Working with an online bookkeeping service can offer many benefits to your business. By taking the task of bookkeeping off your hands, it can help you maintain a strong and accurate grasp of your financial position. QuickBooks Live offers an affordable solution to basic bookkeeping tasks while Pilot Bookkeeping is more expensive but offers a large array of more sophisticated services targeting startup and high-growth companies.
When To Use QuickBooks Live
- Better for small businesses and microbusinesses who need basic bookkeeping services: QuickBooks Live includes transaction classification, account reconciliation, and financial statements.
- Better for QuickBooks Online users who need assistance with account setup: Your QuickBooks Live bookkeeper will assist with setting up your chart of accounts and will also connect your bank and credit card accounts.
When To Use Pilot Bookkeeping
- Better for venture-backed startups and rapidly growing businesses: Pilot is an excellent option if your business needs complex accrual-basis accounting, tax preparation, and chief financial officer (CFO) services.
- Better for businesses that need catch-up or clean-up bookkeeping: For an additional fee, Pilot will assist you if you have fallen behind in your bookkeeping or want to ensure that your books are accurate.
If you’re interested in learning more about accounting software solutions for your small business, check out our picks for the best small business accounting software.
When To Choose a Different Online Bookkeeper
- Small businesses that are seeking tax preparation and advice along with bookkeeping: If your business isn’t big enough to justify or need the services offered by Pilot, we recommend trying Bench. Bench Premium includes tax preparation and advice for only $499 per month for companies of any size.
- Businesses that are looking for basic bookkeeping support at a low cost: Because both QuickBooks Live and Pilot can be costly, you may want to consider Sunrise, which offers free accounting software with the option to sign up for its online bookkeeping services, starting at $149 per month.
For more information about virtual bookkeeping services that are available for different types of businesses, check out our article on the best online bookkeeping services.
Compare QuickBooks Live and Pilot Bookkeeping at a Glance
QuickBooks Live | Pilot Bookkeeping | |
|---|---|---|
What It’s Best For | QuickBooks Online users seeking a QuickBooks ProAdvisor to complete basic bookkeeping tasks | Venture-backed startups and fast-growing businesses seeking CFO services and tax management |
Monthly Pricing Plans | Starting at $200 per month plus a QuickBooks Online Plus subscription that starts at $25 per month | Starting at $599 per month plus a QuickBooks Online subscription that starts at $25 per month |
Accounts Receivable (A/R) & Accounts Payable (A/P) Tracking | N/A | Starting at $125 per hour |
Invoice Customers | N/A | Starting at $125 per hour |
Pay Bills | N/A | Starting at $125 per hour |
Account Reconciliation | ✔ | ✔ |
Account Cleanup | ✔ | ✔ |
QuickBooks Live vs Pilot Bookkeeping: Pricing
With a similar approach to pricing, both QuickBooks Live and Pilot offer three subscription levels that vary in price based on the monthly expense cap. However, while QuickBooks Live is a “lightweight” assisted bookkeeping service, Pilot allows you to add on services like payroll, invoicing customers, and bill pay for an hourly rate. Since both of these services require a subscription to QuickBooks Online, the price for the software must be factored in as well.
QuickBooks Live Pricing
QuickBooks Live offers three subscription plans, which differ in price based on your company’s monthly expenses. All services are provided monthly, and after an initial $500 onboarding fee, you’ll be responsible for the monthly fee that applies to your business. Because QuickBooks Live is only available to QuickBooks Online customers, you also need to factor in the cost of your QuickBooks Online subscription.
There’s no free trial available, but QuickBooks Live does offer a free consultation to provide more information about its services. Because you’re not required to sign a long-term contract, you can switch or cancel your service at any time without incurring any fees.
Low Volume | Medium Volume | High Volume | |
|---|---|---|---|
Monthly Cost | $200 | $400 | $600 |
Service Level | Monthly | Monthly | Monthly |
Monthly Expense Cap | Up to $25,000 | $25,000 to $150,000 | More than $150,000 |
Dedicated Bookkeeper & Account Manager | ✔ | ✔ | ✔ |
Month-end Close With Bank & Credit Card Reconciliation | ✔ | ✔ | ✔ |
Balance Sheet, Profit and Loss (P&L) & Statement of Cash Flows | ✔ | ✔ | ✔ |
Cash or Accrual | ✔ | ✔ | ✔ |
Secure Portal With Document Storage | N/A | N/A | N/A |
Bill Pay | N/A | N/A | N/A |
Monthly Scheduled Meetings | No limit, but must be scheduled one at a time | No limit, but must be scheduled one at a time | No limit, but must be scheduled one at a time |
Lite CFO & Advisory Services | N/A | N/A | N/A |
Pilot Bookkeeping Pricing
Pilot offers three subscription plans which are billed on an annual basis. The pricing scales are based on your expense rate and the needs of your business. Pilot also charges an onboarding fee that’s equal to one month of bookkeeping. Pilot requires that all businesses use QuickBooks Online, so the monthly service fee must be factored into the cost as well.
