If you’re running a business, no matter size, you instinctively skills important accounting is to long-term success. You need software that works with the particular situation you face. Read this guide of QuickBooks Self-Employed vs QuickBooks Online find out the best software for you.
Using a product that isn’t flexible to your business size or configuration can lead to major headaches, like paying for features you won’t use or won’t be motivated to do more to ensure development.
The Intuit company has two of the most successful bookkeeping software systems — Online QuickBooks (QBO) and Self-Employed QuickBooks(QBSE). But when you try to pick a bookkeeping program which one of the two is the best choice for you?
Below are the details of each, so you can make an educated decision as to which one will best meet your needs.
QuickBooks Self-Employed
QuickBooks Self-Employed is an accounting package that covers the basic features a solopreneur may need as it relates to:
- Managing both personal and business accounting tasks
- Estimating and paying your taxes.
Who can use QuickBooks Self Employed?
People who work for themselves can greatly profit from QuickBooks Self Employed Like –
- Freelancers
- Coache
- Creatives
- Solopreneurs
- Mompreneurs
- Bloggers
- Social media strategists, and more.
A good example of this would be Uber drivers, Upwork freelancers, creative freelancers, independent massage therapists, independent salon owners, life and business coaches, personal trainers, etc.
With QuickBooks Self Employed
- Track business income and expenses of freelance or solopreneur
- Tax time, capture all expense deductions
- Business mileage track
- Estimate tax payments
- Make tax time really simple and easy.
- you can connect QuickBooks Self Employed to your bank and credit card accounts.
- Offers limited reporting capabilities
- You can snap pictures of receipts on a mobile app.
- Swipe on your phone to indicate whether it’s business or personal and track mileage automatically.
- Designed for simplify tax time.
benefits of QuickBooks Self-Employed
- Cost-effective
- User-friendly features
- Easy to set up
- Easy to manage personal and business transactions on one platform
- Accessible anytime, anywhere – even via your mobile device
And even though it’s a very simple program, you can always invite one accountant to assist with stuff during the tax season.
Features of QuickBooks Self-Employed
Quickbooks Self-Employed draws a huge follow-up because it caters to a unique niche. These features make life easier for people who don’t want the troubles of more complex accounting software.
Automated Processes
People who use QuickBooks Self-Employed often have less business dealings and factors to handle, but still fail to record it properly, including:
- Tracking Mileage – This can have an effect on your tax payments, particularly if you’re an Uber driver. With Quickbooks Self-Employed, you’re going to have a clear record of all your trips.
- Documenting and Organizing Receipts – File everything in one place by attaching photos of receipts to transactions. This is instant, automated filing.
- Managing Transactions – Link your bank accounts to the app and import transactions to be assigned to them. Set up rules and categories, and the system will automatically allocate them to you.
Makes Taxes Easier
Simple tax administration is a strong driving force behind the creation of this programme. QuickBooks Self-employed will remind you of due dates and continue to forecast expected tax payments.
- Both federal and state tax returns are supported (you’ll need the TurboTax Bundle for this)
- To make your Schedule C tax return easy, the software will transfer relevant information to TurboTax if you opt for this feature. This add-on will do your calculations for you.
- TurboTax is advanced enough to identify relevant deductions so you can lower your tax liability.
Effortlessly Keeps Business and Personal Matters Apart
When you run this small business sideways or using your own Uber app, it may make it difficult to keep your personal and company transactions apart. Quickbooks Self-Employed:
- Setup of bank accounts provides divisions relating to business and personal expenses.
- The mileage app allows you to mark which trips relate to each category
- All transactions can be allocat to one of the two categories.
Easy Paperwork and Reporting
If you keep your data up to date, you can display forecast figures (such as annual profit) at any time. The program can also produce profit and loss (P&L) statements, as well as the tax overview.
While there are not as many analyses to conduct as in other accounting tools, the P&L statement is also what a single contractor’s needs. The other reports produced are only really applicable to the tax consultant.
QuickBooks Online
QuickBooks Online is an accounting software kit for small companies. It’s complex, but it’s a simple tool that helps you to perform basic accounting tasks, such as submitting invoices and monitoring inventory.
Who should use QuickBooks Online?
Small business owners who pay employees or contractors, who need to monitor accounts receivable, accounts payable, and report thoroughly on their business.
QuickBooks Online:
- Manage the financial aspects of your business.
- Get up to 65 built-in business reports.
- Customize income and expense categories
- You can configure the settings to suit your unique business needs.
- Integrate it with apps to add functionality.
QuickBooks Online is using by a company with employees. Industry-specific companies such as product-based industry, medical, e-commerce. And company contractors and restaurants can use QuickBooks Online.
Benefits of QuickBooks Online
Here are a few features that business owners love about QuickBooks Online:
- Automatically sends invoices, statements, and reports.
- Nightly downloads of bank transactions keep data up to date.
- It allows multiple windows to be open simultaneously.
- The QuickBooks payroll subscription option.
- The ability to access data from anywhere via any device (all devices are sync, even your mobile phone)
What really sets Quickbooks online apart is how they appeal to small businesses. It’s not jam-packing with needless features that make the price go up. What’s more:
- It allows for multiple users.
- You can import data from other QuickBooks programs.
- You can track inventory
QuickBooks Self-Employed vs Online
Both programs are great, but only one of them can serve you best. A description of differences helps to explain the situations in which each framework is includes:
- Cost – QuickBooks Online has a higher monthly subscription rate.
- Reporting – Quickbooks Self-Employed only offers P&L statements, while Quickbooks Online makes more detailed reporting simpler.
- Mileage – Only Quickbooks Self-Employed is design to track mileage Business.
- Features – Features essential to small businesses, such as inventory tracking and managing bills, is only possible with QuickBooks Online 1099.
- Contractors – Just 1099 contractors pay over QuickBooks Online.
- Personal vs Business – Only Quickbooks Self-Employed is design to help handle personal and company transactions on a single platform.
Not sure yet?
- QuickBooks Self Employed- If you plan to stay a freelancer, a solopreneur, or independent and want tax time to be very simple and easy
- QuickBooks Online-If you plan to hire employees or plan to grow your business in the near future. I would consider using QuickBooks Online Fast Start or QuickBooks Online Basics.
Now we hope that you have a clear picture of QQuickBooks Self-Employed vs QuickBooks Online in your mind. For any kind of information dial our QuickBooks support toll-free number +1-866-265-2764. Our team guides you anytime anywhere from USA.