You’ll also need to give them descriptions of any established capitalization or accounting policies for your business. They can also send PDF copies of key financial reports including your profit and loss statement and balance sheet. In the cleanup/setup phase, your bookkeeper helps you set up your chart of accounts, connects your banks, and teaches you the basics of QuickBooks. If you have information in QuickBooks already, your bookkeeper will help clean it up in the first month of service. Eric is an accounting and bookkeeping expert for Fit Small Business. He has a CPA license in the Philippines and a BS in Accountancy graduate at Silliman University.

QuickBooks Live Bookkeeping is a subscription service that gives a business a certified bookkeeper to help manage the company books. There is a $500 cleanup fee to get started, which pays to get your books up to date, and then you pay $200 to $400 per month for the service. During your first appointment, your bookkeeper gives you a quick tour of QuickBooks Live Bookkeeping and helps you set up your chart of accounts, connect your banks, and upload your documents. Once they have all the required information, they’ll start cleanup, which include categorizing transactions and reconciling accounts. Cleanup takes about 30 days from the time they receive everything they need from you.

1. Typical cleanup is complete within 30 days after receiving all necessary documentation.
2. Live bookkeepers aren’t responsible for errors resulting from incorrect information that you provide, or if you re-open the books by overriding closure after a Live bookkeeper completes the month-end closure.
3. One thing that we found that separated QuickBooks Live from the competition was its accuracy guarantee.
4. There’s no set amount of time you get per month with your bookkeeper, but you can only have one scheduled appointment at a time.

Schedule and manage appointments with your bookkeeper

Most users meet virtually with their bookkeeper once or twice per month. There’s no set amount of time each month that you can spend 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 extraordinary items under gaap at any time. We evaluated whether the online bookkeeping service offered tax and consulting, and the scope of those services. 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.

Best Online Bookkeeping Services in 2024

Here’s how to connect with your bookkeeper or a QuickBooks product expert so you can get the help you need. 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.

Best Accounting Software for Small Businesses of 2024

To downgrade from Expert Full-Service Bookkeeping, you may need to wait until the end of your current subscription billing period. The first month of service with QuickBooks Live is dedicated to onboarding and cleaning your books. It is custom-priced based on the amount of cleanup your books require. You’ll still need to manage tasks for your business like sending invoices, paying bills, and managing inventory, accounts receivable, and accounts payable. If you invoke the guarantee, QuickBooks will conduct a full n evaluation of the Live Bookkeeper’s work. Whether you need help with your bookkeeping, getting ready for tax time, or need coaching, our team of experts is here to help.

Take bookkeeping off your plate

Hand off your books to a Live bookkeeper and get back to what you do best. You can request a callback 19 social media kpis you should be tracking anytime when you need a little extra help. Answer a few questions about what’s important to your business and we’ll recommend the right fit.

Activate QuickBooks Live 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. In addition to having a dedicated professional, you’ll have access to an extended bookkeeping team if you have any questions. Those who left a QuickBooks Live Bookkeeping review appreciate that their dedicated bookkeeper not only performs ongoing maintenance of their books but also helps them get set up and fix past errors. Also, reviewers said that they like the ability to speak with a live person with various communication preferences, including one-way video conferencing.

QuickBooks vets bookkeepers to ensure they are certified in QuickBooks accounting software and have the experience to manage accounts. Having a dedicated bookkeeper means that the business maintains the continuity of one person who learns the ins and outs of the company and what the business owner needs by way of reporting. With the new QuickBooks Live Tax, you can choose whether to do your taxes with expert assistance or have experts do them for you.

Access to the QuickBooks Live Hub is limited to your desktop or laptop computer. If the cost of QuickBooks Live is an issue for balance sheet vs. profit and loss statement: what’s the difference 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 very few business accounting software providers on the market that’s completely free. When you sign up for QuickBooks Live Bookkeeping, you are connected with a QuickBooks ProAdvisor, which is a bookkeeper certified by QuickBooks. You can contact your bookkeeper anytime to schedule a live video chat or to discuss questions or concerns about your bookkeeping. Ongoing communication is available at any time via document sharing and live chat, either with your bookkeeper or a member of your bookkeeper’s team.

The service doesn’t include financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll. QuickBooks Online offers Expert Full Service Payroll for an additional cost. Live Expert Assisted doesn’t include cleanup of your books or a dedicated bookkeeper reconciling your accounts and maintaining your books for you.