April 21, 2020

What Is QuickBooks For Self-Employed?

There are many self-employed and freelancers who are worried about tracking the business income and spendings over the year. QuickBooks Self-Employed which is also known as QBSE provides a fast and easy way to track your business income and spending. This helps you to be more than ready whenever the taxes are due. The best thing is that it provides the mobile and browser version and that helps you to update your books anywhere, anytime. Here, in this article, we will discuss what is QuickBooks For Self-Employed and its features.

Overview Of QuickBooks For Self-Employed

QBSE is a cloud-based accounting solution that helps self-employed individuals to automate expense categorization. This helps them to track business-related categorizations. Along with that, QBSE facilitates the users to calculate federal estimated taxes based on the business data and allow them to quarterly estimated tax payments. You can also connect your bank accounts with QBSE for tracking and monitoring purposes.

Irrespective of the fact whether you are on mobile, laptop or desktop, you can access QuickBooks Self-Employed remotely anytime from anywhere. The best thing about this application is that the communications between the stakeholders are totally secured with industry-standard encryption technologies. 

Who Can Use QuickBooks Self-Employed?

As the name suggests, you might be thinking the QuickBooks Self-Employed is for the self-employed. However, QBSE is more for sole proprietors who could be any freelancer offering either product or service. It helps the sole proprietors to stay organized. any freelancer, whether they offer a product or service and whether they sell online via a third-party marketplace or Amazon or Craiglist, QBSE helps you stay organized.

Why Choose QuickBooks Self-Employed?

There are countless reasons to go for QuickBooks Self-Employed. However, as a self-employed, you may like it for major reasons, such as excellent user interface, easy setup, access from anywhere, and many others. The major reasons to choose QBSe are:

  • User Friendly:

    The QuickBooks Self-Employed is highly user-friendly with a clean dashboard and easy navigation. As shown in the image above, you can easily navigate to Transactions, Taxes, and Reports with just one click. Along with that, you will get a summary of your business on the home page.

  • Easy Setup:

    Unlike in other software, which requires too much time to set up and create an account, in QBSE it only takes a few minutes to set up your account. As told earlier, you can set up QBSE either online or via the app.

  • Access from anywhere:

    One of the most important features of QBSE is that it is cloud-based i.e. it allows you to access from any device. The only thing you require is an internet connection. You can also share your account by giving access to people. For example, you give access permission to the tax accountant to reduce the tax work and time.

  • Pay quarterly taxes:

    This is where QBSE really outstands. Nowadays, you don’t need to guess what you owe the IRS and finally, end up paying penalties. Instead, with QBSE, you can estimate what you owe and also can pay it timely each quarter.

  • Easy-to-use client portal:

    If you are freelancers, you have to face difficulty in tracking all invoices in one place. With QuickBooks Self-Employed, you can create, send, and track invoices all in one place and also, accept payments in the client portal. The QBSE also allows you to customize your invoices. You can also know when they are viewed and keep track of when they are paid.

  • Track expenses automatically:

    With QBSE, you can automatically separate your personal and business expenses. Once you enter the information, QuickBooks Self-Employed remembers the settings and automatically categorizes subsequent expenses for you. It also allows you to connect your bank account or any merchant accounts.

Limitations In QBSE

Although the QuickBooks Self-Employed has many essential features, still it has some limitations, such as:

  • Basic Invoicing: The QBSE helps you to invoice your clients anytime from anywhere, but the features are basic. You won’t be able to set up recurring invoices or customize the look of your invoice. Basically, it is a system to keep the work of freelancers organized.
  • Basic Reports: Similar to invoices, the provided reports are basic too. In case, you need more than a P&L or tax statement, then you have to go for more robust software. Also, you won’t be able to manage inventory, track projects, or time worked. All the reports are solely for tax reporting purposes.

End Result

As a freelancer or self-employed, if your accounting requirements are basic and you are looking for a solution that can keep you organized for tax time as a freelancer, then QBSE is perfect for you. On the other hand, if you need something more robust or need more functionalities than paying taxes, then you can explore the other programs, such as QuickBooks Online. So that’s all it for QuickBooks For Self-Employed.

 

 


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