The Cost Of Quickbooks Live Bookkeeping: What To Expect

While running a small business, it is usually challenging to keep track of the various books that may be in circulation. Imagine having to balance accounts, monitor income and expenditures, prepare statements, and much more; it may quickly turn into an enormous chore. But we are here to help you with QuickBooks Live Bookkeeping.

Its QuickBooks Live Bookkeeping allows users to work with professional bookkeepers to assist with the client’s financial management. This is because, instead of having to spend countless hours wrestling through QuickBooks on your own or having to hire an in-house bookkeeper at a much higher cost, QuickBooks Live provides you with an affordable monthly subscription that enables you to outsource such tasks.

However, the question that may come to your mind is how much does QuickBooks Live Bookkeeping cost and what am I being offered for my money? Below is the analyzed pricing strategy and the services that will be offered by this company.

QuickBooks Live Pricing Plans

QuickBooks Live offers three main pricing plan options for small business bookkeeping services:

1. Simple Start

The Simple Start plan costs $200 per month, which affords up to two monthly transactions, up to three bank or credit card accounts to reconcile, plus basic financial reports such as profit and loss statements. This bare-bones plan is well-suited for businesses that do not carry out a lot of business transactions each month financially.

2. Essentials

The Essentials plan begins at $400 monthly and comprises up to 150 transactions, 5 reconciled bank/credit or checking accounts, profit and loss statements, balance sheets, sales tax computations, and additional reporting. It is QuickBooks Live's most affordable plan designed for small businesses with simple needs.

3. Plus

Pricing for the Plus package starts at $800 per month and includes up to 400 per month transactions, 10 reconciled accounts, customized reports, sales tax filings, and higher-level expenditures including fixed asset tracking. This plan is for larger businesses or if you are a small business with a lot of different departments.

The specific costs of these plans depend on the number of transactions you will make every month and other features with which you can customize your account when subscribing to one of the plans. However, with QuickBooks Live Bookkeeping, the cost is approximately $200 to $800+ per month.

Want to know what QuickBooks Live Bookkeeping is?

Here are the aspects of this service that will interest you.

When you subscribe to any QuickBooks Live Bookkeeping plan, here are some of the core services you receive:

- A professional who is aware of the accounts and is responsible for their management.
- Bank reconciliation and credit reconciliation
- Receiving and keeping records of income and expenses
- Maintenance of accounts payable and accounts receivable
- This is because fixed asset depreciation calculations require a more professional approach since the decisions made affect the company for several years.
- Inventory management
- Sales tax preparations
- Some of the utility of management information includes financial report generation such as profit and loss statements.
- Regular availability of your data at any one time through QuickBooks online.
- Administrative functions for the storage of tax papers and receipts in one file.

The only thing that your QuickBooks Live bookkeeper cannot do is to physically come to your business location and keep the books on site. But because they focus exclusively on bookkeeping, you tend to get even better quality financial reports and always deal with a highly recommended team of CPAs.

Additional Cost Considerations

While the monthly subscription fee covers your core bookkeeping tasks, there are a few other potential costs to factor in with QuickBooks Live:

- Company’s QuickBooks Online software license – QuickBooks Simple Start: $25 per month. The QuickBooks Live packages do not cover the basic QuickBooks Online license fee.
- Sales tax filings – Some plans may include this service, but it will be at an extra charge or on a higher plan.
- More than planned transactions – If your account’s monthly activity is higher than the planned amount of transactions, it will cost an additional $100 per additional hour of work.
- Tax preparation – Each contractor requires 1099 tax forms which cost $5 per form per year.
- Monthly payroll preparation – The basic monthly payroll preparation costs $50 per month, and W2 & W3 filing costs $100 in total per year.

Remember to consider these extra charges on the basic monthly costs of the QuickBooks Live Bookkeeping services.

The last thing to consider concerning cost is the Bottom Line Cost.

QuickBooks Live is comparatively cheaper than hiring an in-house bookkeeper which might cost over $30K, or doing it yourself with mistakes involved. Pricing for plans starts at $200 and goes up to $800+ per month with the above one-time fees offering fully rounded small business financial management services.

The only thing you must be careful about is the service level and features that will fit the current workload of your accounting operations. Then you can delegate bookkeeping so you can focus on what your business needs to grow.

If you want me to change or add more content to this post, please let me know so I can do it before the blog is published. I could also expand on the features that are provided in QuickBooks Live plans or discuss any other relevant material that you believe the potential customer would find relevant.

Contact us here for Bookkeeping With Quickbooks Online now!