How to Decide if QuickBooks Self-Employed is Suitable for You
As the name suggests, QuickBooks Self-Employed is accounting software that has been aimed at fulfilling the needs of self-employed individuals. It is a blend of basic accounting features and tax evaluating functionalities provided on a cloud hosting platform.
This application may usually be considered as tax software that freelancers can use to monitor their cash flow. In addition to this, it has accounting tools to help its users gain the required data to pay their taxes in a timely fashion.
QuickBooks Self-Employed has a sufficient amount of features to support solo entrepreneurs and proprietors and keep them organized. With interactive and convenient tools that can be automated to reduce manual entries, bookkeeping may actually seem less of a burden with this software.
However, it does little more than that, so if you want detailed reports or other functions to serve your needs, then you may have to look at other options. This version of QuickBooks is more simply a way to reduce the chaos that occurs just before the tax deadlines.
QuickBooks Self-Employed – Benefits
Following are the reasons why this particular version can be helpful if you are a freelancer or self-employed:-
- Rapid & Convenient Setup – You can get started with using this application in a matter of minutes. Installation and setting up can be done through the program installation wizard or online. After this, you can take advantage of its useful features like monitoring your receipts and miles and avoid confusion towards the end.
- Systematically Monitor Expenses – There is no longer the need to going through every paper receipt that you have collected, and forgetting one thing or the other during tax time. This program easily divides the expenses into business and personal. Just add the information once and QuickBooks SE will separate your subsequent receipts from then onward. As a bonus, you may link your bank account or a different merchant account.
- Easy to Use – Most of the people who use this kind of software are not professional accountants and often lack the expertise in such tasks. This is why there is a need to keep the interface as user-friendly as possible and QuickBooks Self-Employed has been successful in doing so. It is easy to navigate along the functions and search for required data on the dashboard with just a click.
- Global Access – This software is hosted on the cloud, which makes it accessible from any corner of the globe. Just make sure that you have a decent internet connection and you can open this application to access your data from any device. Hosting it on the cloud also makes it possible to allow another user, like your accountant, to gain access to your data simultaneously, even if they are not in the same room or country as you.
- Mileage-Tracking is Simple – It is very easy to monitor your mileage using this application as you no longer have to maintain a log. All you need is the GPS on your smartphone to help you track your miles and log them into one of the two categories- personal or business. Doing this will probably even help increase tax deductions.
- Engaging and Easy-to-Manage Client Portal – Self-employed people are enabled to use this platform to write, send and manage invoices. They can get paid through the client portal as well, although that may incur charges at times. Additionally, there is the option of modifying the invoices along with keeping track of the views and payments on each invoice.
- Regular Tax Payments – QuickBooks Self-Employed is particularly useful when you have to pay your taxes quarterly. It helps to calculate your taxes at the end of every quarter accurately so that you do not have to keep guessing the amount. You can also avoid penalties at the end of the year this way.
Is QuickBooks Self-Employed for You?
Now that you know how QuickBooks Self-Employed can help you organize your financials, it might be a little easier to make a decision whether this is the right software for you. If you are a self-employed individual or a small scale entrepreneur who is searching for an application to reduce tax-related stress, then you should definitely think about this.
You can keep track of both your personal as well as business finances and calculate your taxes so that you can pay them on time. In case you may not have a need to separate the two while using this software and handle everything through one account, this is a good choice for completing your accounting tasks.