Intuit QuickBooks Live Review

Your team members are available to chat during regular business hours, though you can email them anytime and consult their schedules to set up a meeting. QuickBooks Live takes on the tasks that are more advanced than these core capabilities. Once you’ve created an account, you’re assigned a primary bookkeeper based on your company’s composition and needs. This individual will be your main contact, though other bookkeepers on his or her team will be doing work for you, too. These Certified QuickBooks ProAdvisors (some of whom are CPAs) have experience working with small businesses, and they’ve received extensive training in accounting, finance, and bookkeeping.

• It’s notably simple to set up — but it’s even easier with a step-by-step guide to explain each part of the process for you.
• You’ll also need to give them descriptions of any established capitalization or accounting policies for your business.
• Once your contact learns enough about your business, he or she will set up QuickBooks Online Plus to meet your needs and explain how the process works.
• You meet with your bookkeepers via one-way video chat (they can’t see you) and by sharing your screen.
• QuickBooks gives you a fairly comprehensive chart of accounts with 250 optional accounts available with the Simple Start plan.
• During these meetings, you’ll have the opportunity to ask questions about financial reports and request assistance with basic bookkeeping tasks.

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Once you’ve answered QuickBooks’ initial questions about your business (or if you’ve opted to skip the questionnaire and fill it out later), you’ll be taken to your account dashboard. If you’re enrolling for the first time, select the Enrollment Site link. I appreciate you for coming back to the thread and adding clarification about your concern, 4soilsllc. With this, I’ll be sharing details on how guided setup works in QuickBooks, then ensure you can send feedback so your suggestion is forwarded to the Product Development Team.

QuickBooks Live Bookkeeping Review 2024

Your selected duration will become your default net payment term, within which your customers must pay you. QuickBooks works well for LLCs, whether you want to access your accounting details online or via desktop. However, as with QuickBooks alternatives, it has both benefits and drawbacks.

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Your bookkeepers maintain, update, fix, reconcile, and categorize your transactions. They review and close your books at month’s end and provide you with critical financial reports. It’s not cheap, but the peace of mind it provides will be well worth the cost for many business owners. QuickBooks Live Bookkeeping is a comprehensive bookkeeping service that businesses can contract with to maintain their books, properly categorize expenses and perform reporting.

Frequently Asked Questions (FAQs)

Our expert industry analysis and practical solutions help you make better buying decisions and get more from technology. At $270 per month, even QuickBooks Live’s low-volume option would probably not be a cost-effective accounting service for freelancers or other independent contractors. Those businesses wouldn’t necessarily even need to use the Plus version of QuickBooks Online. There are two more junior versions (Simple Start and Self-Employed) that are much less expensive and better suited to the smallest of businesses.

• Everything in your accounts gets touched by your bookkeepers, so nothing falls through the cracks—as long as you’re keeping up with your transactions.
• You can also use it to scan and upload receipts, send mobile invoices and track mileage.
• If you want to accept payments electronically, which usually helps you get paid faster, you can sign up for a payment service and let your customers pay you using a credit card or bank withdrawal.
• To set up a QuickBooks Online account, start by visiting QuickBooks’ site to choose an accounting plan.
• A video should also pop up offering to give you a quick tour of the dashboard (I definitely recommend taking it).
• For example, if you don’t categorize income and expense transactions correctly, you could miss income tax deductions and pay more than you should.

In addition, we employ a comprehensive editorial process that involves expert writers. This process ensures that articles are well-researched and organized, offering in-depth insights and recommendations. If you don’t have the information on hand to complete any step of the setup process, QuickBooks will always let you click “skip.” You can return to complete the step once you gather the correct information. QuickBooks gives you a fairly comprehensive chart of accounts with 250 optional accounts available with the Simple Start plan. Additionally, the company will deposit $5 in your preferred checking account once you’ve set up QuickBooks Payments to show you how the payment acceptance process works.

Who can use the service?

Expert Assisted is a monthly subscription service that requires a QBO subscription and provides expert help to answer your questions related to the books that you maintain full ownership and control. An expert can guide you through QBO setup and answer questions based on the information you provide; some bookkeeping services may not be included and determined by the expert. For more information about Expert Assisted, refer to the QuickBooks Terms of Service. With the new QuickBooks Live Tax, you can choose whether to do your taxes with expert assistance or have experts do them for you. This service only provides income tax return filing and unlimited tax advice. QuickBooks’ score could’ve been higher in this criterion if it offered sales tax return filing and CFO services.

Intuit QuickBooks Live Review

For example, if you don’t categorize income and expense transactions correctly, you could miss income tax deductions and pay more than you should. If you fail to match a payment to the right invoice, you risk annoying customers by requesting payments that have already been made. If you want to accept payments electronically, which usually helps you get paid faster, quickbooks live setup you can sign up for a payment service and let your customers pay you using a credit card or bank withdrawal. The site also allows you to enter and track bill payments and record your tax-deductible business mileage. If you sell time-based services, you can enter your hours and bill customers for those services and for any expenses you’ve incurred on their behalf.

Your bookkeepers will help you set up your Chart of Accounts, connect your online banks, and go over the basics of QuickBooks Online Plus. If you’re already using it and have entered data, they’ll help create a plan to clean it up—for a $500 charge if you have more than two months of historical data. If you work with a popular subscription service such as QuickBooks https://www.bookstime.com/ Live Bookkeeping, you can pay as little as $200 per month for bookkeeping. Other services may cost as much as $2,500 per month, depending on the complexity of your business’s books. Eric is an accounting and bookkeeping expert for Fit Small Business. He has a CPA license in the Philippines and a BS in Accountancy graduate at Silliman University.