QuickBooks Self-Employed is designed for self-employed individuals running a single business who doesn’t need to manage inventory or employees. So, if you are also one of them, this version of the QuickBooks accounting application comes in really handy. If you are willing to utilize this QuickBooks product, you might have many queries related to the product, such as features, pricing, reviews, and a multitude of other aspects related to it. You have landed at the right place! Here, you can get all your queries related to QuickBooks Self Employed answered in the most intelligible way. Let’s explore!
Overview of QuickBooks Self Employed
QuickBooks Self-Employed is a simple accounting solution that helps users track and handle their income, expenses, and mileage. Besides, you can also handle your taxes and prepare your Schedule C tax form with Self Employed version. It enables users to access their accounts from a web browser or using a mobile application. Your accounting data gets synced to these places; thus, you can handle your accounting tasks even on the go.
What is QuickBooks Self-Employed Used For?
QuickBooks Self Employed is suitable for sole proprietors and independent contractors. Besides you may also utilize this accounting tool if you have partnered with a business. Part-time or full-time business owners, or those who need to file Schedule C and 1040 forms, can also rely on QuickBooks Self-Employed.
The Self Employed version of QuickBooks is used to track and systematize the income and expenses of your business. You can utilize Online Banking with it to make data entry effortless and error-free. Also, you can calculate your taxes and send data for hassle-free year-end filing. In addition to these features, you can run reports and get to know if you are making a profit or not.
QuickBooks Online Vs. QuickBooks Self Employed
Many QuickBooks users wonder what is the difference between QuickBooks and QuickBooks Self Employed. Well! Both are Intuit products but are designed to serve different purposes. QuickBooks Online is a more advanced accounting solution devised for small businesses. It can track the employees, employees, inventory, and vendors. When you compare QuickBooks Self Employed Vs. Simple Start, you will notice that the Simple Start version of QuickBooks Online includes many additional features.
Contrarily, QuickBooks Self Employed is made for individual entrepreneurs who run a single business and don’t have employees or employees to track. It has more basic features, such as income & expense tracking, mileage tracking, and tax filing and deductions.
Furthermore, QuickBooks Online offers more advanced reporting on various growth parameters and metrics. You can get to know where your business is standing by relying on QuickBooks Online reports. Also, the Online version of the program can be seamlessly integrated into the other applications. On the other hand, QuickBooks Self Employed can cater to the most basic accounting requirements.
QuickBooks Self Employed Features in 2023
Now that we have a basic idea about the Self Employed version of the QuickBooks application, here are some main features of the program you can access in 2023:
1: Mileage Tracking
Mileage tracking lets users keep records of their vehicle expenses by using the phone’s GPS. Also, you can categorize your trips just by swiping them. This feature can help you with the year-end tax deductions. You can track the business miles using the mobile application from beginning to end just by turning on the mobile application.
2: Systematize Receipts
You can click a picture of the receipt, and the receipt scanner in the program automatically organizes your receipts. It helps you maintain a comprehensive record of your business expenses. Your receipts get organized into various expense categories based on the information related to them, such as – date, amount, transaction location, etc.
3: Sort Your Expenses
QuickBooks for Self Employed lets you add your bank account and import your expenses directly from the bank account. Thus, you not only save your time and effort in recording transactions to your accounting program but also avoid human errors. Also, you can distinguish between your personal and business transactions with the utmost ease.
4: Insightful Reports
There are built-in reports in QuickBooks Self Employed Online that can help you determine the performance of your business. You can get to know about your income & expenses and check profits and loss, and thus, you can make well-informed business decisions for the betterment of your business.
5: Tax Estimation
You can perform the tax estimations in Intuit QuickBooks Self Employed by entering the relevant information. Besides, you can get timely reminders on what you owe each quarter and when you need to pay your taxes. Thus, you can streamline your tax processes and save yourself from late payment penalties.
6: Tax Filing
In addition to the tax estimation, you can file your taxes using QuickBooks Online Self Employed. It lets you transfer your accounting data swiftly with the TurboTax bundle, and you can file your taxes in a hassle-free manner.
7: Income & Expense Tracking
You can upload your receipts, get your bank transactions downloaded to the program, and track your income and expenses easily. Thus, you can get to know if you are making profits or not. Relying on this information, you can make smarter business decisions.
8: Online Banking
You can link your bank account to the program and get your transactions automatically downloaded to the Intuit Self-Employed. It helps you maintain all your accounting data, including bank transactions, in one place, without making much effort. Moreover, you can ensure that there is no discrepancy in the transactions.
QuickBooks Self-Employed Pricing and Free-Trial
If you are a freelancer or an independent contractor and wondering how much is QuickBooks Self Employed, this section explains it all for you. You can get a free trial of the product for the first thirty days. After 30 days, the trial period expires automatically. After QuickBooks Self Employed free version trial, you need to choose any of its paid plans based on your specific needs. There are three pricing plans, as given below:
1: Self Employed
Self Employed is the most basic pricing plan for $15/month. However, you can save 50% with a three-month plan, which is $7.50/month. Some of the main features offered through this bundle are – automatic mileage tracking, maximized Schedule C deductions, business expense tracking, and quarterly estimated tax calculations.
2: Self-Employed Tax Bundle
Self Employed Tax Bundle includes the additional tax features and costs $25/month. With a three-month subscription plan, you can save 50% and access the program for $12/month. In this plan, you can pay quarterly estimated taxes from within QuickBooks, transfer tax info to TurboTax, and get one state and one federal tax filed.
3: Self Employed Live Tax Bundle
Self Employed Live Tax Bundle includes all the features of the Tax Bundle. In addition, you can also get access to unlimited help and advice by talking to a real CPA. Furthermore, you can get your returns reviewed by the CPA. The plan costs you $35 a month, but by subscribing to a three-month service, you will only need to pay $17/month.
QuickBooks Self-Employed Review 2023
QuickBooks Self Employed is a simple online accounting program that allows a single user to track basic financial aspects related to a business. It is easy to use and lets you communicate with your accountants through email. However, if you are planning to scale up, this is not just your thing. If you are thinking about why or why not to choose the QuickBooks Self Employed Desktop, then you are advised to check the following comparison between the pros and cons of the program:
Benefits of Using QuickBooks Self Employed
First of all, let’s have a look at the positive sides of using this accounting solution for individual entrepreneurs:
• The program offers an easily navigable interface and is super easy to use.
• The automatic mileage tracking feature of the program can maximize your tax deductions.
• It is affordable for independent contractors and lets them track and handle the core competencies of their business accounting.
• This is a good solution for personalized bookkeeping.
Limitations of QuickBooks Self Employed
The below-listed pointers elaborate on what are the limitations of QuickBooks Self Employed:
• If you are a growing business having new emerging business accounting needs, this is not the best accounting solution for your business.
• Another limitation of QuickBooks Self Employed is that it can’t be migrated to a system automatically. It needs double-entry accounting to get the task accomplished.
• You may find it costlier when compared with the top competitors.
Is QuickBooks Self-Employed Right for My Business?
If you are an independent business entrepreneur or contractor, who needs a simple online accounting application to keep track of the business expenses. Having said that, it is costly as compared to the other free services, but it is worth all the money if you want to utilize its mileage tracking feature. Besides, you can avail of assistance from a CPA and get your queries resolved in no time. If you are a growing business and need a program with better scaling-up abilities, this is not the right accounting solution for you.
Adding Bank Account To Self Employed
To enjoy the benefits of online banking, you can simply add your bank to the application. It lets you track your personal and business transactions. However, it is wise to keep a separate bank account for your business. To add –
• First of all, you need to log into your Self-Employed account.
• Now from within the Home screen, select Transactions.
• If this is your first account, select Add First Account and choose your bank from the list that opens next.
• Your bank is not listed; you may find it using the Search option.
• Now, enter your user bank ID, security number, and password.
• Thereafter, select the account you want to connect and click on Continue, and you are done.
You can add multiple accounts to QuickBooks Self Employed.
Issues Related to Intuit Self Employed
Technical issues are an integral part of the experience related to software use. The Self-Employed is no exception and can show multi-faceted problems at times. Some of these problems are:
QuickBooks Self Employed Slow
When you have multiple tabs opened on your system, or multiple apps running in the background, they can make the Self Employed run slow. In such a case, you should exit the programs you are not using currently and close all the unnecessary tabs. It can improve the performance of your accounting application.
QuickBooks Self Employed Login Not Working
When trying to log into your QuickBooks Self Employed account, you may experience difficulties. In such a scenario, you can perform the below-given solution instead of getting panic:
1: Access Your Account Using The Private Window of Your Browser
Sometimes, the QuickBooks page shows previous data for login for simple accessibility. In such a case, using a private window to access the account can be the right thing to do. Alternatively, you may clear your browser’s history and cache to remove any stored data and easily access your Self Employed account.
2: Do Some Manual Troubleshooting
If the error continues, you can do some manual troubleshooting as explained below:
• Add QuickBooks as a trusted site in your browser so that your Internet security applications don’t prevent your access to the site.
• Reboot your system to close all the undesired programs running in the system, which might be the possible reason behind the problem.
3: Contact QuickBooks Self Employed Customer Service
Contacting QuickBooks Self-Employed support can save your day if none of these solutions have worked so far. You can contact the professionals and explain to them the issue you are facing. They will help you with the error resolution by offering step-by-step assistance. All you need is to connect over the QuickBooks Self Employed phone number.
Hope you find this post on QuickBooks Self Employed helpful. If you have any additional queries related to the product, feel free to connect with us quickbooksorg.com, and we will gladly answer them for you.