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Xendoo vs. Pilot: Comparing Online Bookkeeping Services for Small Business Owners

Bookkeeping is critical to the financial health of every business, but business owners rarely have the time (or desire) to manage it themselves. To take their time back, many business owners choose to outsource their bookkeeping and accounting. There are many options available, from traditional CPAs to tech-savvy online companies. So, how do you choose the right financial partner for your business?

Today, we will take a look at two popular providers: Xendoo Online Bookkeeping and Pilot. Both provide quality online bookkeeping and tax services, but there are some key differences in features that will help you weigh your options:

  • Online bookkeeping and tax services 
  • Accounting software 
  • Accounting methods

In this blog post, we will explore these key differences so that you can make the best choice for your business!

Online Bookkeeping and Tax Services 

Most of Xendoo’s online bookkeeping packages are tax-inclusive, with prices starting at $295 per month. Plans can be paid monthly or annually, whichever works best for you. We reconcile your books weekly, and deliver your reports as early as the 5th business day of the month, depending on the plan you select!

Pilot offers three online bookkeeping plans, with prices starting at $599 per month, all of which are paid annually upfront. Tax services are available at an additional cost and must be purchased separately.  

If you are behind on your bookkeeping, Xendoo and Pilot also offer catch-up services so you can get previous months’ books in order! 

Accounting Software

Most small business owners manage their finances in a variety of ways, the more software options, the better! That is why Xendoo works with both Quickbooks Online and Xero. Depending on the nature of your business, one of these options will be able to meet your specific needs. 

 

Pilot only offers Quickbooks Online. If you are already working in Xero, they will have to switch you to QBO and leave your history behind. While QBO is a solid option, it may not be the ideal choice.  

Accounting Methods

Accounting methods determine when income and expenses are recorded in your financial statements. They affect how cash flow, profitability, and business performance are tracked. The method used depends on your business and tax needs. 

 

Xendoo and Pilot use different accounting methods, with one exception: cash basis accounting. Depending on the plan you select, Xendoo will use a cash basis or modified accrual basis. Pilot defaults to an accrual basis on all plans, but you can request a cash basis. 

 

  • Cash basis accounting is a method in which revenue is reported only when cash is received, and expenses are noted when money leaves your account. It is often used by small businesses because of its straightforward nature. 
  • Accrual basis accounting records income once it is invoiced to the customer and records expenses once the bill is entered (even if it has not been paid yet). This is a complex method, used mostly for businesses with $5 million or more in annual revenue.
  • Modified accrual basis accounting combines the best aspects of accrual and cash basis. It recognizes prepaid expenses and offers accrual for inventory and other Balance Sheet categories.

 

As accrual basis accounting is the most complex method, it is the most expensive and time-consuming method to complete. Even if your business needs to account for inventory and accounts payable and receivable, the accrual basis method may not be necessary. The modified accrual method can meet your business needs in a cost-effective and timely manner. 

 

We recommend speaking to your accountant to determine the ideal accounting method for your business. 

Try Us Out

Xendoo offers a free trial in which we complete your bookkeeping from the previous month, plus the Profit and Loss Statement and Balance Sheet, so you can experience the Xendoo difference for yourself. If you decide that Xendoo is not the best fit for you, we will gladly connect you with others in our network so you can find your ideal financial partner. The data and reports are yours to keep in your QuickBooks Online or Xero account. If you choose to partner with us, you will have access to a comprehensive customer portal, with data-driven visualizations, and your financial reports at your fingertips 24/7.

 At this time, Pilot does not offer a free trial. They do weekly demos where business owners can tour the platform and ask questions.

 

For a brief summary of how Xendoo and Pilot compare, check out the chart below:

 

Who is Right for You? 

It depends! Every business owner needs financial visibility into their numbers for effective decision-making and growth. If you are looking to simplify your books, Xendoo is the best choice for timely, accurate, and worry-free bookkeeping, accounting, and tax services for you and your business. 

In Q4 2021, Xendoo will launch XendooPayroll, powered by Gusto.

Xendoo is a team of real people that care about you and your business. Allow us to handle the hassles while you put more money in your pocket, reduce your stress, and get back to doing what you love. So, are we a fit for your business? Let’s talk! Schedule your free consultation today!

xendoo + gusto = xendoo payroll

Partnering With Gusto Today Means a Better Tomorrow for xendoo Customers

Partnering with Gusto today means a better tomorrow for xendoo customers. As a small business owner, you juggle multiple roles… bookkeeping, human resources, marketing, and all that goes into running your business every day. You love what you do and wish you could leave the complicated, boring stuff out of your day-to-day. xendoo feels your […]

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Lil Roberts on Navigating an Uncertain Environment

A Precarious Spot for Small Businesses

In an article for Entrepreneur, Xendoo CEO and founder Lil Roberts talked a bit about how each outcome of the 2020 election could affect small businesses. She also offered some strategies for small business owners to negotiate the uncertain environment surrounding the election. While the election has since been decided, the challenges triggered by the pandemic are still putting small businesses in a precarious spot. Lil’s advice remains essential for business owners looking to navigate this minefield.

Maintain a Laser Focus

In times of uncertainty, Roberts says, “[b]usiness owners are well served to…focus on what they do best — running their business.” Specifically, ignore the things that are beyond control and avoid reactive decision-making. Instead, key in on things like expenses, cost control, and overall financial management. However, this doesn’t mean to stick one’s head in the sand. Small business owners should also have contingency plans in order to stay nimble and be able to adapt to changes that may arise.

Get Back to the Basics

“Business owners with the strongest foundation are the ones who survive challenging times,” says Roberts. “This includes building a positive company culture that values every team member, prioritizing interactions with customers or clients to deliver exceptional products and services, and monitoring the financial health of the business to quickly make decisions as the economic climate changes.” With so much going on in the world, it’s very easy to lose sight of these basics. However, they are critically important in an uncertain environment.

