QuickBooks Live Bookkeeping provides real-time support for bookkeeping from a QuickBooks ProAdvisor (also known as a QuickBooks ProAdvisor). QuickBooks Live Bookkeeping is only available to QuickBooks Online users. It can be a great help for small business owners who don’t have the time or desire human support.
QuickBooks Live Bookkeeping is a “full-service” service that does bookkeeping. However, there are some tasks that can be outsourced or done in-house. This service will not file taxes on your behalf. You’ll need to do that separately.
What is QuickBooks Live Bookkeeping?
QuickBooks Live Bookkeeping is available for both new and existing businesses. A session with a Live bookkeeper will be available for new businesses that have not subscribed to QuickBooks Online in the last 60 days. This session includes instructions for setting up the chart and custom invoices. It also includes connecting bank accounts and credit card accounts.
QuickBooks Live Bookkeeping’s cleanup services are available to established businesses. Even if your bookkeeping seems to be in order, a Live Bookkeeper will review your books and reconcile your bank, credit card, and other balance sheets accounts. This service is available from the last month prior to you signing up for Live Bookkeeping. This will ensure that your books are up-to-date and accurate when your monthly bookkeeping service begins.
Signing up for QuickBooks Live Bookkeeping connects you with a QuickBooks ProAdvisor. This is a certified bookkeeper by QuickBooks. To schedule a live chat with your bookkeeper or discuss any questions or concerns regarding your bookkeeping, you can reach them anytime. You can communicate with your bookkeeper and other members of the team via document sharing or live chat.
Benefits of QuickBooks Live Bookkeeping
QuickBooks Live Bookkeeping offers many benefits that make it an attractive option for small businesses.
- Tax-ready books. QuickBooks Live Bookkeeping is known for providing tax-ready books. While this does not mean that they will automatically do your taxes, it does mean that you can hand your books off to an accountant or tax preparer without much effort.
- Accurate books guarantee. QuickBooks Live Bookkeeping will correct any error or miscategorisation made by your Live Bookkeeper in your bookkeeping.
- You can talk to a real, live bookkeeper. Despite all the talk about “bots” or “AI”, most bookkeeping services still depend on human bookkeepers for at least some of their bookkeeping tasks. QuickBooks Live Bookkeeping is unique in that they match you with an experienced bookkeeper who can meet you on a video conference.
- Scalable pricing. QuickBooks Live Bookkeeping scales with your business and typically costs less than an outsourced or in-house bookkeeper.
If you do not have time, you can take advantage of QuickBooks Live as well as virtual bookkeeping. Instead of physically working at a client’s office, virtual bookkeeping enables a bookkeeper to do their job from home or their own workplace. Regular bookkeeping services and a virtual arrangement are similar except for the place of employment. To publish financial transactions, manage payroll, maintain track of cash flow, review and update statements, and reconcile accounts, a virtual bookkeeper may use computerized accounting software.
Drawbacks to QuickBooks Live Bookkeeping
QuickBooks Live Bookkeeping can be a great choice for small businesses. However, there are a few things that it does not have:
- They won’t invoice your customers or pay your bills. QuickBooks Live Bookkeeping will not handle accounts receivable or accounts payable. These tasks will be managed internally by you or someone in your team.
- They do not offer advice services. Financial information can be used for more than just filing tax returns. QuickBooks Live Bookkeeping does not offer this service. However, most business owners find it beneficial to have an advisor review their financial statements and make suggestions for improvement.
- The Live Bookkeeper may not be an accountant. QuickBooks Live Bookkeeping certifies their bookkeepers, but that does not mean they are accounting experts. It is important to understand the difference between understanding QuickBooks and knowing how to use it. A bookkeeper who is proficient in both accounting and QuickBooks will be a great asset to your company.