QuickBooks Live Bookkeeping Review & Pricing in 2023
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.
Overall Score:
4.00 / 5
Pros
- Assigned your own bookkeeper
- Includes monthly financial reports
- Works seamlessly with QuickBooks Online and other QuickBooks products
- Accurate bookkeeping and categorization simplify tax preparation
- 100% Accurate Books Guarantee lets you request a free audit of your bookkeeper’s work at any time
Cons
- No invoicing, bills payment, inventory management, accounts receivable, and accounts payable
- No payroll or tax filing services
- No income tax services
- Companies using accrual method of accounting are not supported
- No free trial
- Requires a subscription to QuickBooks Online, which is an additional cost
- Existing QuickBooks users: If your QuickBooks account is a mess, QuickBooks Live bookkeepers will catch-up and correct your books to ensure accuracy.
- New QuickBooks users: You can receive assistance with setting up and learning QuickBooks so that you can complete your daily tasks easily, then perform your ongoing day-to-day bookkeeping yourself.
- Those who want a personal connection: The dedicated bookkeeping team provides a point of contact and will answer all questions in a timely manner.
- Users who want their tax returns prepared: Bench Accounting, our top choice for assisted bookkeeping, can handle income tax preparation. Read our review of Bench for more information about its services.
- Xero users: Bookkeeper360 is an ideal alternative for Xero users because it provides a seamless integration within the Xero app. Our Bookkeeper360 review describes how it can be useful for Xero users, startups, and growing businesses.
- Users on a budget who need basic services: For users needing only basic services and an affordable option, we recommend Merritt Bookkeeping. For only $190 monthly, you get bookkeeping services without transaction limits. Find out more about its services in our review of Merritt Bookkeeping.
If you’re unsure whether QuickBooks Live is the right assisted bookkeeping service for you, check out our guide to the best online bookkeeping services for other options.
QuickBooks Live Deciding Factors
Supported Bookkeeping Software | QuickBooks Online |
Pricing | $500 for the first month, then starting at $200 per month |
Additional Cost for QuickBooks Online | $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 | ✕ |
Tax & Consulting Services | ✕ |
Benefits of QuickBooks Live Bookkeeping
Our QuickBooks Live review also analyzed the benefits of the service, which include:
- Real-time bookkeeping: You’ll have a professional bookkeeper working on your books in real time, ensuring that they’re accurate and up to date.
- Time saving: QuickBooks Live frees you up from having to do your own bookkeeping so that you can focus on other important tasks.
- Expertise: QuickBooks Live bookkeepers are experts in QuickBooks and can provide guidance on how to use the software to its full potential.
- Cost-effective: QuickBooks Live is cost-effective compared to hiring a full-time in-house bookkeeper or a third-party accounting firm.
- Integration with QuickBooks Online: QuickBooks Live integrates with QuickBooks Online, making it easy for you to manage your finances and get the insights you need to make informed business decisions.
QuickBooks Live Alternatives Compared
Monthly Pricing | Dedicated Bookkeeper | Catch-up Bookkeeping | Bill Pay | Invoicing | Bank Reconciliation | Payroll Integration | Tax Filing | |
|---|---|---|---|---|---|---|---|---|
 | Starts at $200 | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
 | Starts at $299 | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
 | Starts at $395 | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
 | Starts at $399 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
 | $190 | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
 | Starts at $499 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
 | Starts at $129 | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
Are you planning on getting a QuickBooks Online subscription? Read our comparison of QuickBooks Online plans. The one 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.
Low Volume | Medium Volume | High Volume | |
|---|---|---|---|
QuickBooks Online Subscription | $30 to $200 | $30 to $200 | $30 to $200 |
Monthly Cost | $200 | $300 | $400 |
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. Besides having a dedicated professional, you’ll have access to an extended bookkeeping team if you have any questions.
Activate QuickBooks Live From Your QuickBooks Online Dashboard
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.
Chatting with a QuickBooks Live Bookkeeper (Source: QuickBooks Live)
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.
- 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 QuickBooks 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 (P&L) 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.
Those who left QuickBooks Live Bookkeeping reviews appreciate that their dedicated bookkeeper not only performs ongoing maintenance of their books but also helps them get set up and fix past errors. They also said that they like the ability to speak with a live person with a variety of communication preferences, including one-way videoconferencing.
Its 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.
QuickBooks Live earned the following average scores on these popular review sites:
- Capterra1: 4.6 out of 5 based on about 65 reviews
- G22: 4.1 out of 5 based on about 75 reviews
Frequently Asked Questions (FAQs)
You’re responsible for providing the account information to link bank accounts to QuickBooks Online, as well as any unlinked bank accounts that need to be managed, transaction details for clarification upon request, and account statements.
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
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.
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.
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 the cleanup of your books.
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. However, if you are comfortable setting up and maintaining your QuickBooks account on your own, then the additional cost may not be worth it.
Bottom Line
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.
User Review References:
