What is BooksTime?
BooksTime is an online bookkeeping firm that provides accounting, bookkeeping, and payroll services aimed primarily for accounting firms, law firms, and small businesses based mainly in the U.S. though they offer its services to firms and companies abroad as well.
BooksTime was founded and launched by a married duo consisting of Certified Public Accountant (CPA) with an extensively impressive background of major accounting firms, Sonya Livshits and her husband, Jacob Livshits, a technology entrepreneur who previously managed Research and Development at software giant Nuance Communications. Being business experts in their own right, Sonya and Jacob have observed the difficulties that smaller firms and businesses go through to find satisfactory and convenient bookkeeping solutions all but in vain.
Major companies and firms tend to house their departments, each solely dedicated to keeping financial records, generating reports, running payroll, paying bills, and other equivalent back-office tasks. This would, of course, streamline the business aspect and keep operations smooth. Smaller businesses, however, may not have the time or luxury to employ and establish such a large and costly workforce. This would force these business owners to do their accounting, distracting them from focusing on the more important business factors. This is where BooksTime comes in to help.
The idea for BooksTime was to provide cost-efficient and reliable solutions for the specialized accounting needs of businesses in specific industries without the hassle of them dealing through recruitment costs, training and management time, paid time-offs, hidden fees, taxes, and much, much more. Another detail they wanted to provide solutions for was the business owners who struggle to choose between qualification and affordability when it comes to hiring a bookkeeper.
While many would turn to outsource their bookkeeping abroad, many of these sources tend to have a limited variety of services. And usually, many outsourcing companies can be over-specialized in one area that they would lack the flexibility to cater to the bookkeeping needs of another industry. In other worst-case scenarios, other affordable outsourcing companies tend to cut corners and provide inexperienced or under-qualified bookkeepers. This would obviously, in turn, lead to more problems than solutions.
Bookstime was envisioned to combat this situation with its services.
As its growth proved it to be a successful venture, today, BooksTime is by far one the best and legitimate accounting services firms out there, providing excellent bookkeeping services to numerous entities of all forms and sizes. As the company grows, so does its client base. With many major corporations and financial entities under an exemplary portfolio of client bases and an overwhelmingly large amount of claims authenticating its reputation, BooksTime has further cemented itself as a force to be reckoned in the realms of the accounting and financial industry.
In this BooksTime reviews, we will look into what makes this consultant agency as reputable as it is and the numerous advantages its services provide. Of course, we will also look into the claims that contradict the positive. Such claims that call BooksTime a “den of scam and deception that houses scammers and cheaters.” We will delve into these claims and provide evidence on whether these claims hold any bearings whatsoever. As we would never know who the real cheaters of the scam are.
Advantages of working with BooksTime
One of the selling points that BooksTime has is that it permanently shoulders the burden of bookkeeping off firms and businesses for them to maintain a stronger focus on the growing and maintaining the other aspects of the business. Sometimes, even despite the efficiency of a business order in any field, one may not be able to handle every factor that comes with leading an organization. As we have mentioned before, major corporations hire large departments for all their bookkeeping needs, as even the smallest mistake may pave the way for bigger problems – especially with the IRS. As such, having BooksTime at the ready can be a viable path to ease workloads and put the business at a stress-free state of mind.
Furthermore, BooksTime sends some of the most dedicated, highly-qualified, and friendly financial experts at your services to handle all your bookkeeping needs. What’s more, is that they would be available at any time of day to answer all your questions if needed.
Excellent bookkeeping servicesBooksTime ensures to employ highly-qualified and dedicated bookkeepers that will be assigned to work and correspond with the business owner every month. While one business is assigned to one bookkeeper, it is guaranteed that they would have the experience, technical know-how, qualifications, and a master’s grip on the latest accounting software to handle the business’ books. Part of this winning formula, they would also answer any questions or inquiries should the business owner ask.
