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Learn about the QuickBooks Live Bookkeeping service

SOLVEDby QuickBooksQuickBooks Online167Updated 1 month ago

Get answers to common questions about QuickBooks Live Bookkeeping.

Use the QuickBooks Live Bookkeeping service to make sure your books are up to date, accurate, and ready for tax time. QuickBooks Live Bookkeeping gives you live, one-on-one support from a QuickBooks-certified bookkeeper who works with you to understand your business. They categorize transactions, reconcile accounts, and meet with you on a monthly basis to go over updated reports. Here’s more info about the bookkeepers, who can use the service, what the bookkeeper does, and what you’re responsible for.

Who are the Bookkeepers?

The team of QuickBooks Live Bookkeepers includes professionals from many industries. When you sign up for Live Bookkeeping, we match you to a bookkeeper with experience in your industry.

The bookkeepers are available for a set number of hours per week M-F, 6:00 AM and 6:00 PM, PT. Each bookkeeper’s available hours vary. We match you with a bookkeeper whose availability best matches yours.

  • All QuickBooks Live Bookkeepers have at least one of the following credentials:
    • Active Certified Public Accountant
    • Active Certified Public Bookkeeper
    • Bachelor's degree in Accounting/Finance
    • 3+ years managing the books for a Small Business
  • All QuickBooks Live Bookkeepers have active QuickBooks Online ProAdvisor certification
  • All QuickBooks Live Bookkeepers have a minimum of one year of experience working with QuickBooks Online

Who can use the service?

QuickBooks Live is available to businesses who use QuickBooks Online and have filed taxes in the last calendar year. You might not qualify for this service if:

  • your business is extremely complex
  • you deal in foreign or cryptocurrency
  • your business and personal expenses are heavily mingled

If you have historical records for your business, we’ll review your books to see if you’re eligible.

What's included and not included with the service?

QuickBooks Live Bookkeeping includes monthly categorization, reconciliation, and closing your books to ensure they’re accurate. There are three service phases: cleanup/setup, monthly bookkeeping, and month-end close. Learn about what your bookkeeper does in each phase:

When you first sign up for QuickBooks Live Bookkeeping, your bookkeeper helps you set up your chart of accounts, connect your banks, and learn the basics of QuickBooks. If you already have information in QuickBooks, your bookkeeper will help clean it up in the first month of service.

Each month, your bookkeeper categorizes your transactions and reconciles your accounts. Categorizing transactions records each transaction under the right account so you have clear records of how much the business made and where the money went.

At the end of each month, your bookkeeper closes your books. Closing the books means that all transactions are categorized and resolved and all accounts are reconciled. Accurate and closed books simplifies tax filing at year-end. To protect your closed books from editing, a warning appears before transactions from closed months are edited. After your books are closed, your bookkeeper sends you copies of important reports like profit and loss statements and balance sheets. Your bookkeeper can go over your monthly reports with you to help you understand them.

QuickBooks Live Bookkeeping does not include the following services:

  • Sending invoices or paying bills
  • Managing inventory, accounts receivable, or accounts payable
  • Financial or tax advice
  • Filing income or sales tax returns, or creating and sending 1099s
  • Managing payroll
    Note: QuickBooks Online offers Full Service Payroll for an additional cost.
  • While your bookkeeper can answer questions and help you manage transactions correctly, they don’t provide training on how to use QuickBooks Online. Instead, look at our options for QuickBooks Online training to help you learn.

What bookkeeping work am I responsible for?

You’ll still need to manage tasks for your business like sending invoices, paying bills, and managing inventory, accounts receivable, and accounts payable.

You’ll need to give your bookkeeper information they request 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.

How much does QuickBooks Live Bookkeeping cost?

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.

Learn more about the costs and pricing tiers for QuickBooks Live Bookkeeping.

How do I subscribe or unsubscribe from QuickBooks Live Bookkeeping?

Learn how to start or cancel your QuickBooks Live subscription.

How do I contact my bookkeeper?

Learn more about options for contacting your bookkeeper and scheduling meetings.

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