Our partners cannot pay us to guarantee favorable reviews of their products or services. If you work with a popular subscription service such as QuickBooks Live Bookkeeping, you can pay as little as $200 per month for bookkeeping. Other services may cost as much as $2,500 per month, depending on the complexity of your business’s books.
We evaluated quickbooks live based on tax and consulting services, personal bookkeeper, user reviews, bookkeeping services, and pricing. If you’re unsure whether QuickBooks Live is the right assisted bookkeeping service for you, check out our guide to the best online bookkeeping services for other options. There are many things that QuickBooks Live bookkeepers won’t do. They don’t give tax advice, and they don’t serve as business advisors. They don’t take on daily accounting tasks like invoicing or paying bills. They won’t work with companies that use the accrual method of accounting or that haven’t filed 2019 income taxes.
What information do you need to provide to your QuickBooks Live bookkeeper?
You can track projects and related transactions, and the site will keep a running tally of each project’s profitability. Based on the product and service records you create, the site can tell you how much of a given item you have left in inventory. You can also assign sales taxes to transactions, run reports, and process payroll (additional cost). Small businesses often schedule video appointments once or twice per month to discuss questions and to review results.
There are dozens of reports in QuickBooks Online Plus that you can easily create yourself. For example, you should be running aging reports so you can see which customers are past due on payments. But there are some more complex reports, like Balance Sheet and Statement of Cash Flows, that QuickBooks Online Plus can generate, but which you might have a hard time understanding. These reports provide a broader overview of your company’s financial status. Your bookkeepers will explain what they mean at the end of each month and send you PDF copies of reports like your Profit and Loss statement. You probably spend the bulk of your time in QuickBooks Online Plus entering transactions like invoices and sales receipts and recording payments.
More time each day
Once you’ve created an account, you’re assigned a primary bookkeeper based on your company’s composition and needs. This individual will be your main contact, though other bookkeepers on his or her team will be doing work for you, too. These Certified QuickBooks ProAdvisors (some of whom are CPAs) have experience working with small businesses, and they’ve received extensive training in accounting, finance, and bookkeeping.
- Track, adjust, and approve your team’s hours on any device.
- It’s possible some of them may charge a little less than what Intuit is charging.
- QuickBooks Live Bookkeeping can be more cost-effective than hiring an in-house bookkeeper or outsourcing your bookkeeping to an accounting or bookkeeping firm.
- QuickBooks Live Bookkeeping is a comprehensive bookkeeping service that businesses can contract with to maintain their books, properly categorize expenses and perform reporting.
- A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting.
37% faster based off of internal tests comparing QuickBooks Online regular invoice workflow with QuickBooks Online Advanced multiple invoice workflow. Connect seamlessly with your current apps to keep your business running smoothly. Now that business is expanding, get tools to simplify new demands and set everyone up for success.
Build your business and your knowledge
Previously I could only access our bookkeeping records by physically going into our office. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. We consider the opinions of users and the service’s ratings on various review sites. These criteria were disregarded for providers where no reviews were found.
Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control. Intuit reserves the right to change these hours without notice. Terms, conditions, pricing, service, support options, and support team members are subject to change without notice. If you’re already using QuickBooks as your accounting program, using the bookkeeping services is a natural transition for extra support. It’s a cost-effective way to get the bookkeeping that will make tax time easier and help keep you from audit issues. It also puts the reports you want at your fingertips, so instead of using your time to enter data, you can spend your time thinking about how to grow your business based on real data.
years experience helping small businesses
These bookkeepers understand your industry and will collaborate with you to streamline your bookkeeping process. Most users meet virtually with their bookkeeper once or twice per month. There’s no set amount of time each month that you can spend with your bookkeeper, but you can only schedule one appointment at a time. You can also chat live with a member of your bookkeeper’s extended team at any time. You’ll also see a step-by-step task list, maintained by your bookkeeper, which shows the tasks that have been completed. They also said that they like the ability to speak with a live person with a variety of communication preferences, including one-way videoconferencing.