High efficiency and low costsBeing up-to-date in the latest technological advancements in the field of finance and beyond, many may claim that BooksTime always seems “lightyears” ahead of its competitors. This means that BooksTime can render its output and accomplish its bookkeeping tasks at a much faster pace compared to what other outsourcing companies can do. Even so, BooksTime still offers its services at highly competitive prices, with costs shaved off amounting between 20% to 50% of the average service charges.
Clean and Consistent reportsWhile BooksTime does provide services for the organization of a business’ financial data, it also provides aid for clients in how to use the said data to optimal and industry standards. The qualified bookkeeper would be tasked to analyze the data and would act as an advisor for the business owner in how they may use the data for further reference in acquiring extended profits and maintain cash flow. The bookkeepers may also send the business owners their analysis and future projections should they inquire about it.
FlexibilityBooksTime’s professional bookkeepers maintain work protocols that allow them to become highly adaptable to the businesses in their respective industries. The ability for BooksTime to adapt plays as one of its best selling points, allowing BooksTime’s services to fit perfectly into the business owners’ specifications and not the other way around, choosing by hiring BooksTime change-free. Also, and if ever, BooksTime can also send the business owners recommendations for the latest accounting software to further streamline the bookkeeping process.
International availabilityBooksTime is not only limited to the United States, even though the company is based there. BooksTime has extended its bookkeeping services abroad and as far as Europe and the Philippines. Also, contrary to popular belief, and while many leading businesses in the United States may argue that hiring overseas can be a cheap and efficient way, Bookstime attempts to give its company the “best of both worlds” approach.
Accrual basis and Cash basis Bookkeeping
When it comes to bookkeeping, there are two ways of going about it – with the two methods being accrual basis and cash basis. Accrual basis can be seen as one of the better and more popular methods of bookkeeping options for a business with more than one employee in the payroll. This is because it projects a more realistic and accurate view of a company’s financial statement and position.
BooksTime offers business owners the choice between accrual basis or cash basis bookkeeping depending on the type of industry and its specification. Compare this offer to other firms that usually offer only one of the two bookkeeping methods.
BooksTime’s guide to its Accounting and Bookkeeping Services
BooksTime provides a vast array of accounting capabilities, each flexible enough to suit the needs pertinent to most modern industries. BooksTime’s services are managed and run by highly qualified experts and are required to have at least fifteen to thirty years of experience within a given field. This would also mean that they would have a vast amount of knowledge of a specific industry and for the usage of the latest accounting automation software.
As with how positive feedback from users, it can be safe to say from these reviews show that BooksTime is a considerable company to acquire services. Here is a list of services quality BooksTime offers:
• BooksTime Bookkeeping services
One of its chief services, BooksTime, offers bookkeeping services with maximum flexibility to adapt to your specific field of industry. Such services include the recording and organizing of transactions into an understandable and logical format, accounts reconciliation, the closing of months, year, etc.
Client security is also at the forefront of its list of priorities, and to protect all parties from scammers or cheaters, and efficiently secure the importation of financial data, BooksTime synchronizes all its accounting software with those of banks and other payment options and gateways.
• Set-up and organizing of companybooks
BooksTime’s services also include the set-up, clean-up, and even provide organizational support on your company books and receipts. This service also extends to updating your company books, dramatically shedding off your workload so that other more important aspects of your business can be attended to.
• Payroll services
Rolling out and filing payrolls for small businesses with teams can be a daunting task for business owners to maintain regularly. That’s why BooksTime’s payroll services are here to help – with services that include the filing of federal, state, and local payroll, along with sales tax payments among the United States. BooksTime also provides services for countries abroad; however, some terms and conditions may apply depending on the business’ geographical locations and the laws and regulations implemented within it.
BooksTime, along with the payroll services, can also provide and issue W-2s (or Wage and Tax Statements) to each of the business owners’ employees as well as 1099s (formally known by the Internal Revenue Services (IRS) as Information Returns) for independent contractors.
In addition to BooksTime’s payroll services, their client base is also viable for additional health benefits and insurances.