In addition to the services below, Pilot offers supplemental services starting at $195 per hour. This includes custom reporting, training new client hires, communicating with external parties, and other support. Special discount pricing is available for prerevenue companies, and those that qualify can receive $200 off per month for the first year.
Core | Select | Plus | |
|---|---|---|---|
Monthly Cost | Starting at $599 per month | Starting at $849 per month | Custom pricing (includes Core and Add-ons) |
Service Level | Monthly | Monthly | Monthly |
Monthly Expense Cap | Up to $15,000 | Up to $15,000 | Up to $15,000 |
Dedicated Bookkeeper & Account Manager | ✔ | ✔ | ✔ |
Month-end Close With Bank & Credit Card Reconciliation | ✔ | ✔ | ✔ |
Balance Sheet, P&L & Statement of Cash Flows | ✔ | ✔ | ✔ |
Cash or Accrual | Accrual only | Accrual only | Accrual only |
Secure Portal With Document Storage | N/A | N/A | N/A |
A/R & A/P Services | Starting at $125 per hour | Starting at $125 per hour | Starting at $125 per hour |
Monthly Scheduled Meetings | N/A | ✔ | ✔ |
Controller Services | Starting at $200 per hour | Starting at $200 per hour | Starting at $200 per hour |
Tax Services | Starting at $1,950 per year | Starting at $1,950 per year | Starting at $1,950 per year |
Pilot also offers the following CFO services:
- Monthly engagement: Starting at $1,050 per month, billed annually for three hours of CFO engagement
- Annual budgeting and forecasting: $6,300 per year
- Fundraising strategy and support: Custom quote
- 409A valuation financial model: Custom quote
Takeaway: QuickBooks Live has three subscription plans for a flat rate per month, and in addition to Pilot’s assisted bookkeeping, there are other options for CEO services, payroll, back office, and tax management, for an hourly rate.
QuickBooks Live vs Pilot Bookkeeping: Features
QuickBooks Live and Pilot Bookkeeping are quite different in the services that they provide. While QuickBooks Live focuses on basic bookkeeping services like reconciling accounts and generating financial reports, Pilot offers several add-on services that will appeal to venture-backed startups and businesses that are growing quickly. QuickBooks Live offers something that Pilot doesn’t—a 100% Accurate Books Guarantee that allows you to request a free audit if you suspect that there may be potential errors with your books.
QuickBooks Live Features
QuickBooks Live has many attractive features, such as a dedicated bookkeeper who is a certified expert with QuickBooks Online, the ability to analyze reports with your bookkeeper, and assistance with not only setting up your accounts but also customizing them. These features may not be as sophisticated as Pilot’s, but they are a good fit for a business that doesn’t require additional services like payroll, invoicing, and bill pay.
For more information about the features offered, check out our QuickBooks Live review.
- Dedicated bookkeeper: Once you sign up for the service, you’ll be assigned a dedicated bookkeeper who has expertise in your industry. This QuickBooks ProAdvisor—with an average of 15 years of experience—will be available to meet via one-way video conference and screen sharing.
- Customized set-up: Your dedicated bookkeeper will assist with customizing your set-up based on your needs. This includes your chart of accounts, customer and vendor lists, and connecting your bank and credit card accounts.
- Month-end close: Your bookkeeper will close your books each month and confirm that they are accurate by preparing a trial balance. After reviewing the transactions and making any necessary adjustments, they will set a closing date and lock anything that was entered before then. If you discover any errors that require opening your books, they will be corrected at no charge.
- Reporting: Each month, your bookkeeper will provide you with key financial reports, such as a profit and loss statement and balance sheet and will help you to analyze the data. They will also show you how to customize the available reports within QuickBooks Online.
- 100% Accurate Books Guarantee: Because QuickBooks Live guarantees its bookkeepers’ work, if you have any concerns about the accuracy of your books, you can request a free audit by QuickBooks specialists. They will review your books, searching for errors, such as miscategorized transactions and account balances in QuickBooks that don’t match the actual account balances.
- Historical data: Any transactions that have occurred in the past can be imported with the assistance of your QuickBooks Live bookkeeper. This will ensure that your books are up-to-date.
