in Manilla. While they are not US-licensed, they are very familiar with the bookkeeping and accounting standards used by US businesses.
The only downside I could find when digging around was that you can’t complete your entire signup process online. However, it makes sense you would need to hop on the phone to get up and running with any new accounting provider. Once you are onboard, you can handle everything by email and in the eDataQuick online portal.
The parent company has more than 20 years of experience handling financial services for medical and legal offices. If they can handle things like health insurance billing and attorney invoicing, they can certainly handle whatever accounting needs you can throw at them.
They use high levels of encryption and run their offices in a controlled environment to ensure maximum privacy and security. I can’t say this often, but I really love the service eDataQuick provides and think it is an excellent choice for the needs of most small business owners.
Don’t Ignore Your Books!
One of the most important benefits of working with an accounting service that does all of your bookkeeping monthly is that you have quick access to the most important information about your business. Sure, taxes are required, so you have to do them anyway. But getting valuable insights into your business can offer make-or-break data that helps you thrive in whatever you are trying to achieve.
A few years ago, I was struggling to grow my revenue after taking my business full-time. While working longer and longer days, I didn’t see my revenue scaling up with the time I invested. It was a QuickBooks report that opened my eyes to the problem. I was spending way too much time on a low-revenue part of my business and not enough time in the highest-revenue, highest-margin part. A refocus over the next few months took me to my first ever five-figure revenue month and consistent $10,000+ results ever since.
If you want to take your business to the next level, you need good data and strong bookkeeping. For me, that was a total game changer. If you don’t already have this kind of information, you should get started right away. If you need an affordable, high-quality provider for your accounting, payroll, and reporting, eDataQuick is an excellent choice.
Head to eDataQuick’s website today to get started with a free two-month trial.
Note from Eric: This review was produced in conjunction with eDataQuick, but all opinions are my own.