• BooksTime payment of bills
Bills – a product of the modern economy and a greater hassle for the business owner with not enough time on their hands. BooksTime can track and take care of bills as well as the process of issuing bills payment. BooksTime keeps a strict guideline that requires your authorization to pay said bills. Business owners are also provided the option to add more security measures to other areas if needed.
• Invoicing services
BooksTime will also provide invoices in line with the payment guidelines set up by the business owner as well as keep them up-to-date with reminders and confirmation of payments. Again, this can be very time-saving as the business owner can keep track of company costs without having to waft through all the complexities by themselves.
BooksTime Online Services
As we’ve mentioned in the overview, BooksTime is a company based in New York (NYC) in the United States of America and provides a majority of its chief services here. However, some interested business owners who have set up shop abroad may raise some concerns. Do they provide bookkeeping services abroad? And if so, how would they operate on it?
For some, the answer must have already reached you as soon as you read the question. Unfortunately for the rest, we aren’t as tech-savvy as our later generation. This is where BooksTime’s online bookkeeping services come in. BooksTime’s website, in its overview, is designed to act as an outsourcing platform for small business owners and larger firms to communicate with their bookkeeper and inquire about its business and accounting services.
BooksTime’s online bookkeeping services can offer a novice or seasoned business owner facilities that provide bookkeeping management, calculations, and specifications for the formulation of a wage fund, the control of operating expenses, and much, much more. Presented in an easy to understand format that even business owners with only a fraction of computer knowledge would still be able to understand and operate through the website’s interface easily.
Meanwhile, for the tech-savvy of us, BooksTime’s online bookkeeping services utilize the latest technology that modern times can buy, guaranteeing reliable security for the business owners’ bookkeeping and financial data.
When it comes to larger entities or firms, a lot of thought, effort, and consideration are given to its bookkeeping department’s goal and objectives. At times of more strenuous tasks, larger organizations would opt to hire third-party bookkeeping services from abroad through electronic or online services. As we have mentioned in the overview, the online bookkeeping services would still provide and facilitate the required work. The usual record-keeping services would usually require the bookkeepers to perform the rendering and securing of financial transactions data, manage the business’ bank accounts, and regulate banking channels. Additionally, record-keepers would administer enterprise receivables, keep and maintain financial records while working closely with tax agents, and render out fiscal reports.
Furthermore, and to the business owners’ discretion, they could also inquire with their designated bookkeeper about recommended optimization methods to minimize costs of the company and maximizing profit-generating capabilities, and providing facilities for modern business.
Business owners are highly advised to maintain and secure all their accounting books that contain details of all their financial operations. This is because these books are necessary for bookkeepers to assess and figure out how the business works and where the majority of the business’ income originates from. These accounting books generally contain lists of the business’ expenditures, expenses, and which side of its income is taxable and non-taxable, etc.
BooksTime’s pointers for better Bookkeeping for Small Businesses
Finally, on a side note, while some business owners may not need to outsource bookkeeping services, one may not deny that BooksTime is doing something right with how they would conduct their business. Therefore, to make room for a business owner and a designated bookkeeper to maintain smooth sailing in its businesses, one must be familiar with the procedures for generating and securing financial data. We have provided a list of BooksTime pointers for bookkeeping for small business that assures the business owners a more streamlined bookkeeping work.
Automation is key
The rise of modern technology and the propelling of the financial industry into the modern age has fully rendered manual data entry on balance sheets and spreadsheets obsolete. With a vast array of cutting-edge bookkeeping software available online, it revolutionized the way we rely on data and its security. BooksTime uses the best and secure cloud-based bookkeeping software, making transactions online as quick and convenient as initially imagined.
Business and personal financial records must be kept separated
While failing to compare expenses versus income can be classified as a common mistake among business owners, being unable to (or failing) to separate business and personal financial records from home can prove to be a bookkeeper’s nightmare. Without a clear boundary, a business owner may be unable to tell from where the money is coming and going from. This is why BooksTime makes sure to practice organizational clarity among the records of expenditures, and profit that flows through the clients’ businesses.
