Friday, September 22nd
2023 Bookkeeping Service Reviews
QuickBooks Live
- Error-free guarantee (read: correction guarantee)
- Budget-friendly bookkeeping starting at $200 per month
- $500 initial cleanup fee
- One-on-one bookkeeping service
If you already use QuickBooks, one of the top bookkeeping programs on the market, it may seem natural to take your business one step further and sign up for QuickBooks Live. While providing less comprehensive coverage than other bookkeeping services, and no advising or tax services, QuickBooks Live offers a slimmed-down service for a budget price. But how do they stack up when compared to competitors?
Simple service, low price
QuickBooks Live's most attractive feature is its price and simplicity. They offer one thing (bookkeeping), for which they charge you clearly. They don't mention their initial cleanup fee (which is variable based on the work needed to clean your books) so if your books need significant cleanup, be sure to inquire as to what that will cost before you commit.
One service priced according to your expenses
QuickBooks Live's monthly rates are as follows: $200 per month if your monthly average expenses are under $10,000 per month, $300 per month if your expenses fall between $10,001-$50,000, and $400 per month if your expenses are $50,001 or more. For that price, you'll work with a single bookkeeper who'll clean up your books, update your profit & loss balance sheet, and afterwards will organize and keep your financials up-to-date, get your books tax-ready, provide detailed business reports, while offering virtual support.
An accuracy guarantee
While you may be nervous about working with just one bookkeeper, QuickBooks Live offers an "Accurate Books Guarantee" , which you can invoke anytime to trigger an evaluation of your bookkeeper's work. While less ideal than a dedicated bookkeeper or team, we appreciate their accuracy guarantee, though it would be better labeled a "correction' guarantee.
A budget service with mixed reviews
While major review sites don't often mention QuickBooks, a quick scan of forums dedicated to accounting and QuickBooks usage reveal frequent frustration from customers. Many customers state that the QuickBooks Live's "cleanup" left their books messier than before. One accountant there even jokingly referred to QuickBooks Live as their "marketing team," as he finds himself fixing so many of their errors. Based on customer testimony, working with QuickBooks Live is hit or miss, which reflects both their budget price and their single-bookkeeper approach.
A good budget choice, just remember that it's budget
In sum, QuickBooks Live is a simple and very budget friendly service, and that is reflected by its variable quality. Unlike other similarly priced services on our list, QuickBooks Live doesn't actively try to scam you. In short, if budget is first and foremost for you, then we think QuickBooks Live should be one of your top picks, as long as you're prepared for the potential headaches it may bring.
More Bookkeeping Service Reviews
The 10 Best Bookkeeping Services
What's the Best Online Bookkeeping Service on the Market?
The answer to that question is going to depend on your specific needs. There is no one-size-fits-all bookkeeping service. Online bookkeeping companies will often specialize in services for a particular type of company. Some companies on our list specialize in startups, with strategic cash-burn analysis, Series A-C funding guidance, and tax strategies to boot. Other companies offer attractive budget bookkeeping support, but little in the way of CFO guidance, while yet others cater to businesses that utilize a wide-variety of payment and payroll software integrations.
Online bookkeeping services offer several advantages to businesses looking to manage their financial records efficiently. One of the most significant benefits of online bookkeeping is accessibility. With online bookkeeping services, businesses can access their financial records from anywhere, at any time, and through any device with an internet connection. This allows business owners and their accountants to stay up-to-date on their finances and make informed decisions on the go.
Bookkeeping Service FAQ
Continued from above...
Another advantage of online bookkeeping services is that they offer real-time data tracking and reporting. This means that businesses can monitor their financial performance as it happens - and quickly identify any issues or opportunities for growth. Online bookkeeping services can also automate certain tasks, such as reconciling bank statements, generating financial reports, and tracking expenses. All this can save businesses valuable time and resources.
Online bookkeeping services can also be more cost-effective than traditional bookkeeping methods. They eliminate the need for businesses to invest in expensive accounting software or hire in-house accountants, since all the necessary tools and expertise are available online. This can be particularly beneficial for small businesses and startups with limited budgets.
While almost all of the companies in our review offer a variety of bookkeeping, tax, back-office, and advisory solutions, the extent to which those are included in base plans - or priced as premium services - is going to depend on the specializations of the provider you choose. With such a diversity of offerings, it can be difficult to parse the good from the bad. The best on our list is what we think is best for most, not for everyone. As such, identify your specific needs while reviewing our list, and you'll be sure to find the ideal fit from our top-rated services.
Before you jump right into our top bookkeeping providers, here are some important tips to keep in mind:
- Cash vs. accrual accounting: accrual accounting records all revenue and expenses based on when invoices and bills are received, and is much more accurate. Cash accounting is much simpler, and only tracks when money changes hands. Most small businesses are well served by cash accounting; however, that may not be the case for you. Keep this in mind when you notice the price differences between cash and accrual accounting.
- Type of service: Is it a single bookkeeper working with you one-on-one, or does a team manage your books? Do they offer proprietary software services, if so, do they integrate with your current software? Are they CPA certified? Whatever their services offer, just remember that - even though they may often sound similar - the type and quality of service varies greatly across our list.
- Cost: Full costs are rarely upfront. Oftentimes, the actual costs of any bookkeeping or accounting service are hidden behind a phone call or consultation. Compare the prices of competitors-and what you're willing to spend - before you make that call.
At Top Consumer Reviews, we've done the work of comparing (and even interrogating) our listed bookkeeping services - and analyzing their user reviews - to make sure that whatever your needs, you'll find the right range of cost, service, and support for your small business.
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