QuickBooks Live Bookkeeping is an accounting service offered by Intuit that pairs users with certified bookkeepers to provide real-time assistance and ensure accurate financial records. In this article, we will provide an in-depth review of QuickBooks Live Bookkeeping, explore its features, and discuss the pricing structure to help you determine if it’s the right solution for your business in 2023.
Overview of QuickBooks Live Bookkeeping:
QuickBooks Live Bookkeeping offers a personalized approach to managing your business finances by connecting you with a dedicated bookkeeper. These bookkeepers are certified professionals who can provide expert guidance and assistance tailored to your specific needs.
What kind of Knowledge is Necessary for QuickBooks Live Bookkeeping?
To be a QuickBooks Live Bookkeeper, expertise in various areas of accounting and bookkeeping is necessary. Here are some key areas of expertise required for QuickBooks Live Bookkeeping:
1. Accounting Knowledge: A strong understanding of accounting principles, including double-entry bookkeeping, financial statements, chart of accounts, and general ledger management, is essential. Proficiency in applying accounting principles to different business scenarios is crucial for accurate record-keeping.
2. QuickBooks Proficiency: In-depth knowledge and experience using QuickBooks software is vital. QuickBooks Live Bookkeepers should be well-versed in navigating the QuickBooks platform, including setting up accounts, recording transactions, reconciling accounts, generating reports, and managing payroll.
3. Bookkeeping Practices: Expertise in bookkeeping practices, such as transaction categorization, bank reconciliation, expense tracking, accounts payable and receivable management, and financial record organization, is necessary. This ensures accurate and organized financial data.
4. Tax Compliance: Familiarity with tax regulations, including understanding tax deductions, calculating taxes, and staying updated on tax laws, enables QuickBooks Live Bookkeepers to provide guidance and support during tax preparation.
5. Communication Skills: Effective communication is crucial as QuickBooks Live Bookkeepers interact directly with clients. They should be able to explain financial concepts in a clear and concise manner, understand client’s needs, and provide guidance and support tailored to their specific situations.
6. Problem-Solving Abilities: QuickBooks Live Bookkeepers should possess strong analytical and problem-solving skills. They need to identify discrepancies, resolve issues, and troubleshoot errors efficiently to maintain accurate financial records and provide timely solutions to client’s concerns.
7. Continuous Learning: QuickBooks Live Bookkeepers should stay updated with the latest industry trends, software updates, and accounting regulations. This requires a commitment to continuous learning and professional development to ensure they provide the most accurate and up-to-date advice.
QuickBooks Live Bookkeepers undergo certification and training provided by Intuit to enhance their expertise in these areas and ensure a high standard of service. This expertise allows them to effectively support clients in managing their financial records, making informed decisions, and optimizing their business finances.
Important Features of QuickBooks Live Bookkeeping
QuickBooks Live Bookkeeping offers several important features that can benefit businesses. Here are some key features:
1. Expert Bookkeepers: QuickBooks Live Bookkeeping provides access to a team of certified bookkeepers who are knowledgeable in small business accounting. They can assist with various bookkeeping tasks and offer personalized support.
2. Real-Time Bookkeeping: With QuickBooks Live Bookkeeping, your books are updated in real time. Your assigned bookkeeper can review and categorize transactions, reconcile accounts, and ensure that your financial records are accurate and up to date.
3. Customized Setup: The bookkeepers can help set up QuickBooks Online specifically tailored to your business needs. They can assist in configuring your chart of accounts, customizing reports, and ensuring that your software is optimized for your business.
4. Monthly Reports: QuickBooks Live Bookkeeping provides monthly reports to help you understand the financial health of your business. These reports can include profit and loss statements, balance sheets, and other key metrics, giving you valuable insights into your business performance.
5. Tax Preparation Support: The bookkeepers can work closely with you during tax season, organizing your financial records and preparing the necessary documents for tax filing. They can collaborate with your accountant or tax professional to ensure accurate and timely tax preparation.