Organized records of business expenses
Even when keeping business and personal expenses in different departments, organizations, and keeping track and rendering transaction documents into an organized, digital format can save the business owner a lot of hours wasted sifting through their files to find what they need. Fortunately, BooksTime can facilitate this for the business owner.
Quality over quantity
Many first-time business owners tend to struggle to choose between accountants with the qualifications and accountants who are affordable. This can put a strain on their business finances, as business owners would “over-hire” under-qualified personnel who aren’t cut for the job. When it comes to BooksTime, they make sure that the one designated bookkeeper provides a standard of quality, with a long line of experience and knowledge in the field.
Regular financial checkups
As business owners, taking care of bounced checks, unaccounted expenses, and unaddressed invoices can be a daunting task in and of itself. BooksTime provides aid to this by utilizing professional experts and the latest in automated technology to regular checkups of the business owner’s financial records.
Quarterly reviews keep you up-to-date
BooksTime provides a service wherein they would report and provide analysis to a client’s bookkeeping and accounting records at each quarter’s end. How does this benefit the business owner? These reports shed more light on trends, yearly revenues, or even through the influx of customers who pay late or deserve credit.
Monitoring Employee work hours
Keeping track of employee work shifts and paid-leaves is an undeniably important aspect of a business that many business owners should track. However, they can agree that it can be difficult to keep tabs, especially when there are a lot of other pressing matters to attend to. Again, this comes down to BooksTime’s cloud-based, automated software that files employee overtimes, undertime, and generating data to run monthly payrolls effectively.
Accounts receivables are recorded.
While late-paying customers might answer only to their conscience, and efficient organization should pay attention to its receivables. Should customers become persistent in their delayed payments, then they should be contacted. If the customer is faced with a difficult financial situation, it is recommended that a payment arrangement be made, this ensures that none of the parties involved are burdened.
Tax deadlines are met.
Planning ahead is always important for a business to avoid any avoidable circumstances in the future. For businesses and organizations, this would mean setting aside money for bills. This helps avoid delayed payments that may result in hefty fines. Consulting with BooksTime can help the business owner here as well by making the necessary arrangements so that taxes are always paid on time.
BooksTime Client and Employee Feedback
While as much praise can be this seen in this review, there’s a lot more weight in a statement or point when said by a client who has indeed hired BooksTime to aid them in their businesses. Below are the testimonies of some of the said clients.
“I’m not sure where to even begin with how great working with BooksTime has been. But it certainly ranks in one of the best business decisions we’ve made to date. We worked primarily with their accounting/bookkeeping guru, Sonya, who is extremely detail-oriented, organized, and thorough with all of her work.
When we worked together to do the initial cleanup of several years of our books, she not only provided the actionable intelligence to put our books in order, but she found every single item that didn’t add up perfectly and worked directly with me to properly account for them. On a personal level, I love working with Sonya. Her swift responses, top-notch work, and sense of humor on occasion when she figures out you are trying to “invent” new GAAP principles to suit your needs, makes Bookkeeping a breeze.
I couldn’t recommend her more highly!”
“I tried out multiple bookkeepers before finding BooksTime with little sucess in regards to setting up the Quickbooks platform so that it integrates with my Ecommerce site, Amazon, and manages my inventory all at the same time. BooksTime took their time to set it up properly, was always extremely communicative, and very through in cleaning up the mess I had made along the way. I highly recommend them for your bookkeeping needs and especially for those who have had trouble managing multiple channels and nventory through Ecommerce, retail, direct, etc.”
“Our company came out of the dark ages finding BooksTime. The everyday service demands of our small family plumbing and heating business gave us little time to lok at the numbers and make sense out of them. We were lucky to even have a handle on how much money was really coming in and out, let alone how much was really in the bank. Four months in, we now know immediately where our accounts stand and can begin to plan ahead financially. BooksTime staf have tutored us through the entire process and every month our confidence in understanding the systems increases. BooksTime had helped us get a new grip on our business and organizing us for expansion down the road, as well as streamlined the time we spent laboring through numbers.”
