QuickBooks Live Bookkeeping Review & Pricing in 2022
Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.
Eric is a staff writer at Fit Small Business focusing on accounting content. He spends most of his time researching and studying to give the best answer to everyone.
This article is part of a larger series on Accounting Software.
What We Recommend QuickBooks Live For
QuickBooks Live is our top-rated online bookkeeping service for companies using QuickBooks Online. It’s a great option for small to midsize businesses (SMBs) that don’t have an in-house bookkeeper. In addition to giving you peace of mind, QuickBooks Live can save you time and money.
Who QuickBooks Live Is Best For
- QuickBooks users: If you’re inexperienced with QuickBooks, Live bookkeepers will ensure that your books are accurate and can also train you on day-to-day bookkeeping tasks. Whether you’re inexperienced or not, the QuickBooks suite of products can help you focus on important business tasks that will lead to your business’ growth.
- New QuickBooks users: You can receive assistance with setting up and learning QuickBooks so you can complete all your daily tasks easily, then perform your ongoing day-to-day bookkeeping yourself.
- Those that want a personal connection: The dedicated bookkeeping team provides a point of contact and will answer all questions in a timely manner.
Who QuickBooks Live Is Not a Good Fit For
- Businesses using FreshBooks: Bench Accounting is our top choice for assisted bookkeeping for FreshBooks users. Aside from that, part of Bench’s services is catch-up bookkeeping that can go back as far as 10 years.
- Businesses that are looking for services other than bookkeeping or those who are using Xero: Bookkeeper360 is an ideal alternative to Xero users because it provides a seamless integration within the Xero app. Bookkeeper360 also offers chief financial officer (CFO) advisory services, payroll and human resources (HR) services, tax filing, and back-office support. You can get these services for an additional monthly fee.
- Businesses that want a local accountant: If you would prefer to have a local bookkeeper, you can hire a local QuickBooks ProAdvisor that isn’t directly connected with QuickBooks.
- Businesses looking for the lowest price for basic services: Merritt Bookkeeping is a great alternative for users that need only basic services and prefer a more affordable choice. For only $190 per month, you can get bookkeeping services without transaction limits. Besides that, you can get a discounted monthly fee for catch-up bookkeeping.
If you’re not sure whether QuickBooks Live is the right assisted bookkeeping service for you, check out our article on the best online bookkeeping services for more choices.
QuickBooks Live Pros & Cons
| PROS | CONS |
|---|---|
| You’ll be assigned your own dedicated bookkeeper who is up to speed on your business. | QuickBooks Live doesn’t include invoicing, paying bills, inventory management, accounts receivable, and accounts payable. |
| It includes monthly reports that will provide you with a financial snapshot of your business. | It doesn’t include payroll or tax filing services. |
| QuickBooks Live works seamlessly with QuickBooks Online and other QuickBooks products. | Companies that use accrual method accounting are not supported. |
| Accurate bookkeeping and categorization simplify tax preparation. | There is no free trial offered. |
| With the 100% Accurate Books Guarantee, you can request a free audit of your bookkeeper’s work at any time. | QuickBooks Live requires a subscription to QuickBooks Online, which has an additional cost. |
QuickBooks Live Pricing
The first month of service with QuickBooks Live is dedicated to onboarding and cleanup of your books, and the cost is $500. After the first month, the ongoing Live service is available in three different pricing tiers, depending on your company’s average monthly expenses over a period of three consecutive months. There’s no contract, and you can cancel at any time.
Low Volume | Medium Volume | High Volume | |
|---|---|---|---|
Monthly Cost | $200 | $300 | $400 |
Monthly Expense Cap | Up to $10,000 | $10,000 to $50,000 | More than $50,000 |
QuickBooks Live Features
QuickBooks Live contains features that can assist your monthly bookkeeping needs. If you want to learn more about the service, read our QuickBooks Live Bookkeeping article.
- Setup of customers and vendors: Your bookkeeper will help you set up and customize your customer and vendor lists.
- Assistance with reports and reporting tools: QuickBooks Online has a variety of financial reports that can be customized easily. Your bookkeeper can show you how to do this as well as provide an analysis of these reports.
- Chart of accounts setup: Customize your chart of accounts to assist with tax preparation in the future.
- Assistance with connecting bank and credit card accounts: Once you connect your bank and credit card accounts, your transactions will be downloaded automatically as they become available, ensuring that you have the most accurate financial data.
- Importing of historical data: Any transactions that have occurred in the past can be imported with the help of your Live Bookkeeper.
- Month-end close: Each month, your bookkeeper will close your books and confirm that they’re accurate by preparing a trial balance.
- Ongoing assistance with bookkeeping practices: As part of ongoing bookkeeping, your bookkeeper will categorize your transactions and reconcile your accounts. You can also troubleshoot transactions and request assistance with bookkeeping practices.
You can activate your QuickBooks Live account within QuickBooks Online by clicking on Live Bookkeeping from the left navigation bar as indicated below. After you sign up, you’ll provide QuickBooks with information about your business and, within a few minutes, you’ll be matched with a bookkeeper who has expertise in your industry. Although you’ll have your own dedicated professional, you’ll also have access to an extended bookkeeping team if you have any questions:
Activate QuickBooks Live From Your QuickBooks Online Dashboard
QuickBooks Live: Working With Your Bookkeeper
Upon enrollment, you’ll be given access to the QuickBooks Live Hub, which is your own secure space on the site that allows you to check on your bookkeeper’s progress and check their schedules to make an appointment for a video chat. You’ll also see a step-by-step task list, maintained by your bookkeeper, which shows the tasks that have been completed:
Chatting with a QuickBooks Live Bookkeeper
(Source: QuickBooks Live)
You’ll meet with your bookkeeper via one-way video chat that can be accessed by sharing your screen. This means that you can see them, but they won’t be able to see you. During these meetings, you’ll have the opportunity to ask questions about financial reports and ask for assistance with basic bookkeeping tasks. You can also reach out to the extended bookkeeping team at any time.
Are you planning on getting a QuickBooks Online subscription? Read our QuickBooks Online comparison of the different plans and features. The plan we recommend the most is QuickBooks Online Plus.
When Are QuickBooks Live Bookkeepers Available?
QuickBooks Live bookkeepers are available for a set number of hours per week between 6 a.m. and 6 p.m. Pacific time, Monday through Friday. While each bookkeeper’s hours may vary, QuickBooks will work with you during the onboarding process to find a bookkeeper whose availability best matches yours.
How Much Time Are You Able to Spend With Your Bookkeeper Each Month?
Most users meet virtually with their bookkeeper once or twice per month. There’s no set amount of time per month that you can meet 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.
What Information Do You Need to Provide to Your Bookkeeper?
You’re responsible for providing account information to link bank accounts to QuickBooks Online, including information about any unlinked bank accounts that need to be managed, transaction details for clarification upon request, and account statements.
What Qualifications do QuickBooks Live Bookkeepers Have?
QuickBooks Live Bookkeepers are required to have at least one of the following credentials:
- Active certified public accountant (CPA)
- Active certified public bookkeeper
- Bachelor’s degree in accounting or finance
- Expertise in accounting, finance, or bookkeeping
- Active QuickBooks Online ProAdvisor certification
- Minimum one year of experience working with QuickBooks Online
QuickBooks Live Mobile App
While QuickBooks Online does have its own free mobile app, which allows you to enter transactions, record expenses, invoice customers, and send reports, the app cannot access QuickBooks Live features. Access to the QuickBooks Live Hub is limited to your desktop or laptop computer.
QuickBooks Live Reporting
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 statement. Additional reports can be provided upon request. Besides that, QuickBooks Online also has a lot of special reports that you can generate like balance sheet or P/L statement by class or location. That’s why QBO is our best small business accounting software because of its versatility.
QuickBooks Live Alternatives
Best For | Businesses looking for the most affordable option for basic services | Businesses that use Xero bookkeeping software | Businesses using FreshBooks or those that have fallen behind in their bookkeeping |
Service Fee | Flat fee of $190 per month | Starting at $359 per month | Starting at $299 per month |
Software Cost | Included in service fee | Included in service fee | Included in service fee |
Bottom Line
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.
Although you’ll need to handle many of the day-to-day bookkeeping tasks yourself, such as invoicing your customers and paying your bills, your QuickBooks Live bookkeeper will perform transaction maintenance, month-end review, and financial reports to ensure that your financial records are accurate.