6. Ongoing Support and Guidance: QuickBooks Live Bookkeeping offers ongoing support and guidance to help you make informed financial decisions. The bookkeepers can answer your questions, provide financial insights, and offer advice to help you manage your business finances more effectively.
These features make QuickBooks Live Bookkeeping a valuable service for businesses seeking professional bookkeeping assistance and wanting to maintain accurate financial records.
What The Pros and Cons Come with Using QuickBooks Live Bookkeeping?
Using QuickBooks Live Bookkeeping comes with several pros and cons. Let’s explore them:
1. Professional Expertise: QuickBooks Live Bookkeeping provides access to certified bookkeepers who have expertise in small business accounting. They can offer personalized support, guidance, and ensure accurate bookkeeping.
2. Real-Time Updates: The bookkeepers update your books in real time, ensuring that your financial records are current and accurate. This saves you time and effort in managing your books yourself.
3. Customized Setup: The bookkeepers can set up QuickBooks Online specifically tailored to your business needs. They can customize your chart of accounts, reports, and settings, optimizing the software for your business.
4. Monthly Reports: QuickBooks Live Bookkeeping provides monthly reports that give you a clear picture of your business’s financial health. These reports can help you make informed decisions and track your progress.
5. Tax Preparation Support: The bookkeepers can collaborate with your accountant or tax professional during tax season. They can organize your financial records and assist with tax preparation, ensuring compliance and accuracy.
1. Cost: QuickBooks Live Bookkeeping is a paid service, so it adds an additional cost to your business expenses. The cost may vary depending on the level of service and the complexity of your business.
2. Dependency on External Help: By using QuickBooks Live Bookkeeping, you rely on external bookkeepers to manage your books. This means you might have less direct control over your financial records and processes.
3. Limited Control: While the bookkeepers can customize your setup, you may have limited control over certain aspects of your accounting system, as the bookkeepers handle the day-to-day bookkeeping tasks.
4. Communication and Availability: The effectiveness of QuickBooks Live Bookkeeping depends on communication between you and the bookkeepers. If there are any delays or issues with communication, it may affect the timeliness and accuracy of your bookkeeping.
Overall, QuickBooks Live Bookkeeping offers professional expertise, real-time updates, and valuable support. However, it is essential to consider the cost and potential limitations in terms of control and communication when deciding whether to use this service.
Also Read: How to Convert QuickBooks Online to Desktop
QuickBooks Live Bookkeeping Pricing
The pricing for QuickBooks Live Bookkeeping can vary depending on the level of service and the complexity of your business. Here are some key points to consider:
1. Subscription Fee: QuickBooks Live Bookkeeping requires a monthly subscription fee. The cost of this subscription varies depending on the package you choose.
2. Packages: QuickBooks Live Bookkeeping offers three different packages: Basic, Essentials, and Plus. Each package comes with a different level of bookkeeping support and features.
3. Additional Costs: In addition to the subscription fee, there may be additional costs for certain services or add-ons. For example, if you require assistance with catch-up work or have a large volume of transactions, there may be extra charges.
4. Customized Pricing: QuickBooks Live Bookkeeping pricing is customized based on your business needs. The complexity of your financial records, the number of accounts and transactions, and the level of support required can impact the final pricing.
To get detailed pricing information for QuickBooks Live Bookkeeping, it is recommended to visit the official QuickBooks website or contact their sales team. They can provide you with specific pricing details based on your business requirements.
Remember to carefully review the pricing structure and compare it with your budget and needs to determine if QuickBooks Live Bookkeeping is a cost-effective solution for your business.
QuickBooks Live Bookkeeping offers a reliable and efficient solution for businesses seeking professional bookkeeping assistance. With its expert bookkeepers, real-time updates, customized setup, and ongoing support, it helps streamline your bookkeeping processes and enables you to focus on growing your business. Consider leveraging QuickBooks Live Bookkeeping to enhance your financial management and gain