How to Set Up QuickBooks Online: Step-by-Step Guide

See how connecting with experts one-on-one gives this busy voice-over artist the confidence her books are done right and frees up time for the things she loves to do. QuickBooks gives you a fairly comprehensive chart of accounts with 250 optional accounts available with the Simple Start plan. As you complete each step, the number on the side turns into a check mark.

You’re in good company

QuickBooks Live’s pricing is based on the company’s average monthly expenses and ranges from $300 to $700 a month after the initial month of service. The cost for the initial month will include an additional charge for onboarding and cleanup, but the exact amount is custom-priced for each customer. QuickBooks Live doesn’t provide payroll, invoicing, bill pay services, and tax and consulting services, such as chief financial officer (CFO) advisory. However, it contains features that can assist your monthly bookkeeping needs. Upon enrollment, you’ll be assigned a dedicated bookkeeper who’ll collaborate with you virtually. To set up a QuickBooks Online account, start by visiting QuickBooks’ site to choose an accounting plan.

• If it hasn’t, you can change the designation or assign a new category.
• See articles customized for your product and join our large community of QuickBooks users.
• This is for new QuickBooks users, who may need help with setting up their chart of accounts, invoicing, connecting bank accounts, etc.
• QuickBooks Live is a subscription-based service that offers real-time support from certified bookkeepers to help businesses manage their books and provide personalized bookkeeping services.
• Each month, your bookkeeper categorizes your transactions and reconciles your accounts.
• It’s a good deal for companies that need it, and it’s a clear Editors’ Choice winner.
• Despite its popularity, QuickBooks Live isn’t a one-size-fits-all solution.

Introducing Bench: The best alternative to QuickBooks Live

Android and iOS apps make it possible to do some of your work remotely—and we’re all working from home much more these days! And, if the site doesn’t provide enough tools in a particular area, there’s probably an integrated add-on that can retained earnings expand on the site’s own abilities. We evaluated whether the online bookkeeping service offered tax and consulting, and the scope of those services. When you sign up for QuickBooks Live Bookkeeping, you are connected with a QuickBooks ProAdvisor, which is a bookkeeper certified by QuickBooks.

Step 5: Customize any other aspects of your QuickBooks account

The beauty of QuickBooks Online, which is required with QuickBooks Live, is quickbooks live setup that you can use it from any device as long as there is an internet connection. When I reached out to customer service for more information, I was told there was no way for me to demo it without making a purchase. The Demo Account shows all the available report options, which are only accessible via the Advanced plan.

QuickBooks’ customer service team

If customers pay through QuickBooks, we’ll record and match it for you so your books stay organized all year. Navigate to Taxes, select ‘Set up VAT’, and follow the guided steps to input your tax name, description, and agency name. You can also specify your VAT registration number, tax period start date, filing frequency, and reporting method. Our intuitive software automates the busywork with powerful tools and features designed to help you simplify your financial management and make informed business decisions.

Is QuickBooks Live Bookkeeping Right for You or Your Business?

They don’t give tax advice, and they don’t serve as business advisors. They don’t take on daily accounting tasks like invoicing or paying bills. They won’t work with companies that use the accrual method of accounting or that haven’t filed 2019 income taxes. QuickBooks Online Plus has two other features that extend its usefulness to small business.

QuickBooks Live – Unique Features

Each task includes a numerical list of steps to follow and embedded videos that further guide you through each step of the process.

General Ledger and Chart of Accounts

You should be able to access a dedicated bookkeeper for any questions or advice and one-on-one assistance. Cassie is a former Accounting For Architects deputy editor who collaborated with teams around the world while living in the beautiful hills of Kentucky. Prior to joining the team at Forbes Advisor, Cassie was a content operations manager and copywriting manager.

• QuickBooks Live takes on the tasks that are more advanced than these core capabilities.
• It’s the perfect opportunity to experience firsthand how QuickBooks Online can simplify your bookkeeping.
• The UI is clean, with everything you need accessible from the left hand side menu.
• We evaluated QuickBooks Live based on tax and consulting services, personal bookkeeper, user reviews, bookkeeping services, and pricing.
• With the subscription, the small business is connected with a dedicated bookkeeper who is available to work on the account virtually.

If you’re already using QuickBooks as your accounting program, using the bookkeeping services is a natural transition for extra support. It’s a cost-effective way to get the bookkeeping that will make tax time easier and help keep you from audit issues. It also puts the reports you want at your fingertips, so instead of using your time to enter data, you can spend your time thinking about how to grow your business based on real data. Live Expert Assisted doesn’t include cleanup of your books or a dedicated bookkeeper reconciling your accounts and maintaining your books for you. Live Expert Assisted also doesn’t include any financial advisory services, tax advice, facilitating the filing of income or sales tax returns, creating or sending 1099s, or management of payroll.