QuickBooks self-employed is developed while keeping the needs of individuals like uber drivers and real estate agents. The tool aids in recording the income, expenses, mileage, etc. everyone from a Uber driver to a freelancer can use this software.
Several users end up with lots of queries related to the software. That’s why we have come with the guide. You are required to read the full post carefully to fix this issue.
Who can use QuickBooks Self Employed
QuickBooks self-employed brings several services and benefits to users worldwide. They can use every service within this product. So, let’s move into and learn who can use these services or who cannot.
QuickBooks Self Employed is Ideal for:
- Remote Employees: It is very suitable for all businesses working remotely. The user can easily make invoices, track business mileage, and record the annual performance. All these can be done while working remotely.
- Freelancers: Anyone who is working as a freelancer can use features like automatic mileage tracking, quarterly tax estimation, mobile invoices, and others for various purposes.
QuickBooks Self Employed is not Ideal for:
- Growing Businesses: QuickBooks self-employed is ideally for everyone who believes in a single-entry accounting solution. A growing business may not get the best out of it. So, it is recommended to opt for some other versions of QuickBooks.
- Entrepreneurs having multiple companies: Every business like this must not use the QuickBooks self-employed. It is better to invest in Turbotax to get better outcomes for your business.
- Frequent Invoicing: The software also doesn’t automatically save the data related to customers, products, and services. That means you should bring in the buyer and recipient every time creating an invoice.
How does the QuickBooks Self Employed Work?
The software starts the working procedure by connecting to other accounts such as Credit Cards and PayPal. It enables the user in tracking incomes and expenses.
however, it is quite important to manage the transaction. The user must carry it manually to have a clear value of the amount. Automation of different features is also allowed within this tool.
Not only this but a user can also track and calculate deductions with this tool. The tool also enables you to build, track, and send invoices. Although a few customizations are allowed you can still make reports for the business. Such as:
- Tax Summary
- Profit and Loss
- Mileage Log
- Tax Details
A Quick Insight into Pricing & Features of QuickBooks Self Employed
There are three pricing plans within this QuickBooks application. You can pick anyone from $15 to $35 monthly charges. Make sure that the prices vary according to different other features like tax returns and assistance from lawyers, agents, and certified public accountants.
If you want full-fledged software with key skills and dynamic tasks then make sure to do QuickBooks downloads. It is way more advanced than the self-employed. Every tiny organization can rely on this unique software for several purposes.
You can instantly know about the difference among them with the table below:
|Pricing & Features||Self Employed||Self Employed||Self Employed Live Tax Bundle|
|Automatic Quarterly Taxes Calculation||✅||✅||✅|
|Federal & State Tax Return Filing||N/A||✅||✅|
|Create Customer Invoices||✅||✅||✅|
|Unlimited Live Help Via TurboTax Tax Experts||N/A||N/A||✅|
|Pay Quarterly Estimated Taxes Directly Via QuickBooks||N/A||✅||✅|
|Separate Personal & Business Expenses||✅||✅||✅|
|TurboTax Tax Experts Reviews Your Final Return||N/A||N/A||✅|
|Bank & Credit Card Connection with Import Transactions||✅||✅||✅|
QuickBooks Self Employed: The User Interface
The user receives several features within the QuickBooks self-employed. These features aid in recording expenses and earnings. You can easily monitor the mileage, segregate personal and business expenses, link the credit and bank accounts, create a financial statement, download receipts, and so on.
One of the drawbacks of the software is the absence of a balance sheet. However, it has a profit and loss account which you can use for tracking all the incomes and expenses.
The dashboard of the software contains some useful information. You must learn about all of them in the post below.
- Profit and Loss: Provide insight into income and expenses over the last year.
- Invoices: Insight into invoices that your customers owe.
- Estimated Taxes: This also helps in calculating the estimated tax through automatic calculation.
- Left Menu Bar: Through this, the person can navigate and learn about every component within the program.
- Accounts: Make you learn about the current balance of bank account and credit card.
- Expenses: Tracks and views the total expenses during a specific time.
- Mileage: Total mileage track with mileage tracker app.
Other Benefits of QuickBooks Self Employed
There are numerous other benefits that the software provides to its users. Like:
- It offers a mileage tracker component. That monitors car travel. You can easily record the business miles and travel as per the deductions of IRS mileage rates.
- The receipt capture procedure becomes easy on your Android and iPhones. The user can easily attack the snap of the receipt through the phone.
- Bank feeds option makes you download the banking transactions and credit card.
QuickBooks self-employed is capable of completing all your needs with its dynamic features. You can have the most out of it. The benefits of using this program are more than the ones discussed above. The software goes beyond your expectations once you learn its uses and performances.