Why QuickBooks Live is a value-add to my accounting practice
As a sole proprietor, QuickBooks® Live (QB Live) is a great solution for my CPA practice and small business clients.
QB Live expert bookkeepers categorize transactions, reconcile accounts, and keep my clients’ books up-to-date throughout the year. This allows me to add value by consulting with my clients, instead of reclassing transactions in the correct accounts or preparing bank reconciliations. Working with an expert bookkeeper ensures that my clients’ business is keeping track of income and expenses on a timely basis, and not waiting until the end of the year to reconcile and clean up the books.
When the client is not current with their accounts, it causes the tax return preparation to get delayed, due to the client trying to research transactions that may be up to a year old. Or, if they want to access receipts or bank/credit card statements, they have to contact the bank to get access to them, and possibly pay a fee for retrieval.
Missing or miscoded transactions are an ongoing issue for CPAs and clients. QB Live takes the busy work off my to-do list, and gives me a sense of assurance that it’s being taken care of and the books will be ready to prepare the taxes soon after year-end. QB Live also allows me to be the second set of eyes, something sole proprietors don’t have when they do all the work for the client.
QB Live bookkeepers are experienced, U.S.-based, and QuickBooks Online-certified. They handle all the transactions remotely, and schedule meetings with clients without me having to make sure it takes place. Clients develop a working relationship with expert bookkeepers that are there to help month after month. I am no longer responsible for scheduling the work or the follow up. I can rest assured, knowing the day-to-day activity is being classified to the correct accounts, the bank connections are being maintained, and the bank accounts are being reconciled.
One of my challenges has been making sure the client sends me all of the bank statements. I no longer have to worry about this because I know the bookkeeper will handle it and reconcile all the accounts. I don’t have to worry about training staff or redoing the work myself. I don’t have to worry about the client performing these types of things that they may not have time for or understand.
I have been looking for qualified bookkeepers for the last 25 years of being in public accounting. However, when cloud technology started getting more and more popular, local bookkeepers were just not comfortable with using cloud-based software, and still wanted to do reconciliations on paper with manual processes. They weren’t able to learn the technology and how things worked, linking the banks to online and downloading transactions. Now, those frustrations are part of the past.
QB Live bookkeepers are also up-to-date on all QuickBooks Online (QBO) updates and can work independently. Ultimately, it’s in the best interest of the client, and there is no threat of me losing tax or consulting work because QB Live doesn’t perform those services. The small business client no longer has to worry about getting billed my hourly rate for asking me questions, as QB Live is billed at one monthly price, including questions and assistance. Their bookkeeper can help them understand best practices. Clients can send a message to their team of certified live bookkeepers and get answers without an appointment. This is important because it isn’t just one person – the client has a team dedicated to them.
The client can schedule a video call with their bookkeeper when they have questions or need a hand. The best part is that I don’t have to facilitate or make sure it happens because that’s exactly what the role of QB Live is: to make sure the books are complete. Since our clients get the monthly balance sheet and P&L, they know how timely they are, and can share them with their bankers when asked to provide them. CPAs can review the client’s QBO file and have confidence that it’s correct.
Finally, QB Live helps the relationship between the client and the CPA or accountant. The client sees the value we provide by having more time to consult and plan. We no longer continually ask the client for information. It’s a win-win.