QuickBooks Live Bookkeeping

QuickBooks Live Bookkeeping Review 2023: Pricing, Services, and More

QuickBooks Live Bookkeeping is an all-inclusive bookkeeping service that businesses can hire to maintain their books, correctly categorize expenses, and generate reports. By subscribing, small businesses are connected with a dedicated bookkeeper who can virtually work on their account. There is a cleanup fee required to get started and have your books organized, after which the monthly fee ranges between $200 and $400. Read our comprehensive QuickBooks Live Bookkeeping review to determine if this popular managed service is suitable for your business.

Pros:

  • Easy to access reporting
  • Simple to use
  • Helps businesses stay on top of finances and growth

Cons:

  • Takes time to understand and utilize the entire subscription
  • Messaging platform is cumbersome
  • Bookkeeper not always available

QuickBooks Live Bookkeeping: At a Glance

QuickBooks Live Bookkeeping is a subscription service providing businesses with a certified bookkeeper to help manage their company's books. There is a $500 cleanup fee for getting started, which covers updating your books. After that, you pay $200 to $400 per month for the service, depending on your monthly account average.

Here's the breakdown of QuickBooks Live Bookkeeping pricing based on account balance:

  • $0 to $10,000 per month: $200
  • $10,001 to $50,000 per month: $300
  • $50,001 or more per month: $400

With the service, you receive a dedicated bookkeeper who will categorize expenses, reconcile accounts, and close your books at the end of the month, ensuring you know your business's financial position at any given moment.

QuickBooks ensures their bookkeepers are certified in QuickBooks accounting software and have the experience to manage accounts. A dedicated bookkeeper ensures continuity, as they will learn the details of the company and the business owner's reporting needs.

The service includes an Accurate Books Guarantee, where your books are evaluated for errors. If an error is discovered, QuickBooks will reopen the books for that month and fix the error at no additional charge.

Other Benefits

Using QuickBooks Live service is often more cost-effective than hiring an independent bookkeeper who might charge you hourly, making it difficult to budget for as the expense can vary monthly.

Table 1: Featured Partners Comparison

Company Starting Price Payroll Invoicing
1-800Accountant $125/month Yes Yes
Xendoo $395/month via Gusto Yes
Merritt Bookkeeping $190/month No No
Fine Print:

For those new to working with a bookkeeper, it might take some time to learn how to best utilize QuickBooks Live service. While maintaining records is relatively straightforward, obtaining valuable, business-specific reporting may take some time working with your dedicated bookkeeper. Reports are easy to generate, but you may find that you need some reports more than others to best understand your business's finances.

Users have found the messaging platform cumbersome, as it often takes 24 to 48 hours to receive a response. The system might also notify you about waiting responses that have already been addressed.

QuickBooks Live Bookkeeping Competitors Comparison

Table 2: QuickBooks Live Bookkeeping vs. Competitors

Service Starting Price Set Up Fee Accuracy Guarantee Dedicated Bookkeeper
QuickBooks Live $200 per month $500 cleanup fee Yes Yes
KPMG Spark $395 per month First month's payment No Yes
Ignite Spot Accounting $199 per month None No Yes

QuickBooks Live, KPMG Spark, and Ignite Spot are three competitors that offer subscription bookkeeping services. All three provide a dedicated team to ensure that your bookkeeper is familiar with your business and its unique aspects.

QuickBooks Live and Ignite Spot are competitively priced services, whereas KPMG is substantially more expensive for similar services. One aspect that sets QuickBooks Live apart from the competition is its accuracy guarantee. If a mistake is found, QuickBooks will fix it at no additional cost. Many businesses appreciate this guarantee, demonstrating that the service stands behind its work.

Is QuickBooks Live Bookkeeping Right for You or Your Business?

If you are already using QuickBooks as your accounting program, using their bookkeeping services is a natural progression for additional support. It is a cost-effective way to receive bookkeeping assistance, making tax time easier and helping you avoid audit issues. It also provides easy access to the reports you need, allowing you to spend your time strategizing business growth based on accurate data, rather than entering data yourself.

Additional Insights from QuickBooks Live Bookkeeping:

According to the official website of QuickBooks Live, the service provides support tailored to your business needs. The bookkeeping team helps you manage your financial tasks and offers monthly check-ins to discuss your financials.

The pricing page provides additional information on the plans and services offered. A one-time setup fee of $50 is required for new QuickBooks Online customers, while the cleanup fee varies based on the condition of your books. The monthly bookkeeping cost, as previously mentioned, ranges from $200 to $400 per month, depending on your account balance. Additionally, the service offers a 30-day satisfaction guarantee, allowing you to try QuickBooks Live Bookkeeping risk-free.

In conclusion, QuickBooks Live Bookkeeping is a valuable service for businesses looking to maintain accurate financial records and receive expert assistance in managing their books. With competitive pricing, dedicated bookkeepers, and an accuracy guarantee, it can be an excellent choice for businesses seeking to streamline their accounting processes and focus on growth.

FAQs

What is a QuickBooks live bookkeeper?

A QuickBooks live bookkeeper is a certified professional who assists businesses in managing their financial records using the QuickBooks accounting software. These bookkeepers are responsible for categorizing expenses, reconciling accounts, and closing the books at the end of the month. They also provide tailored support and monthly check-ins to discuss the financials, helping businesses stay on top of their finances and make informed decisions based on accurate data.

Is QuickBooks Live bookkeeping setup worth it?

The QuickBooks live bookkeeping setup is definitely worth considering for businesses seeking to improve their financial management. Here are some reasons why:

  1. Dedicated bookkeeper: QuickBooks live bookkeeping assigns a dedicated bookkeeper to your business, ensuring continuity and familiarity with your company's unique needs.
  2. Accuracy guarantee: QuickBooks live bookkeeping offers an Accurate Books Guarantee, which means they will fix any errors found in your books at no extra cost.
  3. Cost-effective: This service is often more affordable than hiring an independent bookkeeper, as the monthly fees range from $200 to $400, depending on your account balance.
  4. Time-saving: With a QuickBooks live bookkeeper handling your financial tasks, you can focus on growing your business instead of managing your books.

How much does QuickBooks Live bookkeeper make?

QuickBooks live bookkeeping salary varies depending on factors like experience, location, and the specific needs of the business. Generally, a QuickBooks live bookkeeper can expect to make between $20 and $30 per hour. Some bookkeepers may charge more if they have additional certifications or specialize in specific industries.

How do I become a QuickBooks live bookkeeper?

If you're interested in becoming a QuickBooks live bookkeeper, follow these steps:

  1. Acquire bookkeeping skills: You should have a strong foundation in bookkeeping, including knowledge of accounting principles, financial statements, and tax laws.
  2. Get certified in QuickBooks: To become a QuickBooks live bookkeeper, you'll need to be certified in QuickBooks Online. This certification demonstrates your proficiency in using the software and ensures you can provide quality service to clients.
  3. Gain experience: It's essential to gain experience working with various businesses and industries to become a successful QuickBooks live bookkeeper. This experience will help you understand the unique needs of different clients and develop the skills necessary to manage their financial records effectively.
  4. Build your client base: As a QuickBooks live bookkeeper, you'll need to market your services and build a strong client base. Networking, leveraging social media, and participating in industry events can help you connect with potential clients and grow your business.

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