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QuickBooks Self-Employed Review

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QuickBooks Self-Employed Review

QuickBooks Self Employed, a cloud-based accounting software specifically designed for self-employed people like freelancers realtors, freelancers, Uber drivers as well as independent consultants. It lets you track your the amount of money you earn and spend, keep track of the distance you travel to and from clients, and also 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 reduced version of QuickBooks Online that can help to automate and simplify the accounting process. It’s available at 50% off for the first 3 months.

What We Recommend QuickBooks Self-Employed For

QuickBooks Self-Employed is a well-known accounting software for managing the business’s earnings and expenses, generating invoices as needed and keeping track of mileage. We recommend it to freelancers and self-employed people who need basic bookkeeping , and would like to complete their own tax returns.

QuickBooks Self-Employed Is Good For

  • Freelancers who must 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. It also provides tax filing tools to assist you in filing your Federal and State tax return with ease. To learn more about other accounting options look into our guide on the top software for accountants who work for freelancers..
  • freelancers who require an app for bookkeeping on the go: QuickBooks Self-Employed has its own mobile application which lets you create and send invoices. You can also keep track of 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..
  • Businesses seeking a user-friendly program: QuickBooks Self Employed uncluttered dashboard and simple navigation make it easy to establish and access your account in a matter of minutes.
  • Companies that must keep track of mileageIf driving is an integral part of your business 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 transferred to a double entry accounting system for example, like QuickBooks Online. If you think your company will be expanding over the next few years, it is possible to begin using an option like the QuickBooks Online Essentials plan, which provides a more scalable option as well as the capability to increase the number of users. To figure out which option is the most suitable for you, read the QuickBooks Online review.
  • Regular invoicing QuickBooks Self-Employed does not save customer, product or service details, so you must add the details of the customer and the address each time you create an invoice. If you’re in need of a reliable invoice solution, take a look at our analysis on 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 in a way that is automatic and automatically be applied to your invoice, based on the location of the customer.
  • Entrepreneurs who have more than one business:QuickBooks Self-Employed doesn’t allow for multiple companies, therefore an alternative is Wave which we’ve ranked among the most effective multi-company accounting software software. Wave also has the benefit of being completely free for the duration of time.
  • Employers with lots of staff:QuickBooks Self-Employed has no fully integrated system for processing payroll. If you are required to pay employees, you should consider Sunrise which effortlessly integrates into Gusto.

QuickBooks Self-Employed Features

QuickBooks Self-Employed comes with a variety of options to help you manage your expenses and income. This includes the ability to keep track of your mileage, link your credit card and bank accounts, segregate personal and business expenses, download receipts and generate Profit and Loss (P&L) report. While QuickBooks Self-Employed includes accounts for profit and loss but it doesn’t include the ability to track balance sheets or the assets and liabilities. Find out about our review between QuickBooks Online vs Desktop to find other QuickBooks alternatives that provide full financial statements.

Dashboard of the QuickBooks Self-Employed dashboard contains the following details:

Menu bar left: You can navigate to every section of the program by with the menu left.

Profit and Loss:View total income and expenses for any period you choose, like next month’s month in this calendar year or the last year.

Costs: View your total costs for a certain time frame.

Accounts See the present balance on all credit and bank card accounts.

invoices Review invoices of customers due to you.

Mileage See the entire miles recorded by through this QuickBooks Self-Employed mileage tracker application.

Estimated tax: Review the estimated taxes due and based on an automated calculation made by QuickBooks Self-Employed, based on your income and expenses that you’ve recorded.

Here’s a brief review of QuickBooks Self-Employed’s capabilities.

Mileage Tracking

If you are driving for business purposes you are able to deduct a standard mileage rate or actual expenses for your vehicle. QuickBooks Self-Employed comes with an app for tracking mileage which you can download to the Android as well as iOS phone. It’ll track all your vehicle travel and keep a track of your business mileage and calculate the deduction based on your current IRS rates for mileage.

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