QuickBooks Self Employed is an accounting software specially designed for self-employed individuals, such as freelancers, real estate agents, Uber drivers, freelancers, and independent consultants. It lets you track income and expenses, mileage to and from clients, and file your taxes with its QuickBooks Self Employed Quickbooks.
QuickBooks Self-Employed Is Good For
- Freelancers (3.50 out of 5): QuickBooks online Self Employed has helpful features for freelancers, such as quarterly tax estimating, automatic mileage tracking, and mobile invoicing.
- Businesses looking for easy-to-use software: You can set up and use your account quickly with no unnecessary features in its dashboard. It's usable for fresh users with no experience.
- Businesses looking for a mobile app: Create invoices, automatically track your business mileage, and view your profit, expense, or loss on the go with the QuickBooks Self-Employed mobile app and you can track it from your mobile device with a single click.
- Real estate managers and investors: Easily track your self-employed income and expenses, including miles driven between your real estate locations.
QuickBooks Self-Employed Is Not a Good Fit For
- Businesses needing financial statements: While Intuit QuickBooks Self-Employed has profit and loss accounts, it doesn’t have a balance sheet or track assets and liabilities. So if you are looking for the balance sheet then it's not for you.
- Frequent invoicing: Intuit QuickBooks Self Employed doesn’t store customer, product, or service information, so you have to add the recipient and sales information every time you create an invoice. So every time you need to add data it is a time-consuming process.
- Payroll: Another drawback to using Intuit QuickBooks Self-Employed is that it has no payroll add-on to help you calculate employee checks or track payroll taxes. So if you are looking for payroll then it's not for you you just need to select another version.
- Growing businesses: QuickBooks Self-Employed is built primarily for freelancers and independent contractors. Since it is a single-entry accounting system, it cannot be rolled over to a double-entry accounting system, such as QuickBooks Online.
Frequently Asked Questions
What is the difference between QuickBooks Online and QuickBooks self-employed?
QuickBooks Online and QuickBooks Self-Employed are two different versions. The main difference between both programs is that QuickBooks Self-Employed is designed for Independent Contractors, while Simple Start is for Small Businesses. If you're an Independent Contractor and need to separate your business and personal expenses, you can use the QBSE. Otherwise, you can use QuickBooks Online Plus/Essentials/Simple Start.
Should I use QuickBooks online or self-employed?
If you think your business will grow into a medium to larger entity, you're better off choosing Quickbooks Online. QuickBooks Self-Employed doesn't allow customization (even on invoices), but the QuickBooks Online version does. Many apps integrate easily with QuickBooks Online, but not with the Self-Employed version. So you choose wisely the QuickBooks version as per your business.
Is QuickBooks self-employed app free?
Already have QuickBooks Self-Employed on the web? The mobile app is FREE with your subscription, and data syncs automatically across devices. Just download, sign in, and go!
Is QuickBooks Self-Employed worth it?
QuickBooks Self-Employed is ideal for freelancers and independent contractors in need of federal tax support. The software offers great tax and tax deduction tools and is incredibly easy to use. While the software is incredibly helpful for calculating confusing quarterly taxes, there is zero state tax support.
Which QuickBooks is best for self-employed?
Quickbooks Self-Employed is designed for independent contractors while QuickBooks online is best for small businesses. They both have several similar core features. If you file a Schedule C along with your taxes then QBSE is the better solution.
So if you are aware of all the benefits and drawbacks of these Intuit QuickBooks Version and if you fully understand these then you can choose this QuickBooks version for further use, but if you are not sure if the QuickBooks version is suitable for you then you need to help expert who can help you like MyaccountsConsultant.
MyaccountsConsultant is a Certified QuickBooks Pro advisor who has years of experience working with all the QuickBooks Versions so when you ask for an option, then they can help and select the software and version behalf. So you don't have to worry about the version.
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