Self-Employed QuickBooks. Is it the right product for you?
QuickBooks Self-employed (QBSE) is an inexpensive program designed to help the smaller self-employed individual figure out their taxes. It is bare boned and simple to navigate in. This product is just a tool to track your income, calculate your estimated taxes and mileage (with the App Mile IQ) and track your income in order to process your Schedule C at tax time.
So who is this product good for? Let's say you have a full time job, but on weekends make pottery and sell it on Etsy. You generate a bit of extra money throughout the year. Estimated taxes need to be paid on this income, but how do you know how much to pay?
QuickBooks Self-employed version will answer that question and do much more. With this program, you can:
- Separate business and personal expenses
- Automatic mileage tracking, if necessary for your business type
- Create and send invoices on the go with the app on your phone
- Maximize your Schedule C deductions
- Quarterly estimated taxes calculated automatically
Why do I love this program? It is a great program for the right user. It works for me with my small business teaching yoga or someone who does photography on the side or someone who makes jewelry...the list goes on and on. Intuit's forecast on self-employed people is that there will be 7.6 Million People in On-Demand Economy by 2020. To read more details about Intuit's forecast, see the in depth article here.
To Sign up for QBSE, click here. Try their free trial. You have nothing to lose. Remember, this program is not for everyone. If it does not seem like the program for you, you can always cancel your subscription (details in the video). Feel free to explore Intuit's other product line for businesses that are incorporated, like QuickBooks Simple Start, Essentials and Plus version.
Remember, QBSE is not a robust accounting program.
You do not reconcile in QBSE.
You cannot modify/edit your chart of accounts.
The accounts list is preset to Schedule C. Any transaction that does not go into one of these categories must be put in the general miscellaneous category.
If you would like to see more in depth videos on QBSE or on QBO, please reach out to me on my Facebook page. If you are unsure of which product will suit your business, reach out to me. I'd be glad to help you!