Meet the QuickBooks Live Virtual Bookkeepers

Our detailed QuickBooks Live Bookkeeping review and evaluation aims to help you determine if this is the service that’s best for your business. They’ll provide guidance, answer your questions, and teach you how to do tasks in QuickBooks, so you can stay on track for tax time and run your business with confidence. Your bookkeeper will go over your reports to help you understand your financial situation, but may not provide financial or business advice (even if they’re a credentialed CPA). Because your bookkeeper can’t represent your business before the IRS, they can’t give tax advice or guidance. Your bookkeeper categorizes transactions and reconciles accounts for you, freeing up time to focus on your business. If you invoke the guarantee, QuickBooks will conduct an evaluation of the Live Bookkeeper’s work.

When first starting out, market yourself as a professional who is well-versed in managing accounts, reconciling transactions, providing financial overviews and balancing budgets. Ask for testimonials from people who have utilized your services in the past and spread the word about your offerings through a website or social media. Bookkeeping is the practice of organizing, classifying and maintaining a business’s financial records. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization.

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I'm always around to provide answers and clarifications to your questions. Honestly, I wish the standard reports would explicitly show the query terms and values in the customization pane so we can tell what those reports are starting with (which helps us know how to modify it). It's like wanting to drive to a friend's house but you don't know exactly where you're starting from. If you have any questions about the reports or other product-related issues, leave a comment below and tag my name.

If you find that you have a talent for and enjoy the process, you may consider starting your own bookkeeping business providing this service to others. There’s always a demand for experienced, efficient bookkeepers in nearly every industry. Companies often outsource the organization of their finances to independent professionals, then hire accountants for more complex issues and tax filing.

How does QuickBooks Live Bookkeeping work?

There is a cleanup fee to get started and get your books in order, and then pricing drops to the monthly fee of $200 to $400. Read our comprehensive QuickBooks Live Bookkeeping review to decide if this popular managed service is right for your business. The first month of service with inventory cycle for manufacturers retailers and distributors QuickBooks Live, which costs $500, is dedicated to onboarding and cleanup of your books. After the first month, the ongoing live service is available in three different pricing tiers, depending on your company’s average monthly expenses over a period of three consecutive months.

The service you decide to use depends on the needs of your business and may include extra features such as payroll or tax documents. If you have at least 2 months of data in QuickBooks, there’s a flat fee for cleanup and setup for the first month of service. After the first month, pricing for QuickBooks Live Bookkeeping is based on your company’s average expenses in QuickBooks. Every three months, QuickBooks Live Bookkeeping automatically adjusts to the needs of your business by reevaluating your average expenses and pricing tier. Each month, your bookkeeper will request information about your bank accounts, transaction details, and financial records like account statements. You’ll also need to give them descriptions of any established capitalization or accounting policies for your business.

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There are no long-term contracts, so you can switch or cancel your service at any time without incurring fees. And, QuickBooks Live Bookkeeping comes with an “Accurate Books Guarantee” to cover any errors made by your Live Bookkeeper (some exceptions apply). If you haven’t worked with a bookkeeper before, it may take you some time to learn how to utilize the QuickBooks Live service best.

• There is no need to download QuickBooks Online because it is connected to the cloud, which means you can access online accounting from any device with an internet connection.
• If the cost of QuickBooks Live is an issue for you, you might consider Wave Accounting software with the Wave Advisor service add-on as a more cost-effective alternative.
• Managing your business includes sending invoices, paying bills, and management of inventory, accounts receivable, and accounts payable.
• The best online bookkeeping service should offer a wide range of bookkeeping solutions, including catch-up bookkeeping, invoicing, bill pay, bank reconciliation, payroll, and tax filing.
• She holds a Bachelor's degree from UCLA and has served on the Board of the National Association of Women Business Owners.

The service’s biggest drawback is that it offers limited services and no access to financial advice. Other users wished it was possible to call someone directly, rather than wait for a response or set up a meeting. Through the categorization, reconciliation, and books close process, your Live Bookkeeper ensures your books are accurate. Your bookkeeper can’t, however, prepare or file your taxes for you as part of your Live Bookkeeping service—even if they’re a credentialed CPA.

Find an accountant

The team of QuickBooks Live Bookkeepers includes professionals from almost all industries. During the onboarding process, we try to match you with a primary bookkeeper who has experience in your industry. If that isn’t possible, we try to make sure that a member of the bookkeeping team has the experience necessary to handle industry-specific questions that you may have. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. While any competent employee can handle bookkeeping, accounting is typically handled by a licensed professional.

In addition, we employ a comprehensive editorial process that involves expert writers. This process ensures that articles are well-researched and organized, offering in-depth insights and recommendations. The Fit Small Business editorial policy is rooted in the company’s mission, which is to deliver the best answers to people’s questions.

You’ll still need to manage tasks for your business like sending invoices, paying bills, and managing inventory, accounts receivable, and accounts payable. Your bookkeeper ensures you’re keeping track of income and expenses. Team up with your very own QuickBooks-certified bookkeeper who understands your industry and gets to know your business. If your monthly average is $50,001 or more, the monthly price for QuickBooks Live is $400.

If so, you might have added the bank transactions to your register instead of matching. I recommend you undo the categorized transaction and then match or find a match. Moreover, you can memorize the report you generated to save its current customization settings. You can also run the Transaction List by Date to get a view on all payments made to a vendor. Let me guide you on how to view the list of transaction types used in the profit and loss report, Jculley. The problem is that that report does NOT include Journal Entries that should be in there as expenses.