How to Setup and Use QuickBooks Self Employed?
QuickBooks is a sophisticated accounting and bookkeeping program for small and medium-sized businesses. It has many refined features that make accounting easier. Intuit also released the QuickBooks Self Employed program for solo entrepreneurs. This software enables sole proprietors to handle their business accounting without the help of an accountant. It is a simple QuickBooks product. In this blog, we will discuss the advantages of Self-Employed software. Because it is easier to set up than other legal structures, you will most likely choose sole ownership from the start. Sole ownership, also known as a sole dealer, is the most basic business structure for one person who owns and runs the company.
What is QuickBooks Self Employed?
Intuit Self Employed QuickBooks is a financial management tool for self-employed individuals, such as freelancers and small business owners. It is a cloud-based software that helps users keep track of their income, expenses, and mileage, as well as prepare and file their taxes. The tool offers features such as automatic mileage tracking, tax preparation, and integration with popular banking and payment platforms. It is easy to use and can be accessed with any device by having an internet connection.
Read about:- QuickBooks Online Backup
What is the Importance of Quickbooks Self Employed?
Self-Employed QuickBooks is important because it is a financial management tool for self-employed individuals, such as freelancers and small business owners. It offers a range of features that can help these individuals keep track of their income, expenses, and mileage, as well as prepare and file their taxes. Here are some specific ways in which QuickBooks Self Employed can be useful:
1. Automatic mileage tracking
It uses GPS tracking which records the distance you travel for business purposes by itself. This can be a big time-saver, as you don’t have to track your mileage on your own.
2. Tax preparation:
It helps you prepare your taxes by tracking your income and expenses and calculating how much you owe in taxes. It also allows you to claim deductions, such as business-related expenses, which can reduce your tax liability.
3. Integration with popular banking and payment platforms
It integrates with popular platforms like PayPal and Stripe, which makes it easier to track and categorize your financial transactions.
4. Easy to use
It is more friendly for the users, with a simple interface that allows you to enter and track your income and expenses.
Overall, Self Employed QuickBooks software is an important tool for self-employed individuals because it helps them manage their finances more accurately, reduce their tax burden, and stay organized. Some of the users get confused about whether they use QuickBooks Desktop or are Self-employed. For that, we have simplified this in the following section.
How to Setup QuickBooks Self Employed?
To set up QB Self Employed, the following are the steps:
- Go to the QB Self Employed website and click “Sign Up.”
- Enter your personal and business information, including your name, email address, and the type of business you operate.
- Set up your login credentials by making an account username and password.
- Review and accept the terms of service.
- Set up your business profile by entering details such as your business name, industry, and the services you offer.
- Add your bank accounts and credit cards to QB Self Employed by linking them to the software. This will allow the software to import and categorize your financial transactions.
- Enter any income and expenses you have already incurred.
- Set up any recurring transactions, such as bills or subscriptions, that you want to track in QB Self-Employed.
- Customize your tax settings by specifying your tax filing status and any deductions you want to claim.
- Review the information you have entered and make any necessary corrections or updates.
After the setup knows it’s time to use the self employed with the following section.
How to Operate Self Employed QuickBooks Software?
To use Self Employed QuickBooks software, follow these steps:
- First, you have to do QuickBooks Self Employed login to the account using your username and password.
- Second, Review your dashboard, which displays an overview of your income, expenses, and tax information.
- Then, enter any new income or expenses you have incurred since your last update. You can do this by clicking the “Add” button and selecting the appropriate category.
- After that, review and categorize any transactions that imports from your linked bank and credit card accounts.
- In the next step, check the status of your tax preparation by going to the Taxes tab. Here, you can see how much you owe in taxes and what deductions you are eligible to claim.
- Now, set up any recurring transactions, such as bills or subscriptions, that you want to track in Self-Employed.
- Afterward, customize your tax settings by specifying your tax filing status and any deductions you want to claim.
- In the end, run reports to see a summary of your income, expenses, and profitability.
You can also perform the following:
- Total and categorize your expenditures.
- Keep track of your mileage.
- Send invoices and collect payment.
- Develop and manage estimates
- Create reports and insights.
- Keep track of your tax deductions.
- File and pay your taxes.
Read about:- QuickBooks Software Cost
How much is QuickBooks Self Employed Cost?
Intuit QuickBooks Self Employed price is a monthly fee of $10. Automatic mileage tracking, tax preparation, and integration with popular banking and payment platforms are all included in this price. Moreover, a free trial is also available, allowing users to try the software for a limited time before committing to a subscription. Intuit also provides QuickBooks Self Employed discounts to users who pay for an annual subscription in advance, which is $95 per year. This works out to a monthly cost of $7.92, representing a 20% savings over the monthly subscription. It is important to note that the cost of QuickBooks Self Employed free for a trial version and may vary depending on the user’s location and any current promotions or discounts.
QuickBooks Desktop Vs QuickBooks Self Employed – Which One is Best?
Both QuickBooks Desktop and Self Employed are financial management tools offered by QuickBooks, but they design for different types of users and offer different features. QuickBooks Desktop is a software program that installs on a computer and intends for use by small and medium-sized businesses. It offers a range of features, including invoicing, inventory management, and job costing, as well as integration with popular accounting software like QuickBooks Online. On the other hand, QuickBooks Self Employed is a cloud-based software for self-employed individuals, such as freelancers and small business owners.
It offers features such as automatic mileage tracking, tax preparation, and integration with popular banking and payment platforms. Omit which one is best, it depends on your specific needs and preferences. If you are a small business owner or accountant looking for a comprehensive financial management tool with a wide range of features, QuickBooks Desktop may be a better choice. But, if you are a self-employed individual looking for a simple and easy-to-use tool to help you track your income, expenses, and taxes, QB Self Employed may be a better fit.
QuickBooks Self Employed is a powerful financial management tool for self-employed individuals. Whether you are a freelancer, small business owner, or independent contractor, It can help you track your income, expenses, and mileage, as well as prepare and file your taxes. So if you’re self-employed and looking for an efficient way to keep track of your finances, give Self Employed a try today. So, it can be a good choice for self-employed people to manage their finances. But, if you want to know more about the Self Employed software, then contact our ProAdvisors to get the information. Thank You!