Self-employed is one of the most admired words now-a-days. Self-employed refers to being not pressurized and work on one’s own principles. This aspect makes one boss of their own business. QuickBooks is essential and beneficial for those who aspire to work for themselves and grow in their career. In this article, we are going to discuss the pros and cons of QuickBooks self-employed. To understand this better, make sure to read this segment carefully.
QuickBooks Self-employed suits best for the following:
- Freelancers
- Coaches
- Creatives
- Bloggers
- Social Media Strategist and more.
Business Consulting:
- The one who is self-employed do their business on their own terms and manage their bookkeeping account. If your client is using this form of QuickBooks, means that he is using QuickBooks Self employed as a partner in business success or commodity service provider.
Tax Planning:
- Tax planning is among the important terms for a self-employed person and they need to assemble their records and prepare their tax. Clients usually face issue with filing for tax and find it difficult to do tax planning.
- It is available for their rescue as it helps them with tax planning and managing them. With this, they get information related to tax planning.
Retirement Planning:
- For self-employed persons, it is necessary to plan for their retirement as they are not given any government recognized retirement plan. With QuickBooks self-employed, users have an option to plan their retirement at the right time and with the right standards. It has been observed that a client depends on accountant to manage his tax planning and QuickBooks self-employed help to manage all the things of business.
Here’s a table that lists the pros and cons of QuickBooks Self-Employed:
| Pros | Cons |
|---|---|
| 1. User-friendly interface that is easy to navigate. | 1. Limited features compared to the full QuickBooks software. |
| 2. Automatically categorizes business expenses. | 2. Does not support multiple users. |
| 3. Also, integrates with popular payment platforms like PayPal and Square. | 3. Does not handle inventory management. |
| 4. Provides detailed reports on income and expenses. | 4. Limited access to customer support. |
| 5. Offers mileage tracking to help with tax deductions. | 5. No option to upgrade to a more advanced version of QuickBooks. |
Overall, QuickBooks Self-Employed is a great option for freelancers and self-employed individuals who need a simple way to track their finances and manage their business expenses. However, if you have a larger business with multiple employees, more advanced financial needs, or require more robust features, you may need to look for a different accounting software or choose QuickBooks Desktop.
Benefits of using QuickBooks Self-Employed
Below we have discussed five major points of QuickBooks Self Employed that makes it unique from the other providers.
✔ Mobile Technology
- Mobile technology is growing on a rapid rate because of the ease and access it provides. Users have an advantage that they can use QuickBooks self-employed on their phones which makes it quite mobile friendly.
✔ Cloud-based Data
- QuickBooks also comes with an option to upload all the data on Cloud making it quite easy to handle and work upon.
✔ Data Collection
- In addition to the other features, all the data is collected by QuickBooks self-employed in the similar way done by QuickBooks online.
✔ Globalization
- When a user is using a product which is popular in the world, then it makes the best position in the market.
✔ Single person business and contract workers
- Single person business means that you are handing all the things of your business and the aim of your product is also the one person business. QuickBooks Self Employed allows you to fetch the client’s data by just adding the account in the QuickBooks Accountant client list. In addition to this, it also allows you to review the work rather than just doing it.
✔ Globalization is the key
- It makes the best the best position in the market. QuickBooks is self-employed available in the UK, USA and Australia. But, as soon this product is available in all states.
✔ Single person Business and on contract workers
- Single-handed business is a good idea because you need to handle all the tasks of your own business. Aim of this product is one person business. This product is best suited for contract workers or part-time- 1099 workers rather than the W2 employee.
- Focused of his product is all the tasks of business are classified and working in proper order. Everything’s gone through a process. With the help this product, you will review the work rather than to do all the data entry. It is quite easy to access all the client data by summing the clients QuickBooks Self Employed account in your QuickBooks Accountant client.
Read this also: How to Troubleshoot QuickBooks Error 108?
Conclusion!
Hope the provided information is enough to understand about QuickBooks Self Employed and it’s benefits. To get immediate support or additional information, you can call us at our toll-free QuickBooks Support and Helpline number at ++1-844-964-2960. We are Intuit Certified ProAdvisors and always ready to help you.
More useful links:
How Can QuickBooks Help in Growing Your Business?
QuickBooks Certification: How To Become QuickBooks Certified?
Steps to Setup and Configure Email Services in QuickBooks Desktop
