This article is part of a larger series on Accounting Software.
QuickBooks Live, launched in 2019, is an assisted bookkeeping service that enables QuickBooks users to enlist a qualified bookkeeping professional to categorize expenses, reconcile accounts, and provide advanced reports. Upon enrollment, you’ll be assigned a dedicated bookkeeper who’ll collaborate with you virtually. Pricing starts at $500 for the first month of service and varies from $200 to $400 thereafter based on monthly average expenses.
If you’re unsure whether QuickBooks Live is the right assisted bookkeeping service for you, check out our guide on the best online bookkeeping services for more choices.
QuickBooks Live Deciding Factors
Supported Bookkeeping Software
Starting at $200 per month
Additional Cost for QuickBooks Software
$30 to $200 per month
Free Trial of QuickBooks Live
Assigned a Personal Bookkeeper?
Bookkeeper Communications Accessibility
Telephone, video meeting, live chat
Monthly Account Reconciliations & Financial Statements
Back-office Services Like Customer Invoicing & Bill Pay
Full-service Payroll Available
Tax & Consulting Services Available
QuickBooks Live Alternatives
Businesses looking for the most affordable option for basic services
Businesses using Xero bookkeeping software
Businesses using FreshBooks or those that have fallen behind in bookkeeping
Flat fee of $190 per month
Starts at $359 per month
Starts at $299 per month
Included in service fee
Included in service fee
Included in service fee
Are you planning on getting a QuickBooks Online subscription? Read our comparison of QuickBooks Online plans. The plan we recommend the most is QuickBooks Online Plus.
The first month of service with 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. There’s no contract, and you can cancel at any time.
Monthly Expense Cap
Up to $10,000
$10,000 to $50,000
More than $50,000
You can activate QuickBooks Live within QuickBooks Online by clicking on Live Bookkeeping from the left navigation bar, as indicated below. After you sign up, you’ll provide QuickBooks with information about your business and, within a few minutes, you’ll be matched with a bookkeeper who has expertise in your industry. Although you’ll have your dedicated professional, you’ll also have access to an extended bookkeeping team if you have any questions.
Upon enrollment, you’ll be given access to the QuickBooks Live Hub, which is your own secure space on the site that allows you to check on your bookkeeper’s progress and check their schedules to make an appointment for a video chat. You’ll also see a step-by-step task list, maintained by your bookkeeper, which shows the tasks that have been completed.
You’ll meet with your bookkeeper via one-way video chat that can be accessed by sharing your screen. During these meetings, you’ll have the opportunity to ask questions about financial reports and ask for assistance with basic bookkeeping tasks. You can also reach out to the extended bookkeeping team at any time.
While QuickBooks Online does have its own free mobile app, which allows you to enter transactions, record expenses, invoice customers, and send reports, the app cannot access QuickBooks Live features. Access to the QuickBooks Live Hub is limited to your desktop or laptop computer.
QuickBooks Live contains features that can assist your monthly bookkeeping needs. If you want to learn more about the service, read our QuickBooks Live Bookkeeping article.
- Setup of customers and vendors: Your bookkeeper will help you set up and customize your customer and vendor lists.
- Assistance with reports and reporting tools: QuickBooks Online has a variety of financial reports that can be customized easily. Your bookkeeper can show you how to do this and provide an analysis of those reports.
- Chart of accounts setup: You can customize your chart of accounts to assist with tax preparation in the future.
- Assistance with connecting bank and credit card accounts: Once you connect your bank and credit card accounts, your transactions will be downloaded automatically as they become available, ensuring that you have the most accurate financial data.
- Importing of historical data: Any transactions that have occurred in the past can be imported with the help of your Live Bookkeeper.
- Month-end close: Each month, your bookkeeper will close your books and confirm that they’re accurate by preparing a trial balance.
- Ongoing assistance with bookkeeping practices: As part of ongoing bookkeeping, your bookkeeper will categorize your transactions and reconcile your accounts. You can also troubleshoot transactions and request assistance with bookkeeping practices.
QuickBooks Live doesn’t provide payroll, invoicing, bill pay services, and tax and consulting services, such as chief financial officer (CFO) advisory. It also doesn’t have a mobile app.
At the end of each month, your bookkeeper will send you PDF copies of key financial reports, which include your balance sheet and profit and loss statement. Additional reports can be provided upon request. Besides that, QuickBooks Online also has a lot of special reports that you can generate, like a balance sheet and P/L statement by class or location. It’s our best small business accounting software because of its versatility.
QuickBooks Live is strictly a bookkeeping service that doesn’t offer any tax filing, tax planning, and financial consulting services. If tax and consulting services are important to you, we recommend Bookkeeper360, which we awarded 4.5 out of 5 points in this category. Bookkeeper360 also offers CFO advisory services and is both scalable and customizable to your company’s needs.
Frequently Asked Questions (FAQs)
What information do you need to provide to your QuickBooks Live bookkeeper?
You’re responsible for providing account information to link bank accounts to QuickBooks Online, including information about any unlinked bank accounts that need to be managed, transaction details for clarification upon request, and account statements.
What qualifications do QuickBooks Live bookkeepers have?
QuickBooks Live Bookkeepers are required to have at least one of the following credentials:
- Active certified public accountant (CPA)
- Active certified public bookkeeper
- Bachelor’s degree in accounting or finance
- Expertise in accounting, finance, or bookkeeping
- Active QuickBooks Online ProAdvisor certification
- Minimum one year of experience working with QuickBooks Online
How much time can you spend with your QuickBooks Live bookkeeper each month?
Most users meet virtually with their bookkeeper once or twice per month. There’s no set amount of time per month that you can spend with your bookkeeper, but you can only schedule one appointment at a time. You can also chat live with a member of your bookkeeper’s extended team at any time.
How does QuickBooks Live bookkeeping work?
Once you sign up for QuickBooks Live, you’ll be assigned a dedicated bookkeeper who will learn more about your business and help you connect your bank and credit card accounts and set up your chart of accounts, customers, and vendors. They’ll close your books monthly and send you reports for review. You can also meet with them to review reports and receive assistance with any bookkeeping questions.
How much does QuickBooks Live bookkeeping cost?
QuickBooks Live’s pricing is based on the company’s average monthly expenses and ranges from $200 to $400 per month. The first month of service costs $500 and is dedicated to onboarding and cleanup of your books.
QuickBooks Live provides you with live one-on-one support from QuickBooks-certified bookkeepers who will ensure organized, up-to-date financials. These bookkeepers understand your industry and will collaborate with you to streamline your bookkeeping process.
Although you’ll need to handle many of the day-to-day bookkeeping tasks yourself, such as invoicing your customers and paying your bills, your QuickBooks Live bookkeeper will perform transaction maintenance, month-end review, and financial reports to ensure that your financial records are accurate.