“After working with BooksTime for more than a year, I highly recommend them. They helped us improve our bookkeeping processes and implement accounting best practices. Their service is very personalized and they customize their processes to meet my business’s needs. They are always willing to adapt the service plan to make it work better for me. The bookkeepers are skilled, knowledgeable, and easy to work with. Their team approach works well. In addition to having a dedicated bookkeeping, it’s great to have access to the high level expertise and oversight from the Senior Accountant”
“I strongly recommend BooksTime. The team at BooksTime provided us with the highest level of service imaginable. Since we signed up in 2015, all our finances have been managed perfectly. They take care of any requests we have very quickly and always make themselves available for us. They go above and beyond to meet any need we have! I can’t recommend them highly enough–BooksTime is by far the best option out there. I look forward to working with them for many years to come.”
While we did scour the internet to find any negative reviews that could shed a more balanced light of BooksTime so that we could paint a better (and honest) picture on the client feedback aspect of the company. However, we were surprised to see that there wasn’t much negative reviews that held its ground. Surprisingly, and on a side note, most of the negative reviews seemed to have originated from BooksTime’s former employees express bitterness for their expulsion. We did attempt to dig deeper into this situation and later found out the reasons for the removal of these employees were due to violations and misconduct of company policy. Of course, a peculiar case as it is, we have yet to find any serious claims or allegations against BooksTime that would detest to its reputation, but as of writing this in the reviews, there are none whatsoever.
As a business owner stumbling upon this kind of news, one would wonder since it came up in the overview. This would, in turn, lead us to another question: is BooksTime truly a scam. Or perhaps maybe we would ask if BooksTime does hire scammers into their payroll?
We would answer to these concerns below:
BooksTime: Is it Legitimate?
Given the feedback by a majority of its client base and the reputation that the company has cemented itself in (inside and outside of this review), it’s not hard to deny that BooksTime is not just a legitimate company but a leading one in its bookkeeping quality.
It is evident even before the founders and the dedicated team of BooksTime expressed pride in their work and in their mission to provide small businesses flexible services for them to thrive.
And with offers and services as innovative, easy-to-understand and learn, and as ground-breaking as those mentioned here, there are many may claim them as otherwise cheaters and scam-artists. While it is known that there are comments going around in the comments section and blog posts claiming that BooksTime is run by scammers and cheaters looking for the next scam to swindle money, the idea of it can be either a miscommunication or exaggeration to a certain extent. So it may seem that the ones who do claim BooksTime to be a bunch of “scammers” were removed from the company for being “scammers” themselves. While we cannot claim full evidence on this, logically speaking, it would be safe to bet that BooksTime is a legitimate business.
And if the evidence is more your turning-point, there has yet to be proof or evidence of these “cheaters” conducting practices of such deceptions.
At the bottom-line, many can see that BooksTime’s services offer much more than standard bookkeeping services. BooksTime’s ability to adapt their complete bookkeeping workload and accounting technology with the clients’ needs and specifications within the industry can place it as a more viable and convenient choice than most of its competitors out there on the field.
Even without this review, with an overwhelming abundance of positive reviews in the online community grows, it can also be safe to bet that the bookkeepers of BooksTime are not scammers or cheaters, as some commenters may say. And as the evidence shows, these are usually just remarks of the disgruntled and may have no grounds, basis, or evidence of a scam in their claims whatsoever. If we had to pull out a logical conclusion to all this, we would just have to ask, who are the cheaters in this game of “scam or not-scam”?
Whatever the case, we have written this review as fair sided as possible and have tried to pin BooksTime under as a scam or means of deception but in vain and we hope that this review would give you an idea about the services, advantages, and the reputation that follows the BooksTime Company, no matter how bias all this may seem.