QuickBooks Live Bookkeeping Review: A Comparison with Maxim Liberty
Introduction
When you’re looking for a bookkeeping solution that fits your business needs, comparing providers like QuickBooks Live Bookkeeping and Maxim Liberty can help you make an informed choice. While QuickBooks Live Bookkeeping offers a straightforward approach to bookkeeping, Maxim Liberty takes a more flexible, personalized approach with a wider range of services. Let’s dive into the comparison to help you decide which option is best for your business.
QuickBooks Live Bookkeeping Review: A Comparison with Maxim Liberty
Choosing a reliable bookkeeping service can make or break your business’s financial health. In this QuickBooks Live Bookkeeping review, we’ll compare it with Maxim Liberty, highlighting key differences in pricing, services, and overall value.
What is QuickBooks Live Bookkeeping?
QuickBooks Live Bookkeeping is an online bookkeeping service offered by QuickBooks, a popular accounting software. It provides small business owners with access to certified bookkeepers who help manage day-to-day financial tasks. With QuickBooks Live, you can get assistance with bank reconciliations, categorizing transactions, and preparing financial reports. The service is integrated directly into QuickBooks Online, making it convenient for users who already rely on the software for their accounting needs.
QuickBooks Live Bookkeeping offers a subscription-based model, meaning users pay a monthly fee for the service. Bookkeepers are available for live consultations, allowing business owners to ask questions and get real-time help with their financial records. It’s an ideal option for those who want professional bookkeeping support without the full commitment of hiring an in-house accountant or bookkeeper. However, it’s important to note that the service does not include advanced services like billing management, invoicing management, tax preparation, sales tax filing and income tax filing, which might require separate arrangements.
Overall, QuickBooks Live Bookkeeping provides a straightforward solution for small business owners who need help staying on top of their books, all within the trusted QuickBooks ecosystem.
Pricing: QuickBooks Live Bookkeeping vs. Maxim Liberty
QuickBooks Live offers a tiered pricing structure based on your business’s monthly expenses:
- Up to $50,000 in monthly expenses: $200/month
- Between $50,000 and $150,000 in monthly expenses: $400/month
- Above $150,000 in monthly expenses: $600/month
In contrast, Maxim Liberty provides a variety of competitive bookkeeping pricing plans designed to meet the needs of both businesses and accounting firms.
For Businesses:
- Monthly Updates: $50/month (up to 5 hours of bookkeeping per month)
- Weekly Updates: $100/month (up to 10 hours of bookkeeping per month)
- Daily Updates (Full Service Plan): $200/month (up to 20 hours of bookkeeping per month)
For Accounting Firms:
- Adhoc Updates: $225/month across all clients (up to 30 hours of bookkeeping per month)
Maxim Liberty’s $50/month plan offers comparable services to QuickBooks Live’s plans, which range from $200 to $600 per month. Additionally, Maxim Liberty provides unique weekly and daily update plans that QuickBooks Live does not offer. For accounting firms, Maxim Liberty has a specialized plan, whereas QuickBooks Live does not provide any dedicated services for accounting firms.
Summary Table
| Service | Maxim Liberty | QuickBooks Live |
|---|---|---|
| Monthly Plan | $50/month (up to 5 hours) | $200/month (for expenses < $50k) $400/month (for expenses $50k-$150k) $600/month (for expenses > $150k) |
| Weekly Plan | $100/month (up to 10 hours) | Not available |
| Daily Full Service | $200/month (up to 20 hours) | Not available |
| Accounting Firms Plan | $225/month (up to 30 hours across all clients) | Not available |
Service Comparison
QuickBooks Live Bookkeeping primarily handles basic bookkeeping tasks, including:
- Data entry
- Account reconciliation
- Monthly financial reports
On the other hand, Maxim Liberty offers a full-service solution that includes:
- Data Entry
- Bank reconciliations
- Financial reporting
- Accounts Payable Management
- Accounts Receivable Management
- Sales Tax Filings
- Payroll Processing Services
While tax preparation and filing is not included in the base bookkeeping service, Maxim Liberty can either provide this at an additional cost or work with the CPA of your choice to ensure your tax filings are completed accurately.
| Service | Maxim Liberty | QuickBooks Live |
|---|---|---|
| Data Entry | Yes | Yes |
| Bank Reconciliations | Yes | Yes |
| Financial Reporting | Yes | Yes |
| Accounts Payable Management | Yes | No |
| Accounts Receivable Management | Yes | No |
| Sales Tax Filings | Yes | No |
| Payroll Processing Services | Yes | Priced Separately |
| Special Plan for Accounting Firms | Yes | No |
Staff Structure and Availability
One major difference between QuickBooks Live Bookkeeping and Maxim Liberty is the staff structure. With QuickBooks Live, you may have rotating bookkeepers, leading to less continuity and personalized service.
At Maxim Liberty, you’ll have a dedicated bookkeeper and supervisor who oversees all financial tasks. Both the bookkeeper and supervisor are available during Indian Standard Time (IST) with some overlap into US time zones, ensuring smooth communication and reliable support.
Tax Preparation and Compliance
While QuickBooks Live focuses strictly on bookkeeping, it does not offer tax preparation services. This means businesses using QuickBooks Live will need to look for external tax support to ensure compliance.
Maxim Liberty, however, offers tax preparation services as an add-on to its base bookkeeping service. Clients can choose to include tax preparation and filing, or work with their own CPA, depending on their preferences.
Security and Support
Both QuickBooks Live Bookkeeping and Maxim Liberty offer strong security measures to protect your financial data. However, Maxim Liberty goes the extra mile by backing up data across multiple systems to ensure its safety.
When it comes to support, Maxim Liberty provides dedicated, personalized support with quicker response times, ensuring you receive help whenever you need it. QuickBooks Live Bookkeepong offers limited support during fixed hours, which might not align with your business’s requirements.
Why Maxim Liberty is the Better Choice
In this QuickBooks Live Bookkeeping review, we’ve seen that while QuickBooks Live Bookkeeping offers basic services, Maxim Liberty provides a more comprehensive and personalized bookkeeping solution. With flexible pricing, including special plans for accounting firms, dedicated support staff, and the ability to manage accounts payable and receivable, Maxim Liberty is the clear winner for businesses seeking a full-service option at an affordable price.
