Launched in 2019, QuickBooks Live is an assisted bookkeeping service that enables QuickBooks users to enlist a qualified bookkeeping professional to categorize expenses, reconcile accounts, and provide advanced reports. Upon enrollment, you will be assigned a dedicated bookkeeper who will collaborate with you virtually.
What We Recommend QuickBooks Live For
QuickBooks Live is our top rated online bookkeeping service and designed for small businesses that would like to outsource bookkeeping to a trusted third party. It’s a great option for small to midsized businesses (SMBs) that don’t have an in-house bookkeeper. It can also be a major help for business owners who don’t have time to keep their own books and who want hands-on personal support.
Who QuickBooks Live Is Best For
- Inexperienced QuickBooks users: If you are inexperienced with QuickBooks, Live bookkeepers will ensure that your books are accurate and can also train you on day-to-day bookkeeping tasks.
- New QuickBooks users: You can receive assistance with setting up QuickBooks, but then perform your ongoing bookkeeping yourself.
- Users wanting a personal connection: The dedicated bookkeeping team provides a point-of-contact for all questions, which are answered in a timely manner.
Who QuickBooks Live Is Not a Good Fit For
- Businesses using other software: QuickBooks Live only supports QuickBooks Online, which we rate as the best overall small business accounting software.
- Businesses wanting a local accountant: If you would prefer to have a bookkeeper that is local to you, you can hire a local QuickBooks ProAdvisor that is not directly connected with QuickBooks.
- Experienced do-it-yourselfers: QuickBooks is designed to be user-friendly, and people with a little accounting experience and time should be able to master it without the need for continuous assistance.
Are you not sure QuickBooks Live is the assisted bookkeeping service for you? Check out our article on the Best Online Bookkeeping Services.
QuickBooks Live Pros & Cons
| PROS | CONS |
|---|---|
| You’ll be assigned your own dedicated bookkeeper who is up-to-speed on your business. | Doesn’t include invoicing, paying bills, inventory management, accounts receivable, and accounts payable. |
| Includes monthly reports that will provide you with a financial snapshot of your business. | Doesn’t include payroll or tax filing services. |
| Works seamlessly with QuickBooks Online and other QuickBooks products. | Companies that use accrual method accounting are not supported. |
| Accurate bookkeeping and categorization simplifies tax preparation. | No free trial offered. |
| With the 100% Accurate Books Guarantee, you can request a free audit of your bookkeeper’s work at any time. | Requires 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 is no contract, and you can cancel anytime.
Low Volume | Medium Volume | High Volume | |
|---|---|---|---|
Monthly Cost | $200 | $400 | $600 |
Monthly Expense Cap | Up to $25,000 | $25,000 to $150,000 | More than $150,000 |
QuickBooks Live Features
After the initial cleanup, a QuickBooks Live Bookkeeper will provide a variety of services, which include:
- 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 easily be customized. 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 are 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 will be matched with a bookkeeper who has expertise in your industry. Although you will have your own dedicated professional, you will also have access to an extended bookkeeping team if you have any questions that come up.
Activate QuickBooks Live from your QuickBooks Online Dashboard.
QuickBooks Live: Working With Your Bookkeeper
Upon enrollment, you will 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 see their schedules to make an appointment for a video chat. You’ll also see a step-by-step task list, which is maintained by your bookkeeper and shows the progress of what has been completed.
You will 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.
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 is 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, such as information about any unlinked bank accounts that need to be managed, transaction detail 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 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.
QuickBooks Live Alternatives
Best For | Accounting firms wanting automated bookkeeping assistance for their clients | Businesses that use Xero bookkeeping software | Businesses that have fallen behind in their bookkeeping |
Service Fee | Starting at $948 per year | Starting at $359 per month | Starting at $299 per month |
Software Cost | $42,000 per year (platform fee) | $11 to $62 per month for Xero | Included in service fee |
Bottom Line
QuickBooks Live provides you with live one-on-one support from QuickBooks-certified virtual 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 will 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.
