QuickBooks Live Bookkeeping Update: September 2019

You can turn your attention back to the tasks that help you provide stellar services and know that your finances are being taken care of to facilitate more growth. Whether QuickBooks Online is a better deal than QuickBooks Desktop depends on the needs of your business. QuickBooks Online can be a more cost-efficient option for businesses with multiple users that don’t want to navigate the steep learning curve of QuickBooks Desktop.

• QuickBooks Online payroll costs between $75-$160/month plus $5-$8/month per employee.
• We have discussed how QuickBooks Live Bookkeeping service works and what are its benefits.
• With their highly skilled knowledge and experience, there will be a minimum chance for mistakes in the organization’s bookkeeping.
• There are three levels of service for QuickBooks Live, all of which include the subscription fee for QuickBooks Plus, which is regularly priced at $70 per month.

Some bookkeepers offer tiered services based on the size of your business, and some only work for a flat rate. QuickBooks Simple Start is best for businesses that are just starting out and need a basic way to manage their accounting but don’t need multiple users or features such as inventory and project management. QuickBooks Essentials is best for small businesses that are starting to grow and need up to three users and time tracking support. QuickBooks Plus is the most popular plan for businesses as it includes key features such as inventory, project management, and up to five users. QuickBooks Advanced is for larger businesses requiring up to 25 users and more advanced reporting and support.

The QuickBooks Live Bookkeeper will help to organize and reconcile data, but some of the basic bookkeeping tasks will still need to be handled in-house. QuickBooks Live is an add-on to the QuickBooks platform, so it’s not a complete accounting solution on its own. And even with a QuickBooks Online subscription, most firms still choose to work with a Certified Public Accountant (CPA) or tax preparers to help prepare tax returns come tax time.

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With their highly skilled knowledge and experience, there will be a minimum chance for mistakes in the organization’s bookkeeping. They provide live support and ensure that your books are up to date and accurate. In this way, you don’t need to worry about your bookkeeping so you can focus on other business-related tasks. That said, 89 percent of small businesses say they’re more successful when working with accountants. The first month of QuickBooks Live’s Full Service Bookkeeping service is $500.

This leads us and others to believe it was more of a marketing or audience test than a confirmed move into the bookkeeping space. Still, it probably points to QuickBooks eventually offering bookkeeping services, and one internet sleuth has unearthed a job posting that fits with the described service. Pending additional testing, the service will include setup, monthly categorization, reconciliation, reports, end-of-year book-closing, and help using QuickBooks. Whether your revenue is $1 million per year or $1 billion, bookkeeping is crucial to maintaining a healthy business. But you may not have the time, skills, or willingness to handle bookkeeping yourself.

One aspect that sets QuickBooks Live apart from the competition is its accuracy guarantee. If a mistake is found, QuickBooks will fix it at no additional cost. Many businesses appreciate this guarantee, demonstrating that the service stands behind its work.

He lives in Austin with his wife, son, and their rescue dog, Piper. We also are looking at “dry testing” other services and price points later in September. As a reminder, a dry test is a test that only gauges interest in a solution and is not available for purchase. Contact us to learn how PlotPath can help streamline your company’s finances and grow your business.

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It’s only a matter of time until artificial intelligence becomes sophisticated enough to do it all. With its assisted bookkeeping service, Intuit is just filling the gap until the technology can catch up. As with the TurboTax Live offering, QuickBooks Live customers will be able to access bookkeepers via video chat embedded directly in the QuickBooks application in their web browsers.

• Bookkeeping tasks are handled with minimal inputs from the business, and every month, you’ll receive a bookkeeping report with all the essential information you need to make informed business decisions.
• If you want to accept payments electronically, which usually helps you get paid faster, you can sign up for a payment service and let your customers pay you using a credit card or bank withdrawal.
• They won’t work with companies that use the accrual method of accounting or that haven’t filed 2019 income taxes.

