What Is QuickBooks Live, and Is It a Smart Choice for Your Business?
We’re bringing in our experts from TurboTax, another Intuit product, to help you file your taxes right in QuickBooks to give you a seamless transition from your books to taxes. With an average of 16 years of tax experience, they’re pros at helping partnerships, S-corps, sole proprietors and LLCs get filed and maximize credits and deductions. You’ll be able to see your experts’ specific credentials and experience, so you’ll know you’re in good hands with America’s #1 tax prep provider. Plus, every return is backed by our Expert-Approved Guarantee. Upon enrollment, you’ll be assigned a dedicated bookkeeper who’ll collaborate with you virtually.
A certified bookkeeper will help you set up your chart of accounts according to your needs, help connect your bank accounts, and show you how to automate the processes you perform most. QuickBooks Live’s pricing is based on the company’s average monthly expenses and ranges from $200 to $400 a month. The first month of service costs $500 and is dedicated to onboarding and the cleanup of your books. At the end of each month, your bookkeeper will send you PDF copies of key financial reports, which include your balance sheet and profit and loss (P&L) statement.
Is QuickBooks Live a smart choice for your business?
The service’s biggest drawback is that it offers limited services and no access to financial advice. Other users wished it was possible to call someone directly, rather than wait for a response or set up a meeting. If you haven’t worked with a bookkeeper before, it may take you some time to learn how to utilize the quickbooks live bookkeeping service best.
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. Your bookkeepers will help you set up your Chart of Accounts, connect your online banks, and go over the basics of QuickBooks Online Plus. If you’re already using it and have entered data, they’ll help create a plan to clean it up—for a $500 charge if you have more than two months of historical data. QuickBooks Live pairs you with experienced bookkeepers who can reconcile your accounts, close your books, and provide advanced reports.
How much does QuickBooks Live cost?
Established businesses will start their engagement with QuickBooks Live Bookkeeping’s cleanup services. This step ensures your books are accurate and up to date when your ongoing monthly bookkeeping service commences. They’ll close your books monthly and send you reports for review. You can also meet with them to review reports and receive assistance with any bookkeeping questions. Throughout your engagement with QuickBooks Live Bookkeeping, your bookkeeper will manage your books for you and provide you with month-end reports.
You need to be a QuickBooks Online user to use QuickBooks Live. QuickBooks also recommends that you check in with your team at least once a month just to see how everything is looking (you can schedule a video chat or leave a message within QuickBooks Online). QuickBooks Online can be accessed from any web enabled mobile device with a web browser. The experience is optimised on any iOS device (iPad, iPhone or iPod Touch) and Android tablet or Smartphone with the QuickBooks online app. 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.
Plans to fit your business
QuickBooks Live provides you with live one-on-one support from QuickBooks-certified bookkeepers who will ensure organized, up-to-date financials. These bookkeepers understand your industry and will collaborate with you to streamline your bookkeeping process. QuickBooks Live and Ignite Spot Accounting are two competitively priced services, where Decimal is substantially higher in cost for the same services. One thing that we found that separated QuickBooks Live from the competition was its accuracy guarantee. If a mistake is found, it will fix it for no additional cost. Some businesses will appreciate this guarantee that the service stands behind its work.
QuickBooks Live takes on the tasks that are more advanced than these core capabilities. 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.