QuickBooks Live Bookkeeping is a platform where small and medium-sized businesses get help to handle their company’s bookkeeping tasks. They can schedule a meeting through a video call with the bookkeeping experts and get a clear insight into the business performance.
Moreover, your bookkeepers will also help you track income and expenses. Thus, with the help of clean reports, it becomes much easier to make better business decisions. Continue reading this post to gather detailed information regarding the QuickBooks Live Bookkeeping.
Services that are Included in QuickBooks Live Bookkeeping
The QuickBooks Live Bookkeeping mainly comprises two phases i.e, cleanup and ongoing bookkeeping.
- Within the cleanup/setup phase, your bookkeepers will help you in setting up of charts of accounts and link them with your bank or credit card accounts. Moreover, it also assists you with the basics of the QuickBooks. However, if you already have knowledge regarding the accounting software, your bookkeeper will assist you in cleaning up within the first month of the service.
- On the other hand, in the ongoing bookkeeping phase, your bookkeeper will classify your transactions. Then, they will reconcile your charts of accounts of every month.
- Above all, your bookkeeper can close your accounting books anytime and establish a trial balance. They can also send you PDF copies of the financial reports consisting of your profit and loss statement and balance sheets.
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Services that are Excluded with the QuickBooks Bookkeeping
Here, we have provided you with the list of services excluded from the QuickBooks Live Bookkeeping.
- It won’t manage, add, edit, or make any relevant changes to transactions inside or outside the QBO application.
- Don’t provide any consultation, budgeting, or advisor services.
- They won’t provide payroll services of any type, such as (prepare, process, and file).
- Also, they won’t provide any tax advice or tax preparation services.
What is the Expertise Required for QuickBooks Live Bookkeeping?
It is essential that the QuickBooks Live Bookkeepers must have at least any one of the following expertise.
- Active Certified Public Bookkeeper
- The person must have a Bachelor’s Degree in Accounting/Finance.
- 3 + years of experience is required in handling books of accounts for small businesses.
- Active Certified Public Accountant
Besides all of these, it is a must that all of the bookkeepers must have the following qualifications.
- An individual must have an active QuickBooks Online ProAdvisor certification.
- Also, the person must have at least one year of experience working with the QuickBooks Online application.
- The person must have online proficiency with computer technology.
- Moreover, you must require good customer service skills and can easily collaborate with customers via video calls.
- Apart from this, the person must be capable to work in a fast-paced environment with less supervision.
Prominent Features of QuickBooks Live Bookkeeping
Here, we have listed the features of using the QuickBooks Live Bookkeeping services.
- The QuickBooks Live Bookkeeper will guide you in setting up and creating the customers and vendors list.
- Moreover, the bookkeepers also help you in importing any historical transactions.
- The best thing is that the bookkeeper will close your books of accounts and confirm that it’s appropriate by generating the trial balance.
- You can also get assistance from the bookkeepers on how to customize the financial reports in QBO. Thus, they will also assist you in providing you with a proper analysis of those reports.
- Additionally, as a part of the ongoing bookkeeping, your bookkeeper will organize the transactions for you and then reconcile your accounts. Also, you can fix the issues with the transactions and request to get assistance for the bookkeeping practices.
- Above all of this, you will also get assistance regarding how to link your bank and credit card accounts with QuickBooks.
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What are the Advantages of Using QuickBooks Live Bookkeeping?
The QuickBooks Live bookkeeping is beneficial for users in numerous ways. Here, we have discussed all such benefits below, have a look at them.
1. Saves Your Precious Time:-
With the help of QuickBooks Live Bookkeeping, you won’t have to do bookkeeping-related tasks on your own. The QuickBooks bookkeepers will do all such tasks for you so that you can concentrate on other essential tasks of the company.
As you all know that hiring a full-time bookkeeper or third-party accounting firm to handle your bookkeeping tasks is a bit expensive. So, choosing QuickBooks Live Bookkeeping is much more affordable and can benefit your company. Thus, QuickBooks Live Bookkeeping is less expensive in comparison to hiring a bookkeeper for full-time.
3. Tax-Ready Books:-
Also, the best part of accessing QuickBooks Live Bookkeeping is that they prepare the documents for you so you can submit them to the accountant for filing taxes. Doing so will help reduce your efforts while preparing the tax-filing documents.
The QuickBooks Live Bookkeepers have years of knowledge regarding the QuickBooks software. So, they can guide you in the best possible manner regarding how to utilize the accounting software at its full potential.
5. Integration With QuickBooks Online:-
QuickBooks Live combines with the QuickBooks Online application so that you can easily handle your business finances. Thus, it would help you give a clear vision to make better business decisions.
What are the Disadvantages Of Accessing the Live Bookkeeping?
There is no denying that QuickBooks Live Bookkeeping is essential for the small businesses, but still, there are a few areas where it needs some improvement. Below, we have mentioned its benefits, which are as follows;
- The QuickBooks Live Bookkeeping won’t handle your account receivable and accounts payable. The users have to handle these tasks on their own.
- The financial information of small and medium-sized businesses is useful for much more than filing a tax return. However, there are many business owners who can gain benefits by getting advise regarding their financial statements. Doing so will help them make the improvements so that they can run the business smoothly. But, the QuickBooks Live Bookkeeping services won’t provide any of the advisory services.
- Undoubtedly, bookkeeping experts have years of bookkeeping knowledge, but it doesn’t mean they also have accounting experience. Only the bookkeeper who is an expert in financing and bookkeeping handles both works smoothly.
Here’s How the QuickBooks Live Bookkeeping Works
Most of the time, questions might arise in the users’ minds about how QuickBooks Live Bookkeeping works. Below, we have discussed the working of the Live Bookkeepers, have a look at them.
Stage 1: Begin From the Scratch:-
In the initial stage, a bookkeeper will look into your books of accounts line by line, update your bookkeeping, and reconcile your bank or credit card accounts. Moreover, they also reconcile your other balance sheet accounts from your last tax return date through the end of the last month you signed up for Live Bookkeeping. With this, you will get an in-depth review of your charts of accounts to ensure that all your past transactions are organized in an efficient manner.
Stage 2: Interact Virtually:-
After this, you can contact the ongoing bookkeeper anytime by scheduling a call. You may also send your bookkeeping-related questions to our team of QuickBooks experts. The first available QuickBooks Live Bookkeeper will connect with you and help you track your progress in real-time. The bookkeepers will try their best to assist you in the best possible way so that you can focus on other important company tasks.
Stage 3: Figure Out Where You Stand:-
Throughout the entire conversation with QuickBooks Live Bookkeeping, your bookkeeper will handle the books of accounts on your part. Then, they will provide the month-end reports to get a clear vision of your company’s performance. Thus, by accessing clean books and appropriate reports, users can make better business decisions. Also, it will let the users to handle tax time with confidence and can vacant more time to concentrate on the growth of your business.
A Brief About the QuickBooks Live Bookkeeping Pricing
It’s a proven fact that QuickBooks Live Bookkeeping is a cost-efficient way rather than appointing a full-time bookkeeper or choosing a third-party accounting firm. Moreover, the best part about Live Bookkeeping is that there is no contract involved, so you can discard the services anytime at your convenience.
The startup price of QuickBooks Live Bookkeeping is $200 per month. After completion of one month, you have to pay one cleanup fee. Moreover, you will get the additional features which are as follows.
With the help of this cleanup feature, you can get your previous transactions updated. Also, you can set up a personalized session with the bookkeeper. Moreover, it will also provide you with the updated profit and loss and the balance sheet.
2. Ongoing Bookkeeping:-
You can access the organized and updated financial statements. It will also give you a detailed business report. Apart from this, you can also get your hands on the convenient virtual support facility.
Wrapping It Up!!
So, here we have arrived at the end of this post and hope you have understood the benefit of QuickBooks Live Bookkeeping. Also, you have gained immense knowledge about the pricing and how the bookkeepers work. However, if you still have any queries, you can connect with our professionals using the live chat facility. Whenever you send a message to our experts, they will try their best to guide you with the best possible solutions. Apart from this, you can also take help from our experts by sending a mail explaining the issue you are facing, and they will provide you quick resolution.
Frequently Asked Questions (FAQ’s):-
Q1. What is the time duration when you can get QuickBooks Live Bookkeeping experts?
Ans. You can contact the QuickBooks Live Bookkeeping experts Monday to Friday from 6:00 AM to 6:00 PM.
Q2. How much time can I get with the Bookkeeper every month?
Ans. The best thing is that no time limit is set for getting the QuickBooks Bookkeeping services. It has been seen that mainly small businesses schedule their video calls once or twice a month to eliminate their issues. The users can schedule one appointment at a time per the bookkeeper’s schedule. Apart from this, you can get help from document sharing and live chat members anytime.
Q3. What are the details that you must give to your QuickBooks Live Bookkeepers?
Ans. You must provide the account details to connect your bank or credit card account with QuickBooks Online. Aso, you must give the transaction details for clarification upon request and account statements.
Q4. How Does the QuickBooks help me get the right bookkeeper for my business?
Ans. The QuickBooks Live Bookkeeping team mainly consists of professionals from all industries. At the time of the onboarding process, they try to tally you with a primary bookkeeper with experience in this industry. If this isn’t feasible, they ensure that the member of the bookkeeping team has the experience to tackle the industry-specific questions.
Q5. What are the services that QuickBooks Live Bookkeeping renders?
Ans. The services that QuickBooks Live Bookkeeping offers are QuickBooks Live Full-Service Bookkeeping and Guided Setup.
Q6. Is it beneficial to set up QuickBooks Live Bookkeeping?
Ans. The value of the QuickBooks Live Bookkeeping setup completely depends upon your requirements and circumstances. For instance, if you won’t have enough accounting experience and need some person to handle the tasks, then it’s worth it. Apart from this, if you have enough bookkeeping knowledge and can handle the tasks on your own, then spending additional costs is not good.