QuickBooks Live Bookkeeping service enables business owners to access real-time support from an Intuit-certified bookkeeper. If you don’t have the time to look after your books, QuickBooks Live Bookkeeping service has got you covered. This service can be acquired exclusively by QuickBooks Online users. Contracting with the live bookkeeping service, you can get your books managed without needing to put your time and effort into it.
Wondering how you can make this service work for your business? Well! This detailed guide can help you gather all the important information about the service before getting started with it. Here, you can learn about QuickBooks Live Bookkeeping costs, reviews, features, and much more. Let’s start.
QuickBooks Live Bookkeeping At A Glance
Before moving ahead, let’s understand QuickBooks Live Bookkeeping and how it works. Businesses that are already established or willing to find their feet in the market can rely on this service for their business accounting. You can get help in different stages of your bookkeeping as explained below:
QuickBooks Services
Accept credit card payments where you do business – in the back office, in your retail store, on your website, or on your mobile device.
Setting Up Your Books
Subscribing to this service lets you get help from a live bookkeeper, who will guide you in setting up your books. It includes setting up your Chart of accounts, bank connections, invoices, credit cards, and more. Users running QuickBooks Online for not more than 60 days connect with a QuickBooks ProAdvisor to set up their books to make the most out of their business accounting software.
Get Your Books Reviewed
If you have an established business, you can get started with the QuickBooks Live Bookkeeping cleaning services. It will ensure that your books are in an optimal shape. If you think they already are, your dedicated bookkeeper will still review your books, reconcile your bank/credit card accounts and balance sheet accounts to keep all your information accurate and up to date. Once the cleaning-up service is done, your dedicated bookkeeper will manage your day-to-day record-keeping tasks.
Access Help Anytime By Several Means
Live Bookkeeping QuickBooks Online login connects you with a QuickBooks ProAdvisor, with whom you can connect anytime and get the desired help on a live video chat or get your queries answered until you are satisfied. The one-on-one assistance is a great way to discuss your concerns with an expert and get them resolved efficiently.
Get Month-End Reports Ready For You
During your engagement with the service, your QuickBooks Live Bookkeeper will handle your books and provide you with the month-end reports. Furthermore, you can utilize different features of your QuickBooks application if you are facing any unease. Thus, you can get assistance with QuickBooks bank connections, bill payments, invoices, and bank reconciliation.
QuickBooks Live Bookkeeping Pricing – How Much Does It Cost?
QuickBooks Online Bookkeeping is a cost-effective service and can save a bundle for you by eliminating the need to hire or outsource a full-time bookkeeper. Besides, you are not restricted in a long contract as it enables you to switch or terminate the service without incurring any charges. Furthermore, you can access the “Accurate Books Guarantee”, thereby saving the charges incurred as a penalty for the incorrect books.
For New Businesses
Once you are enrolled, you will be assigned a live bookkeeper you can collaborate virtually. The new QuickBooks users need to pay $50 to set up their books and bank connections.
Before You Start
Thereafter, you need to pay a $500 clean-up fee for the first time, which ensures that your books are accurate, up-to-date, and reconciled. Thus, you pay these cleaning-up service charges to make a fresh start with your dedicated bookkeeping service. To ensure the “Accurate Books Guarantee”, cleaning service is crucial in the beginning.
Live Bookkeeping QuickBooks Prices Based On Account Balance
This section explains how much is QuickBooks live bookkeeping based on the monthly expense cap.
Low Volume Bookkeeping (Up To 10,000)
If the monthly expense cap for your business is up to 10,000, you fall into the low-volume bookkeeping category, and it will cost you $200 per month. In addition, you will have to pay for your QuickBooks Online subscription pricing ($30-$200) based on the plan you are using in the Online version of QuickBooks.
Medium Volume Bookkeeping ($10,000 To $50,000)
If you are a business with a monthly expense cap of $10,000 to $50,000, then you fall into this category. You need to pay $300 for your QuickBooks Live Bookkeeping service in addition to your monthly QuickBooks Online subscription charges.
High Volume Bookkeeping (Above $50,000)
Businesses having a monthly expense cap of more than $50,000 come under the High Volume bookkeeping label. They need to pay $400 as their monthly subscription price to get QuickBooks Online Bookkeeping service.
What Does QuickBooks Live Full-Service Bookkeeping Include?
Your QB Live Bookkeeping enrolment includes the following stages of the service:
Cleanup Service
The cleanup services ensure that:
- The old finances of your business accounting are up to date.
- Live session with the bookkeeper for personalized setup.
- Profit and loss balance sheets are made up to date.
Ongoing Bookkeeping
Once the clean-up is done, you can avail of yourself with ongoing assistance from a certified QuickBooks ProAdvisor:
- Optimal management of the books, thereby keeping your financial information up-to-date.
- Close your books before tax time for efficient tax management.
- Produce detailed business reports to analyze the financial health of your business.
- Get virtual support from your bookkeeper whenever you need it.
Features Of Live Bookkeeping QuickBooks Online
QuickBooks Live Bookkeeping offers many incredible features to users so that they can streamline their business accounting processes. Some of the main features of this service are stated in the below-given list:
Expert’s Assistance
QuickBooks Live Bookkeeping enables QuickBooks Online users to collaborate with an Intuit-certified QuickBooks ProAdvisor, to keep their books accurate and up-to-date. A professional expert can manage things efficiently and troubleshoot the most complex issues related to your business accounting.
