What is QuickBooks Live?
QuickBooks Live is a subscription-based service that offers real-time support from certified bookkeepers to help businesses manage their books and provide personalized bookkeeping services. It’s offered explicitly to business owners using QuickBooks Online. All bookkeepers are vetted and certified in QuickBooks accounting software to ensure they have the experience to manage the accounts based on the QuickBooks Online Platform.
How does QuickBooks Live work?
Once you sign up with QuickBooks Live, you’re automatically connected with a live bookkeeper, also referred to as a QuickBooks ProAdvisor. They’ll conduct a one-time session to set up your books, and they’ll review your existing bookkeeping and update it. As they update your books, they’ll reconcile your bank and credit card accounts and any other balance sheet accounts from your last tax return or business incorporation date.
From there, your bookkeeper will provide the following ongoing services:
- Close out your books monthly
- Provide monthly finance reports, which include profit and loss statements and balance sheets
- Prepare your books for tax season at the end of the year
In addition to these services, you can schedule one-way video or phone calls, chat online with your bookkeeper, and get 24/7 customer support for any other questions you may have about using the platform.
What QuickBooks Live can’t do
While QuickBooks Live provides valuable bookkeeping support in real-time, it's not a full-service accounting solution. QuickBooks Live bookkeepers can't make business decisions on behalf of clients, create budgets, or provide financial planning advice.
Your QuickBooks Live bookkeeper also won’t be able to help you with the following:
- Physical tasks like filing receipts, sending invoices, or making bank deposits
- Tax preparation, filing, or auditing
- Tax advice or interpreting complex financial data to provide strategic business insights
- Representing clients before the IRS
- Payroll services, such as processing employee paychecks or managing benefits
- Manage accounts receivable and accounts payable
For these types of services, businesses may need to seek assistance from other professionals or handle them internally.
QuickBooks Live bookkeeping costs
QuickBooks Live bookkeeping costs range from $200 to $600 per month, plus a one-time setup fee of $50 for new businesses and $500 for established businesses who require a QuickBooks ProAdvisor to reconcile their books. Since QuickBooks Live is a subscription service, how much you’ll pay is based on your business’s complexity and average monthly expenses. As of 2024, the pricing tiers for a QuickBooks Live subscription look like this:
With QuickBooks Live, you don’t have to sign up for a long-term contract, which means you can switch pricing plans as your business grows or cancel without incurring any other fees. QuickBooks Live also comes with an “Accurate Books Guarantee,” which covers the costs of correcting any bookkeeping mistakes your ProAdvisor may make.
Remember these pricing plans are separate from the QuickBooks Online subscription, which ranges from $25 to $180 per month, depending on your subscription plan. Since you cannot get a QuickBooks Live subscription without first having a QuickBooks Online subscription, you’ll effectively be paying for two subscriptions for the real-time bookkeeping services.
The pros and cons of QuickBooks Live
QuickBooks Live has certain pros and cons. Depending on your business and bookkeeping needs, it’s a good idea to understand those pros and cons before signing up for the service.
The pros
- Access to certified human bookkeepers familiar with QuickBooks Online and various accounting practices.
- Accurate books guarantee, which guarantees that any errors will be corrected at no additional charge.
- Outsourced bookkeeping which frees up time so you can focus on other important business tasks.
- Reliable financial reports delivered monthly to provide up-to-date information about your business's financial health.
- Seamless integration with QuickBooks Online keeps all financial data in one place.
- Scalable pricing model, which allows you to adapt to your bookkeeping needs to your business's growth.
The cons
- Can be expensive, especially for small businesses or startups with tight budgets.
- Limited tax support, focusing primarily on bookkeeping.
- Service does not include invoicing your customers or vendors or paying bills for you.
- It requires the use of QuickBooks Online, which all businesses may not prefer, and comes at an additional cost.
- Less hands-on control, which some business owners might find uncomfortable.
- Potential for bookkeeper turnover, requiring you to build new relationships.
- Customer support varies in quality, and customers are often left to rely on the community self-help forum.
Introducing Bench: The best alternative to QuickBooks Live
Bench Accounting is an online bookkeeping service that offers a comprehensive financial management solution for small businesses and freelancers. Founded in 2012, Bench has quickly grown into one of the largest bookkeeping services for small businesses in the United States. Unlike traditional bookkeeping services or software-only solutions, Bench combines easy-to-use software with a dedicated team to provide a more holistic approach to financial management.
Bench vs. QuickBooks Live
Bench Accounting differs from QuickBooks Live in several key ways:
- Comprehensive services: Bench offers both bookkeeping and accounting services, providing a more complete financial management solution.
- Dedicated team: Instead of a single bookkeeper, Bench provides a team of professionals to handle your finances.
- Proprietary software: Bench uses its own user-friendly platform that does not require additional subscription services.
- Pricing structure: Bench often offers more straightforward, predictable pricing without additional software subscription costs.
- Tax season support: Bench offers unlimited tax advisory and preparation services, which QuickBooks Live does not offer.
- Catch-up bookkeeping: Bench specializes in bringing outdated books up to date, offering this as a distinct service. Catch-up experts get you caught up, ready to file back taxes, and in the clear with the IRS.
- Industry specialization: Bench has experience with various industries and tailors its approach accordingly, while QuickBooks Live is more generalized and dedicated to keeping your books organized.
- Financial reporting: Bench offers easy-to-understand, visual reports tailored to small business needs.
- Integrations with banks and your favorite tools like Amazon, Shopify, Gusto and more: Bench connects directly to your bank accounts and favorite tools, eliminating the need for manual data entry or imports.
- Access to financial data for life: Bench will never delete your account, so you can log in and access your tax and bookkeeping reports whenever you need them—even if you cancel your service. With QuickBooks Live, access to your financial information is limited to one year after canceling your service.
Who should choose Bench?
- Small businesses and startups looking for an all-in-one financial solution
- Entrepreneurs and freelancers who want both bookkeeping and tax support
- Businesses that prefer a team-based approach rather than relying on a single bookkeeper
- Those seeking a more cost-effective solution, especially if they're not already using QuickBooks Online
- Companies with historical bookkeeping issues that need help catching up on their bookkeeping or transitioning from another service
- Business owners in locations that require state tax filing on a monthly or quarterly basis
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Who should choose QuickBooks Live?
- Businesses already using QuickBooks Online that have invested time and resources learning the platform and don’t want to switch
- Companies needing bookkeeping support but preferring to handle taxes separately
- Medium-sized businesses with complex bookkeeping and reporting needs but don’t require accounting services
- Those who are familiar with bookkeeping practices and specifically want a certified QuickBooks ProAdvisor to manage their books
Are you ready to work with Bench?
While QuickBooks Live offers valuable bookkeeping support, it may not be the right fit for your business needs. Bench can provide your small business with a more holistic approach to financial management, combining comprehensive bookkeeping and tax services tailored to your unique business needs.
Book a demo today and see for yourself!
