When business owners in Broken Arrow need more time or resources to hire an internal bookkeeper, QuickBooks Live often becomes the primary online bookkeeping service they turn to. QuickBooks Live is not a one-size-fits-all solution despite its wide adoption.
In this blog, we will examine what companies should know before deciding to use QuickBooks bookkeeping in Broken Arrow, OK, for bookkeeping support.
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How do you know your business is ready to use QuickBooks Live?
Upon registering for QuickBooks Live, you are instantly paired with a live accountant, also known as a QuickBooks ProAdvisor. In addition to setting up your books, they will look at and update your current bookkeeping during a one-time appointment. When they update your records, they will reconcile your credit card and bank accounts as well as any other account balances from the date of your business incorporation or your most recent tax return.
After that, your bookkeeper is going to keep providing the following services:
- Close your books monthly.
- Provide financial reports every month that include balance sheets and profit and loss statements.
- At year’s end, get your books prepared for the tax season.
Along with these services, you may arrange one-way phone or video discussions, communicate with your bookkeeper online, and get round-the-clock customer support for any additional questions you might have about the platform.
What QuickBooks Live is not capable of?
Although QuickBooks Live offers useful real-time bookkeeping help, it is not a complete accounting solution. Budgeting, financial planning, and business decision-making on behalf of clients are all beyond the authority of QuickBooks Live bookkeepers.
Furthermore, your QuickBooks Live bookkeeper will not be able to help you with:
- Physical duties such as sending invoices, depositing money into a bank account, or filing receipts
- Preparing, filing, or auditing taxes
- Providing tax guidance or analyzing complex financial data to produce insightful company plans
- Protecting customers in front of the IRS
- Payroll services include handling benefits and processing employee paychecks.
- Manage the accounts payable and receivable.
Businesses may need to manage these services internally or seek help from other professionals in the field.
Costs of bookkeeping with QuickBooks Live
In addition to a one-time setup charge of $50 for new companies and $500 for established companies that need a QuickBooks ProAdvisor to balance their books, QuickBooks Live accounting costs vary between $200 to $600 per month. Because QuickBooks Live is a subscription service, the cost depends on the complexity of your company and your typical monthly spending.
Since QuickBooks Live does not ask you to sign a long-term contract, you can cancel at any time without paying extra charges or changing price plans as your business expands.
Furthermore, QuickBooks Live has an “Accurate Books Guarantee” that pays for correcting any bookkeeping errors your ProAdvisor could make.
Keep in mind that these costs are distinct from the QuickBooks Online membership, which varies according to your subscription plan and can cost anywhere from $25 to $180 each month. You will basically be paying for two memberships for the real-time bookkeeping services because you cannot obtain a QuickBooks Live subscription without first purchasing a QuickBooks Online subscription.
The advantages and disadvantages of QuickBooks Live
QuickBooks Live offers both benefits and drawbacks. Before using the service, it is a good idea to weigh its advantages and disadvantages, depending on your business’s needs and bookkeeping requirements.
The Advantages
- Accessibility to qualified human bookkeepers who are educated with QuickBooks Online and other accounting procedures.
- The “accurate books guarantee” ensures that any mistakes will be rectified without charging extra.
- Bookkeeping can be outsourced to free up time for other important business-related tasks.
- Monthly delivery of reliable financial reports that give you the most current details on the state of your company’s finances.
The Disadvantages
- Can be costly, especially for startups or small businesses with limited resources.
- Restricted tax support, with a main focus on bookkeeping.
- Service does not include invoicing clients or suppliers or handling bill payments for you.
- It costs extra and necessitates the installation of QuickBooks Online, which not every business may want.
- Less direct control, which could be uncomfortable for some businessmen.