Stay Positive and Move Forward

The past election cycles, the pandemic, and the uncertain environment – Roberts calls these “energy vampires to small business owners”. She adds that, “a positive outlook and a focus on the future go a long way in ensuring their business remains resilient. Time will pass and the world will keep moving. A positive outlook is integral in keeping their businesses moving — onward and upward through uncertainty.”

We Get Small Business

Lil Roberts experienced the shortfalls of the archaic accounting industry first-hand. Her one goal: provide small business owners with financial peace of mind. How? Provide accessibility to expert CPAs, predictable pricing, and speed to financial numbers delivered through technology. Xendoo’s proprietary technology allows our expert bookkeeping team to 10x the productivity of a traditional bookkeeper and CPA. In partnership with Xero, we offer a monthly bookkeeping solution driven by real-time data and most importantly, real people.

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xendoo: Top 10 on the Inc. 5000 Regionals

One of Florida’s Fastest-Growing Companies

Inc. Magazine has ranked xendoo 10th on its Inc. 5000 Regionals: Florida list, highlighting its dramatic growth in the South Florida area. As an extension of the Inc. 5000, which ranks the 5000 fastest-growing companies in the United States, the 5000 Regionals focuses on the companies in six regions: Florida, California, Texas, the Midwest, NY Metro, and DC Metro. Companies are ranked according to the percentage growth of their annual revenue over a two-year period. For example, the 2021 Regionals used 2017 as a baseline and tracked growth through 2019. Complete results of the Inc. 5000 Regionals: Florida, including company profiles and an interactive database, can be found here.

 

Meeting the Needs of a New Reality

Additionally, xendoo has increased the size of staff to 28 employees and is looking to fill seven new positions. Furthermore, this comes with an approximate 10% month-over-month revenue increase. Lil Roberts, CEO and founder, says, “Companies worldwide have undergone many hardships over the past year. From revenue loss and shifts to remote work, small businesses have adapted to meet the needs of their new reality – and xendoo has been with them every step of the way. For instance, at xendoo, we ensure that our SMB clients’ finances are up-to-date on an ongoing basis. Moreover, during a COVID-19-fueled economic downturn, we’ve made sure they have the support needed to access grants from the Paycheck Protection Program. It’s an honor to see our continuous efforts recognized nationally by Inc., being named one of Florida’s fastest-growing companies.”

 

We Get Small Business

As a fellow small business owner, Lil Roberts experienced the shortfalls of the archaic accounting industry first-hand. Consequently, she envisioned one goal: provide small business owners with financial peace of mind. Specifically, to provide access to expert CPAs, predictable pricing, and speed to financial numbers delivered through technology. With this in mind, xendoo’s proprietary technology allows our expert bookkeeping team to 10x the productivity of a traditional bookkeeper and CPA. In partnership with Xero, we offer a monthly bookkeeping solution driven by real-time data and most importantly, real people.

South Florida Tech growth concept - Sunrise over Miami

The Sky is the Limit for xendoo, South Florida Tech Economy

On the Verge of Explosive Growth

A recent article by Citybiz profiles our own Lil Roberts. It touts the dramatic growth potential of both xendoo and the South Florida tech economy. While many other businesses have been hit hard by the pandemic, xendoo has seen a sharp swell in revenue. Additionally, staff size has grown to 28 employees and we’re looking to fill seven new positions to further develop and support our financial services for small businesses. To date, xendoo has garnered $3.5 million in venture capital. This includes funding from high-profile angel investor Jason Calacanis, as well as winning Steve Case’s “Rise of the Rest” competition, the start-up competition at Miami’s annual eMerge Americas conference, and the VilCap Finance Forward award.

A Unique Moment for the Regional Business Community

Lil, a serial entrepreneur who launched the Fort Lauderdale-based financial technology “fintech” company prior to xendoo in 2017, believes that South Florida is on the verge of explosive growth as an entrepreneurial, technology, and start-up hub. She says, “[w]e’re in a unique moment for our regional business community and overall economy, writing a special chapter that will define this area for generations.” Over the past year, COVID-19 has driven massive numbers of financiers and entrepreneurs from the dense metropolitan areas of California and New York here to southern Florida.

Ideal Conditions for Progress

However, that’s just the catalyst. Lil points to the fertile environment South Florida offers as a support system to these folks. Almost 60 colleges within a 50-mile radius of Miami educate over a quarter million students per year. Additionally, there are a number of organizations and events, many of which Lil is involved with. These include Start Up Grind, Sup-X, Coral Springs Innovation Day, and the Nova Southeastern University State of Innovation panel.

Entrepreneurs Organization South Florida

Lil has also been a member of Entrepreneurs’ Organization South Florida (EO SOFLO) for 12 years. Forbes calls EO “the Justice League of the entrepreneurial world” and the South Florida chapter is one of the largest, with more than 200 members who run businesses with 10,000 employees and more than $2 billion in annual revenue. Quoted in the article, Jason Loeb, president of EO SOFLO, says, “Lil has profoundly sharp vision and drive…She’s everything an entrepreneur and leader should be and personifies the core principles of EO.”

We Get Small Business

Lil Roberts experienced the shortfalls of the archaic accounting industry first-hand. Her one goal: provide small business owners with financial peace of mind. How? Provide accessibility to expert CPAs, predictable pricing, and speed to financial numbers delivered through technology. xendoo’s proprietary technology allows our expert bookkeeping team to 10x the productivity of a traditional bookkeeper and CPA. In partnership with Xero, we offer a monthly bookkeeping solution driven by real-time data and most importantly, real people.