If your small or medium-sized business (SMB) is service-based, however, FreshBooks, our other Editors’ Choice winner, provides a competitive user experience and project management features. Once you sign up with QuickBooks qbo login 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.

See Bench’s features in action

And keep in mind this service won’t make tax filings on your behalf, so you’ll have to handle that separately. QuickBooks Online’s project tracking capabilities are excellent and comparable with those of FreshBooks. You simply assign transactions (invoices, payments, expenses, estimates, time, purchase net sales orders, and bills) to specific projects. The site creates a page for each project, which shows you its current income and expenses by category at a glance. Besides this overview, you can see lists of related transactions and time activities, as well as project reports. Our intuitive software automates the busywork with powerful tools and features designed to help you simplify your financial management and make informed business decisions.

QuickBooks Live vs Bench Accounting Comparison

• QuickBooks Online has powerful and flexible inventory tracking tools.
• You’ll get the most flexibility and customization with the Advanced Plan.
• Besides this overview, you can see lists of related transactions and time activities, as well as project reports.
• You’ll still need a QuickBooks Online subscription to have full features, and you’ll likely still need to work with a CPA when it comes time to file your taxes.
• This service is ideal for business owners who want to get their bookkeeping in order but don’t have the time or resources to do it themselves.

They also liked that the fees are affordable law firm chart of accounts and the dashboard itself is easy to navigate. Two complaints among users are that there aren’t any bill pay or invoicing services available, and it also doesn’t provide income tax filing or advisory services. Also, many wished QuickBooks Live offered a free trial so that they could try the service before committing.

Business Debt Management Companies

Having a dedicated bookkeeper means that the business maintains the continuity of one person who learns the ins and outs of the company and what the business owner needs by way of reporting. 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. Remember these pricing plans are separate from the QuickBooks Online subscription, which ranges from $25 to $180 per month, depending on your subscription plan.

• Overall, I must evaluate the QuickBooks user interface and experience because the Live Add-On isn’t available in the demo account.
• QuickBooks Live allows you to connect an unlimited number of accounts while Bench users can only connect up to 15 merchant, bank, credit card, and loan accounts for free.
• Another bonus is that Bench offers unlimited customer support and unlimited year-round tax advisory services.
• Plus, your bookkeeper will review your information for accuracy, asking questions about categorization and recategorizing as necessary for clean reports.
• There’s no fumbling around for the information you need, and the site looks great.

See our guide on how to choose a virtual bookkeeper for assistance in selecting the best online bookkeeping service. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. Also, keep in mind that QuickBooks Live is not a completely hands-off accounting service. The business owner will still need to input some data, manage physical receipts, connect expense accounts, etc.

• Like all Intuit websites, the QuickBooks Live user experience is exceptional.
• Accountant reports (including standard financial reports like Statement of Cash Flows and Balance Sheet) are also available.
• Two come from double-entry accounting services that have no monthly subscription fee.
• Your bookkeepers maintain, update, fix, reconcile, and categorize your transactions.
• Online bookkeeping services can save business owners both time and money.
• Activate QuickBooks Live within QuickBooks Online by clicking on Live Bookkeeping from the left navigation bar, as indicated below.

She also regularly writes about business for various consumer publications. A Live bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days. In some cases, your cleanup may take longer depending on timeliness of documentation and the complexity of your books. If you invoke the guarantee, QuickBooks will conduct a full n evaluation of the Live bookkeeper’s work. Yes, you’re free to switch QuickBooks Online plans or cancel at any time.

Based on customer testimony, working with QuickBooks Live is hit or miss, which reflects both their budget price and their single-bookkeeper approach. There are dozens of reports in QuickBooks Online Plus that you can easily create yourself. For example, you should be running aging reports so you can see which customers are past due on payments. But there are some more complex reports, like Balance Sheet and Statement of Cash Flows, that QuickBooks Online Plus can generate, but which you might have a hard time understanding.