It’s worth noting that QuickBooks Live isn’t available for all QuickBooks Online plans. You must have a Small Business Online Plan to use this additional service. If your business earns between $10,001 and $50,000 a month, you’ll pay $300 a month, and if your business earns more than $50,001 a month, you’ll pay $400 a month.
Live Expert Full-Service Bookkeeping
Throughout your engagement with QuickBooks Live Bookkeeping, your bookkeeper will manage your books for you and provide you with month-end reports. They will also help you with ongoing, basic bookkeeping and QuickBooks questions, like how to use QuickBooks’ reporting features, assistance with bank connections, and setting up customers and vendors. Your QuickBooks Live Bookkeeper will not send invoices, pay bills, manage your inventory, or provide tax or financial advisory services. You can also meet with them to review reports and receive assistance with any bookkeeping questions.
How much time can you spend with your QuickBooks Live bookkeeper each month?
If your monthly average is $50,001 or more, the monthly price for QuickBooks Live Expert Full-Service Bookkeeping is $700. If your monthly average is $10,001-50,000, the monthly price for QuickBooks Live Expert Full-Service Bookkeeping is $500. If your monthly average is $0-10,000 per month, the monthly price for QuickBooks Live Expert Full-Service Bookkeeping is $300. 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. For these types of services, businesses may need to seek assistance from other professionals or handle them internally. In this article, we’ll explore what businesses should know before choosing QuickBooks Live for bookkeeping support.
Bench vs. QuickBooks Live
First, it’s very structured, thanks to the QuickBooks Live Hub, which is available 24/7. You can check on your bookkeepers’ progress there and see their schedules to make an appointment for a video chat. Typical cleanup is complete within 30 days after receiving all necessary documentation. Depending on your business and bookkeeping needs, it’s a good idea to understand those pros and cons before signing up for the service. It’s best for businesses that want everything in one place, and don’t mind paying more as they go.
- Online bookkeeping companies will often specialize in services for a particular type of company.
- High-Level Bookkeeping ($670 per month) serves businesses with $150,001 or more in monthly expenses.
- QuickBooks Live’s pricing is based on the company’s average monthly expenses and ranges from $300 to $700 a month after the initial month of service.
- When you need to enter a transaction like an invoice or estimate or expense or bill, you complete online forms that resemble their real-life counterparts.
- QuickBooks Live Bookkeeping is an additional service charge in addition to your current subscription rate.
- 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.
Everything in your accounts gets touched by your bookkeepers, so nothing falls through the cracks—as long as you’re keeping up with your transactions. Your bookkeepers avoid such problems by monitoring your transactions and looking for potential problems. They also reconcile your accounts, a process that many small businesspeople avoid because it can be time-consuming and frustrating. Though you’ll get a dedicated bookkeeper, you’ll still be sharing that bookkeeper with other businesses.
The Expenses section shows all your expense transactions, where you can manually enter tractions, and bring them in from your bank, or another connected account. You’ll get the most flexibility and customization with the Advanced Plan. The higher your plan, the what is the journal entry to record a gain contingency in the financial statements more reports you’ll get – but the Starter plan includes basics like Profit and Loss.
An expert can guide you through QBO setup and answer questions based on the information you provide; some bookkeeping services may not be included and determined by the expert. For more information about Expert Assisted, refer to the QuickBooks Terms of Service. Your accounting tasks will be much easier if you connect your online financial accounts (like credit cards and checking accounts) to QuickBooks Online Plus, so you can track your income and expenses. In fact, if you don’t do this and enter transactions manually, you’ll be duplicating your efforts.