QuickBooks Live Bookkeeping update: November 2020

QuickBooks Live Bookkeeping update: November 2020

Editor’s Note: This update was posted on Nov. 17, 2020

We continue to evolve QuickBooks® Live Bookkeeping to better meet the needs of small businesses and the qualified bookkeepers and ProAdvisors® who provide the service. Let’s get into the latest updates and tests that we are getting ready to run.

QuickBooks cleanup

We recently finished a test that provided small businesses with expedited cleanup services in QuickBooks Live Bookkeeping, completing cleanup within 30 business days for customers purchasing QuickBooks Live Bookkeeping.

Starting now, some QuickBooks Online (QBO) customers may see a QuickBooks Live Cleanup Bookkeeping offer in-product. The in-product offer includes information about the cleanup tasks to be done, and the 30-day timing when buying QuickBooks Live Bookkeeping.

QuickBooks Online customers that may see this offer are those with these circumstances:

  • Files older than 60 days
  • Not currently connected to an accountant or ProAdvisor and
  • Not currently signed up for QuickBooks Live Bookkeeping

The current price of QuickBooks Live Bookkeeping for the first month is now $500. This cost covers the cleanup services that happen after you sign up for QuickBooks Live Bookkeeping. Experts will do the following tasks as part of the first month’s cleanup service:

  • Assisting in setting up bank connections
  • Categorizing historical transactions (back to your most recent tax filing)
  • Reconciling historical accounts (up to previous year’s tax filing)

Cleanup is a prerequisite for customers signing up for QuickBooks Live Bookkeeping. Customers will receive cleanup as their first month’s service. After cleanup is complete, customers will transition to their permanent ongoing bookkeepers. They also will transition to their ongoing QuickBooks Live pricing structure based on their monthly expenses.

What’s next

Over the coming months, we will track the amount of time QuickBooks Live experts spend providing the cleanup service. These learnings may inform how we deliver the service in the future.

QuickBooks Live business tax and data transfer services

QuickBooks Live Bookkeeping customers often ask us for help with transferring data from other applications into QuickBooks Online as well as doing their business taxes. As a result, we are currently researching these opportunities. As these ideas take shape, we will be sure to provide an update on this blog.

Frequently Asked Questions:

Is the cleanup service a standalone product, or is it part of the overall QuickBooks Live Bookkeeping offering?

Cleanup is not available as a standalone offering. It is part of the overall QuickBooks Live Bookkeeping offering. Cleanup is what small businesses receive as the first phase after they sign up for the ongoing QuickBooks Live Bookkeeping service.

How does the cleanup service impact the pricing of QuickBooks Live?

QuickBooks Live Bookkeeping is now $500 for the first month for small business signing up for the service. This first month of service focuses on cleaning up the small business’s books. This price does not include a business’s QuickBooks Online subscription price. After the first month, the price for QuickBooks Live Bookkeeping is tiered based on a business’s monthly expenses. QuickBooks Live Bookkeeping requires a QuickBooks Online subscription. QuickBooks Online subscription pricing is not included in QuickBooks Live Bookkeeping pricing. QuickBooks Live Bookkeeping pricing is:

  • $200 a month for businesses, with up to $25,000 in monthly expenses
  • $400 a month for businesses, with $25,001 – $150,000 in monthly expenses
  • $600 a month for businesses, with $150,001 or more in monthly expenses

What’s included in the QuickBooks Live service?

QuickBooks Live Bookkeeping includes maintaining, updating, fixing, reconciling, and categorizing transactions throughout the month. At the end of each month, QuickBooks Live Bookkeepers evaluate and close a small business’s books and deliver PDF copies of key financial reports, including a profit and loss statement and balance sheet. A small business can request a phone or video chat with a bookkeeper to go over the reports. QuickBooks Live Bookkeeping now also includes cleanup, which starts immediately after sign-up.

Will you continue offering Find-a-ProAdvisor?

Yes, we’ll continue investing in and offering Find-a-ProAdvisor. We have a dedicated team working every day on making Find-a-ProAdvisor better for ProAdvisors, driving even more connections to small businesses through our platform.

Will QuickBooks Live be offered to folks who already have accountants?

Our goal is to offer QuickBooks Live to small businesses who aren’t currently connected to a ProAdvisor, bookkeeper, or accountant. The only way we can determine if a small business is connected to an accounting professional is if that small business’s QBO file is linked to a QuickBooks Online Accountant (QBOA) account. If a small business’s QBO file is linked to a QBOA account, we hide in-product messages and information about QuickBooks Live from them.

What are the qualifications as an accounting professional to provide services to small businesses on QuickBooks Live?

Have one of the following:

  • an active CPA credential (Certified Public Accountant) OR
  • an active CPB credential (Certified Public Bookkeeper) OR
  • 3+ years of recent experience managing the books for a Small Business Clients
  • received a 4-year business degree in Accounting/Finance

AND

  • a minimum of one-year’s experience working with QuickBooks Online
  • an active QuickBooks Online certification

Can I be a QuickBooks Live Bookkeeper?

If you are interested in participating in the program, please see this page for more information.

Can I give feedback on QuickBooks Live?

Absolutely! We value your input very much. Please take a moment to share your thoughts.