Pilot Bookkeeping Features
In addition to Pilot’s virtual bookkeeping, it also offers a menu of services that will serve businesses looking for CFO or tax services, or rapidly growing businesses like high-growth technology startups. Your dedicated bookkeeper will serve as your point of contact, and they will work with you to customize a plan that suits your business best. You also have the option of adding services, such as invoicing customers and paying bills.
For more information about the available features, check out our Pilot Bookkeeping review.
- Accrual-basis accounting: Accrual-basis accounting is included with all plans. However, Pilot only offers accrual-basis, not cash-basis accounting. Most larger businesses use accrual-basis accounting as required by generally accepted accounting principles (GAAP) and preferred by banks and investors.
- A/R and A/P: Although issuing invoices and paying bills aren’t included by default, you can add them to any plan for an additional fee.
- Dedicated bookkeeper: Upon enrollment, you’ll be assigned your own dedicated bookkeeper, who will serve as your point of contact and assist with any questions you may have. They will work with you to become well-versed in your business.
- Reporting: Your bookkeeper will send you basic reports, such as P&L statements, cash flow statements, and balance sheets, on a monthly basis. More customized reports are available with the Plus plan.
- Tax management: Pilot offers a separate add-on service for tax support, which includes federal-, state-, and city-level income tax preparation as well as 1099-MISC filing. This package also includes unlimited email support.
- CFO services: Available as a separate package, Pilot CFO support can be customized based on your needs. This includes monthly engagement, annual budgeting and forecasting, and fundraising strategy and support.
Takeaway: Pilot Bookkeeping only works with businesses that use accrual-basis accounting, whereas QuickBooks Live works with both accrual- and cash-basis accounting. QuickBooks Live offers basic bookkeeping services while Pilot allows customers to select from a variety of services that will benefit businesses in need of services, such as CFO, payroll, and tax management.
QuickBooks Live vs Pilot Bookkeeping: Working With Your Bookkeeper
Both QuickBooks Live and Pilot Bookkeeping assign you to a dedicated bookkeeper upon enrollment, but the major difference between the two is that QuickBooks Live offers a more comprehensive means of communication, with meetings conducted via one-way videoconference and the ability to screen share.
QuickBooks Live: Working With Your Bookkeeper
Upon enrollment with QuickBooks Live, you’ll be assigned a primary bookkeeper who has a team of bookkeepers behind them. They work with you to create a custom plan, ensure that your books are up to date, and reconcile your accounts on a monthly basis. If any questions come up during the month, you’ll have access to your team of bookkeepers via on-demand chat. At the end of each month, your bookkeeper will close your books and you’ll receive key financial reports.
You’ll also be granted access to the QuickBooks Live Hub, which is a secure portal where your bookkeeper will post their ongoing action item list which will be updated as tasks are completed. It allows you to check on your bookkeeper’s progress and also make an appointment for a virtual meeting. While there’s no limit to the number of virtual meetings per month, they must be scheduled one at a time.
Meetings are conducted via one-way video conference so that you can see your bookkeeper, but they won’t see you. You can screen share documents during these meetings as well. During the meetings, you can ask questions about financial reports and request assistance with basic bookkeeping tasks:
QuickBooks Live Hub (Source: QuickBooks)
Pilot Bookkeeping: Working With Your Bookkeeper
When you enroll with Pilot, you’ll be assigned a dedicated bookkeeper who’ll serve as your point of contact and assist you with setting up your account. You’ll receive monthly financial reports and have the option to add other services, such as payroll or back office. If you encounter any issues or have any questions along the way, you can contact your account manager anytime through the QuickBooks portal or via email at no additional cost.
In addition to requiring that you use QuickBooks Online, Pilot requires you to have electronic transaction access and expense reporting software. Also, to ensure the accuracy of your books, Pilot doesn’t allow any commingling of personal expenses. If you are currently using Xero, it’ll assist with transitioning your books to QuickBooks Online as part of the onboarding process.
Takeaway: While QuickBooks Live and Pilot assign you to a dedicated bookkeeper upon enrollment, with QuickBooks Live you have the added benefit of being able to meet with them via one-way video chat, and if any questions come up during the meeting, you can each share your screens. While both QuickBooks Live and Pilot provide bookkeeping services, with Pilot, you have the option of adding other services that may suit your business.
Bottom Line
QuickBooks Live and Pilot are two very different virtual bookkeeping services. While they both offer a choice of three subscription plans for basic bookkeeping services, Pilot allows for additional services that are geared towards rapidly growing companies like technology startups and ecommerce businesses. These services include CFO advisory, payroll, tax management, and back-office services, like paying bills and invoicing customers, for an additional fee. If you have a business with minimal needs, then QuickBooks Live is the better option.