You can also assign sales taxes to transactions, run reports, and process payroll (additional cost). If you want to accept payments electronically, which usually helps you get paid faster, you can sign up for a payment service and let your customers pay you using a credit card or bank withdrawal. The site also allows you to enter and track bill payments and record your tax-deductible business mileage.

QuickBooks_Live_Sept-2019-update_Pricing-table

QuickBooks live bookkeeping salary varies depending on factors like experience, location, and the specific needs of the business. Generally, a QuickBooks live bookkeeper can expect to make between $20 and $30 per hour. Some bookkeepers may charge more if they have additional certifications or specialize in specific industries. The value of QuickBooks Live Bookkeeping set-up depends on your specific needs and circumstances. For instance, if you have limited accounting knowledge and want someone to handle the initial set-up of your QuickBooks account and provide ongoing support, then it may be worth considering. Besides that, if you have a busy schedule and prefer to have someone else manage your bookkeeping, it is also a convenient option.

QuickBooks Live, Decimal and Ignite Spot Accounting are three competitors that offer subscription bookkeeping services. All three boast a dedicated team to ensure that your bookkeeper learns about your business and what makes it tick. How much a bookkeeper costs depends on the range of services that they provide. Some services offer tax filing, while others do the prep work for you before it heads to your accountant.

Frequently asked questions

Your bookkeepers will explain what they mean at the end of each month and send you PDF copies of reports like your Profit and Loss statement. QuickBooks Live pairs you with experienced bookkeepers who can reconcile Journal Entry for Accrued Income or Income Due your accounts, close your books, and provide advanced reports. Thanks to its excellent administrative tools and procedures, and an exceptional user experience, you always know where your accounts stand.

However, QuickBooks Desktop may be the better value for businesses that want a locally installed software option with enhanced accounting features. QuickBooks Payroll is an add-on service that starts at $75/month plus $5/month per employee. These costs are in addition to your monthly QuickBooks Online subscription fees. QuickBooks is a great accounting software option but how much will QuickBooks Online actually cost you? Our QuickBooks pricing guide covers costs, extra fees, plan differences, and more. Based on your specific needs, we’ll assign you a dedicated team of 1 to 3 PlotPath experts – Bookkeeper, Controller (CPA), and/or CFO – to provide ongoing financial insight & support for your business.

How Much Does QuickBooks Online Cost?

If you sell time-based services, you can enter your hours and bill customers for those services and for any expenses you’ve incurred on their behalf. With that said, QuickBooks Live is a great way to gain access to an experienced, certified bookkeeper, at an affordable monthly rate. It can help you streamline your bookkeeping process, with personalized help from a trusted professional along the way. By sharing your screen, you can access a one-way video chat with your bookkeeper. This means that you can see them, but they won’t be able to see you.

Intuit is not always the most forthcoming about these extra fees, which is why we want to highlight them now. You should know exactly how much QuickBooks Online is going to cost before you commit to a plan. The QuickBooks Online Advanced plan is designed for larger businesses. QuickBooks Online Advanced costs $200/month and supports up to 25 users. However, the info in the screenshot above no longer exists on QuickBooks’ pricing page — at least, not for us.

ProAdvisors are Intuit’s accounting and bookkeeping channel partners for the QuickBooks line of products. This new bookkeeping offering may come as a shock to many QuickBooks ProAdvisors (Intuit’s channel partners), but this is not a new concept for Intuit. The company has been doing it for years on the tax side of the business.

We continue to learn and listen to how and when small businesses engage with these ProAdvisors, the questions they’re asking, and the kind of help they need. In April, we continued to test pricing models and gauge small business interest for the service with QBO in-product promotions. We also brought more small businesses into the pilot, who continue to be helped by the small group of ProAdvisors working with them in our Boise, ID office. Over the next few months, we’ll continue conducting a variety of tests focused on tailoring QuickBooks Live for small businesses, and qualified bookkeepers and ProAdvisors. Let’s get into the latest updates and tests we are running for this service. We give you in-depth, easy-to-read reports, plus the strategic CFO guidance to help you budget and plan for growth.