QuickBooks Self Employed was designed to help individuals such as Freelancers, Uber Drivers, Real Estate Agents, and several independent consultants. It allows you to track your mileage, income, expenses, etc. and helps automate your accounting process.
Having such features, users usually inquire if it’s suitable for them, how much it cost, its advantages and drawbacks, etc. In this regard, we have reviewed QuickBooks Self Employed and explained all the details regarding it. So, let’s start. While reviewing QuickBooks Self-Employed, we discovered the beneficial features and services it offers according to requirements. Let’s find out:
QuickBooks Self Employed is ideal for:
- Freelancers: QuickBooks Self-Employed offers helpful features to freelancers like quarterly tax estimation, automatic mileage tracking, and mobile invoices.
- Remotely Working Businesses: Creating invoices, automatically tracking business mileage, and tracking the profit and loss anywhere helps remotely working businesses reach their goals. Users can not only track data but also can access data remotely through Cloud Hosted Desktop Service without any interruption and data loss.
How does QuickBooks Self Employed work?
QuickBooks Self-Employed functions by connecting all your accounts (checking, PayPal, Credit Cards, etc.) and allows you to track your income as well as expenses in one place.
It is necessary to spend some time organizing your transactions, however, at a minimum, at the beginning. You can accomplish this by manually classifying the payments and income as personal or business, or by developing rules to automatize the process.
In complement to tracking and categorizing additional expenses, you can also track the mileage and calculate deductions for it. It is even possible to create, track and send invoices, though it only allows a few customizations and doesn’t allow estimates, it can produce the following reports for business:
- Mileage Log.
- Tax Details.
- Summary of Tax.
- Profit and Loss.
Beneficial Features of QuickBooks Self-Employed
The QuickBooks Self-Employed offers multiple features to its user. Below-mentioned are the beneficial features of QuickBooks Self-Employed-
1: Mileage Tracking
The mileage tracker of QuickBooks Self-Employed can be downloaded on your device. It will automatically monitor all your car journeys and record your business miles with deductions based on IRS mileage rates.
The invoicing section allows you to generate and monitor invoices easily. However, if you decide to sign up for making an invoice payable online, remember that the bank transactions charge nothing but the rate for credit card payments is 2.9%.
3: Bank Feeds
This feature allows you to download the credit card and banking transactions straight into the QuickBooks Self-Employed account. Then, you can save the transactions to an appropriate category or as a personal expense.
4: Receipt Capture
The QB Self-Employed mobile application for Android and iPhone creates receipt capture easily. Just take a snap of any receipt and you can attach it instantly through your phone.
5: Customer Service and Integration
The all-new design of the QB self-employed dashboard is easy to use and offers a lot of shortcuts. Furthermore, the customer service has even improved. You get support options such as troubleshooting video tutorials, Learn & Support, live chat, an automated assistant, QuickBooks blogs, and an active community forum.
QuickBooks is one of the most advanced accounting software which provides numerous financial accounting advantages for all-sized businesses. QuickBooks Hosting providers like Apps4Rent are excellent in providing a wide variety of cloud solutions. They also assist in different migrations services like IMAP Migration to Office 365 and will assist you in choosing the right version of QuickBooks according to your business needs.