QuickBooks Self Employed is a cloud-based accounting software designed specifically for self-employed individuals who need to manage their finances effectively. With its user-friendly interface and robust features, it can help freelancers, contractors, and sole proprietors save time and money while keeping their finances organized. In this article, we will provide a comprehensive overview of QB Self Employed, including its features, plans, and benefits for self-employed individuals.
What is QuickBooks Self Employed?
QuickBooks Self Employed is an accounting software developed by Intuit, the company behind QuickBooks Desktop and QuickBooks Online. It is designed for self-employed individuals who need to track their income and expenses, calculate their taxes, and create invoices and receipts for their clients. Self Employed QuickBooks offers a range of features that can help self-employed individuals manage their finances more efficiently, including automatic mileage tracking, receipt scanning, and tax deduction tracking.
Features of QuickBooks Self Employed
1. Automatic Mileage Tracking:
It automatically tracks the mileage of your car or truck using your smartphone’s GPS. This feature can help you save time and money on taxes by accurately calculating your deductible mileage.
2. Receipt Scanning:
With QuickBooks self employed login, you can scan your receipts using your smartphone’s camera and store them in the cloud. This feature can help you stay organized and eliminate the need for paper receipts.
3. Tax Deduction Tracking:
QuickBooks Self Employed automatically categorizes your expenses based on the IRS tax categories, making it easier to calculate your tax deductions.
It allows you to create professional-looking invoices and send them to your clients via email. You can also track the status of your invoices and send reminders to clients who haven’t paid.
5. Expense Tracking:
With QB Self Employed, you can track your business expenses in real-time and categorize them for tax purposes. This feature can help you identify areas where you can cut costs and save money.
6. Estimated Tax Payments:
QuickBooks Self Employed can help you calculate and pay your estimated quarterly taxes, ensuring that you don’t miss any deadlines.
7. Time Tracking:
If you charge your clients based on the time you spend on a project, QuickBooks Self Employed can help you track your hours and create accurate invoices.
8. Bank Integration:
QB Self Employed can connect to your bank account and automatically import your transactions, making it easier to reconcile your accounts.
9. Profit and Loss Reports:
It can generate profit and loss reports, giving you a clear picture of your business’s financial health.
10. Mobile App:
QuickBooks Self Employed has a mobile app that allows you to manage your finances on the go. You can track your expenses, create invoices, and check your QuickBooks balance sheet from your smartphone or tablet.
QuickBooks Self Employed Plans
QB Self Employed offers two plans: the Self-Employed plan and the Self-Employed Tax Bundle plan.
The Self-Employed plan costs $15 per month and includes the following features:
- Automatic mileage tracking
- Receipt scanning
- Tax deduction tracking
- Expense tracking
- Estimated tax payments
- Time tracking
- Bank integration
- Profit and loss reports
- Mobile app
Self-Employed Tax Bundle Plan
The Self-Employed Tax Bundle plan costs $25 per month and includes all the features of the Self-Employed plan, plus:
- One federal and one state tax return filing
- Audit protection
In conclusion, QuickBooks Self Employed is a valuable tool for self-employed individuals who need to manage their finances efficiently. With its user-friendly interface and robust features, QuickBooks Self Employed can help you save time and money by automating tasks such as mileage tracking, receipt scanning, and tax deduction tracking. It also offers a range of plans to suit your needs and budget, making it an affordable option for freelancers, contractors, and sole proprietors. Whether you’re just starting your business or looking to streamline your finances, QB Self Employed is definitely worth considering.
Frequently Asked Questions (FAQs)
Q.1 Is QuickBooks Self Employed suitable for small businesses?
Self Employed QuickBooks is designed specifically for self-employed individuals, so it may not be suitable for small businesses with more complex accounting needs. However, QuickBooks Online and QuickBooks Desktop offer more advanced features for small businesses.
Q.2 Can I use QuickBooks Self Employed for tax purposes?
Yes, Self Employed QuickBooks can help you track your expenses and calculate your tax deductions, making it easier to file your taxes.
Q.3 How does QuickBooks Self Employed help me track my mileage?
Self Employed QuickBooks uses GPS to track your mileage automatically, so you don’t have to manually log every trip. It also allows you to categorize your trips as business or personal and calculate the tax deduction for your business mileage.