QuickBooks Live Bookkeeping Review & Pricing in 2023
Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.
Danielle is a writer for the Finance division of Fit Small Business. She has owned a bookkeeping and payroll service that specializes in small business, for over twenty years.
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:
3.58 / 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, paying bills, inventory management, accounts receivable, and accounts payable
- No payroll or tax filing services
- Companies that use accrual method accounting are not supported
- No free trial
- Requires a subscription to QuickBooks Online, which is an additional cost
When To Use QuickBooks Live
- 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.
When To Use an Alternative
- FreshBooks users: Bench Accounting is our top choice for assisted bookkeeping for FreshBooks users.
- Xero users: Bookkeeper360 is an ideal alternative for Xero users because it provides a seamless integration within the Xero app
- Businesses looking for the lowest price for basic services: Merritt Bookkeeping is a great alternative for users needing only basic services and an affordable option. For only $190 per month, you get bookkeeping services without transaction limits.
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 | QuickBooks Online |
Pricing | $500 for the first month, then 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 | None |
Full-service Payroll Available | ✕ |
Tax & Consulting Services Available | None |
Benefits of QuickBooks Live Bookkeeping
- Real-time bookkeeping: With QuickBooks Live, 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 saves you time by freeing you up from having to do your own bookkeeping, so 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 an outside accounting firm.
- Integration with QuickBooks: QuickBooks Live integrates with QuickBooks Online, making it easy for you to manage your financials and get the insights you need to make informed business decisions.
If you want to learn more about the service, read our QuickBooks Live Bookkeeping article.
Comparison of the Best Online Bookkeeping Services
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 $375 | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
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 | |
|---|---|---|---|
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. Although you’ll have your dedicated professional, you’ll also 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 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.
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.
QuickBooks Live customers appreciate that their dedicated bookkeeper cannot only perform ongoing maintenance of their books but also help get them set up and fix past errors. They also liked the ability to speak with a live person with a variety of communication preferences, including one-way video conferencing.
Its biggest drawback is that it offers limited services and no access to financial advice. Other users wished that 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:
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.
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.
