Jan 5, 2023 — Accounting — Eric Giguere
QuickBooks Live Bookkeeping, an add-on to QuickBooks Online, does exactly what its name implies: It connects QuickBooks clients with QuickBooks-certified bookkeepers for personalized support.
Business owners who are unable to manage their books or who need the personal support of a professional can benefit greatly from this service. But you have to be willing and able to pay for this ultra-personalized level of service. This service will not file tax returns on your behalf. You'll need to do that separately.
QuickBooks Live Bookkeeping was initially offered to a small group of QuickBooks Online customers only in June 2019. In December 2019, it became available to all businesses that use QuickBooks Online and have filed taxes in the previous calendar year.
Bookkeeping service connects with a certified accountant (yes, a human one) and you can communicate via video chat. Your bookkeeper can be reached at any time with questions or concerns regarding your accounting. They will manage your books and provide monthly reports.
QuickBooks Live Bookkeeping notes that you may not qualify for its service if your business is extremely complex, deals in foreign currency or cryptocurrency or heavily mingles personal and business expenses.
QuickBooks Live Bookkeeping doesn't come cheap. It doesn't come with long-term contracts so you can cancel or switch your service at any moment.
QuickBooks Live Bookkeeping offers three service plans:
Low-volume bookkeeping: $200 per month. This plan can be used by businesses with up $25,000 in monthly costs.
Medium-volume bookkeeping: $400 per month. This plan works for businesses with monthly expenses between $25,001-150,000.
High-volume bookkeeping: $600 per month. This plan is best for businesses who have more than $150,000.
Signing up for QuickBooks Live Bookkeeping will require you to provide some details about your business. The service will then match you with a certified accountant within minutes. If you have any questions, you can leave a message for an additional team. QuickBooks Live Bookkeeping states that it will try to match your needs with a bookkeeper available during the hours you are not available.
The screen-sharing section allows you to schedule video or screen-sharing sessions. The bookkeeper will help you with:
Cleaning up and setting up: Your bookkeeper will help clean up any existing information in QuickBooks Online. If you are brand new to QuickBooks Online, they can assist with setting it up and your chart of accounts.
Ongoing bookkeeping: The bookkeeper will categorize transactions and reconcile accounts each month.
Reporting: After closing your books at the end of each month, your bookkeeper will send you copies of financial reports, including your profit and loss statement and balance sheet.
There is one caveat. The platform's bookkeepers won't manage your payroll setup, administration, support, or maintenance. And although they'll organize your books for tax season, they won't file your taxes for you. You'll need to work with an accountant, professional employer group, or payroll service that is certified to calculate and file taxes for you.
Wave Accounting software with Wave Advisor as an add-on might be a cheaper alternative to QuickBooks Live. Wave Accounting software and the Wave Advisor add-on may be an alternative to QuickBooks Live. The software is intuitive and simple to use.
Wave's advisory service, which is similar and more affordable than QuickBooks Live, allows you to select from three plans. These include Bookkeeping and Payroll support, Tax Service, Accounting Coaching, and Tax Service. The Bookkeeping and Tax Service start at $149 per calendar month. The Tax Service is $1,500 per fiscal year. Accounting Coaching services are available at a flat $229 for 1 hour of coaching. You will also receive 30 days of free email support.
FreshBooks is known for its excellent customer support. Bench bookkeeping services can be added to your order for an additional cost. FreshBooks customer service team can be reached by phone or email, Monday through Friday from 8 a.m. Eastern to 8 p.m. Eastern. They have consistently received high ratings on major review platforms. Bench also offers similar services to QuickBooks Live Bookkeeping. FreshBooks offers three service packages starting at $15 to $50 per monthly. Larger businesses that have more than 500 clients are eligible for a custom pricing plan.
FreshBooks offers superior customer service and is an excellent alternative to QuickBooks. Both software's administrative and accounting tools are similar. FreshBooks customers have access to time-tracking and team management tools as well as online payment acceptance. FreshBooks is a cloud-based application, so all its services can be accessed through a mobile app.
