The QuickBooks Self-Employed cloud-based application for accounting is specifically designed for self-employed people like freelancers realtors, freelancers, Uber drivers and independent consultants. It lets you track your expenses and income, record the distance you travel to and from clients, and then file taxes using the QuickBooks Self-Employed tax bundle. It comes with three pricing plans ranging between $15 and 35 dollars per month. An affordable and user-friendly application, QuickBooks Self-Employed is a smaller version of QuickBooks Online that can help to automate and simplify the accounting process. It’s also available with 50% off during the initial three months.
What We Recommend QuickBooks Self-Employed For
QuickBooks Self Employed is incredibly popular accounting software for managing the business’s expenditure and income, as well as creating invoices as needed and keeping track of mileage. We suggest it for freelancers and self-employed people who require basic bookkeeping and would like to complete their own tax returns.
QuickBooks Self-Employed Is Good For
- Freelancers who need to monitor expenses and profit as well as submit taxes for federal income:With QuickBooks Self-Employed, you can classify expenses and even bill customers for their services if required. Additionally, it offers tax filing tools to aid you in filing Federal and State tax return quickly. If you are looking for other accounting options that are popular look into our guide on the top software for accounting that freelancers can use..
- Freelancers who need an app for bookkeeping on the go: QuickBooks Self-Employed has its own mobile application which lets you make and send invoices, monitor business miles as well as scan receipts and categorize transactions imported via feeds from banks. QuickBooks Self-Employed is our number one choice for freelancers on our top 10 list of most efficient apps for accounting on the go..
- Companies looking for a simple-to-use application: QuickBooks Self-Employed’s uncluttered dashboard and simple navigation make it easy to establish and access your account swiftly.
- Businesses that require to keep track of mileage driving is an integral part of your foxbusiness or work it is possible to use QuickBooks Self-Employed for tracking the business mileage on a regular basis in addition to tax deductions.
QuickBooks Self-Employed Is Not a Good Fit For
- Businesses that are growing: QuickBooks Self-Employed is designed specifically for freelancers and independent contractors. Because it’s a single entry software for accounting, it can’t be converted to a double-entry accounting program for example, like QuickBooks Online. If you anticipate your business expanding over the next few years, you can begin using QuickBooks Online Essentials. QuickBooks Online Essentials plan, which provides a more scalable option as well as the capability to increase the number of users. To find the right option for your needs, take a look at the QuickBooks Online review.
- Invoicing frequently: QuickBooks Self-Employed can’t keep customer, product, or service details, so you must add the information for sales and recipient each time you create an invoice. If you’re in need of a reliable invoice solution, take a look at our evaluation of one of the most effective software for invoicing. We chose to rank QuickBooks Online as the best overall due to its capability to calculate sales tax rate automatically and be added to your invoice based upon the location of the customer.
- Entrepreneurs who have more than one business: QuickBooks Self-Employed doesn’t allow multi-company accounts, so the best option is Wave that we have rated among the top multi-company accounting software. Wave comes with the additional advantage of being forever free.
- Businesses with a large number of staff:QuickBooks Self-Employed has no automated payroll system. If you are required to pay your employees, think about Sunrise that is seamlessly integrated with Gusto.
QuickBooks Self-Employed Features
QuickBooks Self-Employed comes with a variety of tools to help you keep track of your earnings and expenses. The features include the ability to monitor your mileage, link your credit and bank accounts, distinguish personal from business expenses, import receipts as well as generate Profit and Loss (P&L) report. Although QuickBooks Self-Employed includes accounts for profit and loss but it doesn’t include an account of balances or the assets and liabilities. Find out about our review to QuickBooks Online vs Desktop for more great QuickBooks alternatives that offer comprehensive financial statements.
Dashboard of the QuickBooks Self-Employed dashboard includes the following details:
The left menu bar Find each part of the program with the menu left.
Profit and Loss:View total income and expenses for any period you choose, like next month’s month the year before, the last year.
expenses: View your total expenses over a specific time frame.
Accounts See the present balance on all credit and bank card accounts.
invoices Check out invoices from customers that are owed to you.
Mileage See the entire miles recorded by with this QuickBooks Self-Employed mileage tracking app.
Estimated tax: Review the estimated taxes due and based on an automated calculation by QuickBooks Self-Employed using your income and expenses that you’ve entered.
Here’s a brief review of QuickBooks Self-Employed’s capabilities.
If you travel for business purposes and you want to deduct the normal rate per mile or the actual cost of your vehicle. QuickBooks Self-Employed comes with an app for tracking mileage available for download on the Android as well as iOS phone. It’ll track all your vehicle travel and keep a track of your business mileage in addition to calculating the appropriate deduction according to an appropriate IRS miles rate.