Start Fresh
The Cleaning up service lets users make a fresh start with accurate records. All the shortcomings in your existing bookkeeping process are resolved before the experts proceed any further with your ongoing bookkeeping processes. It enables QuickBooks to offer Accurate Books Guarantee to the users.
Up-To-Date Records
Your records are always up-to-date, so you can keep the worry of the audits and taxes at bay. Your dedicated bookkeeper categorizes your transactions and reconciles accounts so that you can manage your business stress-free. Besides, you can review the categorization and give your suggestions.
Intuitive Reports
The bookkeepers keep an eye on the income and expenses of your business and produce intuitive reports, crucial in your decision-making. Once you get the story behind the numbers, you can make the best business decisions and stand out in the competition.
Timely Closure Of Books
They keep your books up to date, which helps them to close your books before the tax timing, thereby simplifying your tax processes. Furthermore, with up-to-date financial information, tax filing needs minimal effort.
Personalized Setup
By connecting with a dedicated professional via several means of communication, such as live video chat, you can get your books organized as per your specific business requirements. Once your business accounting application is aligned with your specific business needs, nothing can stop you from growing.
QuickBooks Live Bookkeeping Reviews
Wondering if QuickBooks Live Bookkeeping is right for my business or not. Well! You need to keep a few important points in your consideration to get your answer. If you want to hire an independent bookkeeper, then this service can provide access to a live bookkeeper, and that too at a significantly lower price.
This service is highly reliable with its Accurate Books Guarantee. It keeps your financial information accurate and up-to-date ready for your taxes. Furthermore, you can get your monthly reports prepared and use them to gain insights into the financial health of your business. However, before you deploy this service in your day-to-day business accounting, you must analyze the service critically.
Advantages Of QuickBooks Online Live Bookkeeping
Some of the main advantages of using Live bookkeeping service in QuickBooks are described in the below-given list:
Cost-Effective
Hiring a full-time bookkeeper can be a costly affair. QuickBooks Live Bookkeeping, on the other hand, helps you save a bundle. Besides, you can get your taxes prepared with minimal effort. Moreover, accurate books can prevent you from the penalties caused due to bookkeeping inaccuracies.
Instant Support
You can avail of real-time support from an Intuit-certified expert, who assures that all your issues are addressed then and there. They can add expertise to your process, and you don’t need to wait endlessly to avail yourself of technical assistance in QuickBooks. These bookkeepers become ProAdvisor’s after passing the certification exams conducted by professionals.
Data Privacy
A Bookkeeper handling your books knows the ins and outs of your business accounting. When you build a relationship with your dedicated bookkeeper, they can provide you with the details you need while keeping your data privacy intact. It is not wise to change your bookkeeper now and then.
Insightful
You can get the insights needed when making important business decisions. Keeping an eye on your income and expenses and other important growth metrics, you can get to know what is working for your business and what is not. Thus, you can always modify your strategies to move one step ahead.
Accurate
Proficient bookkeepers clean up your existing accounting information and make sure that they are accurate. Thus, you can keep your bookkeeping processes error-free.
Time-Saving
When all your daily record-keeping tasks are managed by expert bookkeepers, you can save your time and invest it in other important competencies of your business to grow faster.
Limitations Of Live Bookkeeping In QuickBooks
Now that you are aware of the advantages of QuickBooks Live Bookkeeping service, it is equally important to know its shortcomings. It can help you with your quest and make it easier for you to make the service an integral part of your bookkeeping process:
Additional Cost
To use the QB Live Bookkeeping service, you need to have a subscription to QuickBooks Online. However, it is not included in the QBO subscription, but you need to pay separately for the Live Bookkeeping service, which is an extra expense.
Doesn’t Include Payroll And Tax
You may not be able to manage your payroll and tax processes. You can access full-service payroll as an add-on service. Besides, you can also not perform tax-related processes. However, with up-to-date financial records, you are tax ready and can file taxes with minimal effort.
Missing Important Features
Several accounting features are missing in QuickBooks Live Bookkeeping service invoicing, bill payment, cash flow management, inventory tracking, and several others.
Pricing Increases With Your Monthly Expense
The pricing scales up as your monthly expense increases. We have already discussed these tiers and the increase in the price for different expense levels.
Does QuickBooks Live Bookkeeping Provide A Free Trial?
There is no free trial for live bookkeeping in the QuickBooks application. If you want to get it, you need to pay the monthly subscription charges to use it in your accounting system. You can access it with QuickBooks Online, where you need to pay for the QuickBooks Online subscription separately.
Can I Cancel My Live Bookkeeping QuickBooks Online Subscription Anytime?
Yes! You can cancel your bookkeeping plan anytime and switch to a different plan. You are not restricted by any contract to continue using it for a longer time.
Can I Use QuickBooks Live Mobile Application?
You can access a mobile application for QuickBooks Online to enter your transactions, record expenses, and send invoices to your customers. However, this application is not able to access the QuickBooks live features.
Ending Words!
Hope you have gained absolute clarity on what QuickBooks live bookkeeping and how you can make it work for your business accounting. By navigating through this post until the end, you can learn if it is right for your business or not. However, if some part of this post is not clear, contacting an expert can help you get all your queries answered.
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