QuickBooks Live Accounting Review for 2022

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QuickBooks Live Bookkeeping is live, real-time bookkeeping support provided by a QuickBooks Certified Bookkeeper (also known as QuickBooks ProAdvisor). Offered exclusively to QuickBooks Online users, QuickBooks Live Bookkeeping can be a major help for business owners who don’t have time to keep their own books and want hands-on human support without hiring an in-house bookkeeper.

Although QuickBooks Live Bookkeeping offers “full-service” bookkeeping, certain tasks often fall to internal or external bookkeepers who are not included in the service. And keep in mind that this service won’t do tax returns on your behalf, so you’ll have to handle that separately.

$200-$400/month, depending on average monthly spend.

Depending on your QuickBooks Online subscription level.

Ease of sharing with accountants

You can easily invite your accountant to view your QuickBooks Online file.

Yes, provided your needs are kept simple.

  • Powered by QuickBooks Online.

  • No contract, cancel anytime.

  • You can easily take over your own accounting or transfer these tasks to another provider if you wish.

  • Full-service payroll is available as an add-on service

How does QuickBooks Live Bookkeeping work?

QuickBooks Live Bookkeeping is available for new and established businesses. New businesses (those that have subscribed to QuickBooks Online within the last 60 days) will have a one-time session with a live accountant to set up their books. This setup includes instructions on setting up the chart of accounts, custom invoices, and connecting bank accounts and credit cards.

Established businesses will begin their engagement with QuickBooks Live Bookkeeping cleaning services. Even if you think your books are in good shape, a live accountant will review and update your books, reconcile your bank and credit card accounts, and reconcile your other balance sheet accounts from the date of your last statement. income (or the date of incorporation of your business). , if it is the most recent) until the end of the month preceding your subscription to Live Bookkeeping. This step ensures that your books are accurate and up to date when your monthly bookkeeping service begins.

When you sign up for QuickBooks Live Bookkeeping, you’re connected with a QuickBooks ProAdvisor, who is a QuickBooks Certified Bookkeeper. You can contact your accountant at any time to schedule a live video chat or to discuss questions or concerns about your accounting. Ongoing communication is available at all times via document sharing and live chat, either with your accountant or a member of your accountant’s team.

Throughout your engagement with QuickBooks Live Bookkeeping, your bookkeeper will manage your books for you and provide month-end reports. They will also help you answer basic accounting and QuickBooks questions, such as using QuickBooks reporting features, assistance with bank connections, and setting up customers and vendors. Your QuickBooks Online Accountant will not send invoices, pay invoices, manage your inventory, or provide tax or financial advisory services. If you need payroll, it is available for an additional fee.

How much does QuickBooks Live Bookkeeping cost?

QuickBooks Live Bookkeeping can be more cost effective than hiring an in-house bookkeeper or outsourcing your bookkeeping to an accounting or bookkeeping firm. There is no long-term contract, so you can change or cancel your service at any time without incurring any fees. Plus, QuickBooks Live Bookkeeping comes with an “Accurate Books Guarantee” to cover any errors made by your live bookkeeper (some exceptions apply).

Pricing is based on the average of your monthly spend over a three-month period.

Average spend (per month)

QuickBooks Live Bookkeeping Pricing (per month)

Cleaning (established businesses)

QuickBooks Online Subscription

$25-$180 per month, depending on subscription.

Benefits of QuickBooks Live Accounting

There are many benefits to using QuickBooks Live Bookkeeping, making it a great deal for many small businesses:

  • Books ready for tax. One of the main selling points of QuickBooks Live Bookkeeping is that they will provide you with tax-ready books. This doesn’t mean they will do your taxes for you, but it does mean that your books will be ready to hand over to an accountant or tax preparer with little effort on your part.

  • Accurate books guaranteed. If your live bookkeeper misclassifies a transaction or makes another mistake in your bookkeeping, QuickBooks Live Bookkeeping will correct it at no additional cost.

  • A real live accountant you can communicate with. Even with all the talk of “bots” and “AI, most accounting departments still rely on human accountants to do at least some of the accounting work. What sets QuickBooks Live Bookkeeping apart is that they will connect you with an experienced bookkeeper in your industry who you can meet on a video call.

  • Scalable pricing. QuickBooks Live Bookkeeping grows with your business and typically costs less than an in-house bookkeeper or outsourced bookkeeping provider.

Disadvantages of QuickBooks Live Accounting

QuickBooks Live Bookkeeping is a good choice for small and simple businesses, but it lacks several things:

  • They will not bill your customers or pay the bills for you. If you have Accounts Receivable (you invoice customers for later payment) or Accounts Payable (you enter invoices to be paid later), QuickBooks Live Bookkeeping won’t handle that for you. You, or a member of your team, will need to manage these tasks internally.

  • They do not offer consulting services. Your financial information is useful for more than just filing a tax return. Most business owners benefit from having an advisor review their financial statements with them and make recommendations for improving the business, but QuickBooks Live Bookkeeping does not offer this service.

  • Your Live Bookkeeper may not have accounting knowledge. Even though QuickBooks Live Bookkeeping guarantees that their bookkeepers are QuickBooks certified, that doesn’t mean they have accounting knowledge. There’s a big difference between knowing how to use QuickBooks and understanding accounting, and an accountant who is familiar with both will be an asset to your business.

Alternatives to QuickBooks Live Bookkeeping

Wave Advisors

If the cost of QuickBooks Live is an issue for you, you might consider Wave Accounting software with the Wave Advisor service add-on as a more cost-effective alternative. Wave Accounting is one of the few business accounting software providers on the market that is completely free.

With Wave’s Advisor service, which is similar to QuickBooks Live Bookkeeping, you can choose from three paid packages: bookkeeping assistance, tax service, and accounting and payroll coaching. Accounting support starts at $149 per month if you prepay for an annual plan. Tax service starts at $899 per year, and accounting and payroll coaching is a one-time fee of $329, with additional purchase options available.

Bench

Bench is similar to QuickBooks Live Bookkeeping in many ways. You are associated with a dedicated accounting team that you can communicate with regularly, they do all your accounting for you and are presented to you with tax-ready financial statements.

Unlike QuickBooks Live Bookkeeping, Bench also offers historical bookkeeping services beyond the last filed tax return as well as tax filing and consulting services. And if you need accounts receivable or accounts payable, Bench offers specialized accounting for an additional fee.

At $299 per month, Bench Basic Accounting costs a bit more than QuickBooks Live Bookkeeping, but that amount includes accounting software (with QuickBooks Live Bookkeeping, you have to pay for your QuickBooks Online subscription separately.) And that brings us to One of Bench’s biggest drawbacks: Bench uses proprietary software that only its accountants and clients can access. If you choose to cancel your subscription, you can continue to log in to view your data, or you can export it to Excel, but you cannot continue to use Bench software for your accounting.

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