Setup Guide For QuickBooks Self Employed

 What Is Intuit QuickBooks Self Employed? 

Summary: Welcome to QuickBooks Self Employed blog! Learn how to manage your finances as a self-employed professional. Get tips and tricks for bookkeeping, invoicing, and taxes. Our blog is here to assist you to succeed.

QuickBooks Self Employed is a cloud-based accounting software developed for independent contractors and freelancers. With Self-Employed, you can track your income and expenses and separate your personal and business finances. It also comes with features like invoicing, tax tracking, and mileage tracking, making it a comprehensive tool for managing your finances. This blog will provide tips and tricks for using Self-Employed effectively and getting the most out of this powerful accounting software.

What Is Intuit QuickBooks Self Employed?  

Intuit, Self Employed version of QuickBooks is an accounting software for self-employed individuals to manage their finances. It helps users track income and expenses, estimate quarterly taxes, create and send invoices, and organize receipts. It also provides tools for tracking mileage and managing deductions. The software integrates with popular financial institutions and allows users to import transactions automatically. It is available as a web application and a mobile app, making it easy for users to manage their finances on the go. Self Employed is an efficient and user-friendly solution for self-employed professionals who want to simplify their financial management. Let’s avail of its benefits with the following section.

Also, read : quickbooks downloads 

Benefits Of QuickBooks Self Employed

QB Self-Employed offers numerous benefits for freelancers and small business owners. Some are the following:

• Financial management is made easy with tools to track expenses, create invoices and manage cash flow.

• Saves time by automating tasks and reducing paperwork.

• Simplifies tax preparation with the automatic categorization of expenses and tax reports.

• It provides insight into the financial health of your business with real-time profit and loss reports.

• QuickBooks Self Employed price is pocket friendly.

• It enables you to get paid faster, accept payments online, and set up automatic payment reminders.

• It helps you stay organized by syncing data across devices and integrating it with other apps.

• Offers peace of mind with bank-level security and regular data backups.

• Provides access to customer support and a community of other self-employed professionals for guidance and advice.

After knowing the benefits, let’s know its prices.

QuickBooks Self Employed Cost

The cost of Self Employed QuickBooks varies according to the subscription you choose. Following is the costing table with features.

Pricing Plan

Monthly Fee

Features

Self-Employed

$15/month

Track income and expenses, invoice and accept payments, estimate quarterly taxes, track miles

Self-Employed Tax Bundle

$25/month

All features of Self-Employed plan, plus automatic calculation of quarterly estimated taxes, one federal and one state tax return filing

Self-Employed Live Tax Bundle

$35/month

All features of Self-Employed Tax Bundle, plus on-demand access to certified public accountants (CPAs) for tax advice and review of tax filings

Note: QuickBooks Self employed discounts may be available for new users or annual subscriptions.

After knowing about the pricing, let’s initiate the setup process.

Steps For Setting Up Self Employed Version Of QuickBooks

Setting up the Self-Employed program is a small task. But before setting it up you have to take care of some essentials, which are the following:

• Gather financial documents and information

• Decide on a bookkeeping method and set up a tracking system

• Determine tax-deductible expenses and keep proper records

• Choose a pricing plan and review features and limitations

• Establish a credit card and company bank account separately

• Ensure all financial transactions are correctly categorized and reconciled

• Review and clean up any duplicate or inaccurate data

After this, let’s proceed to the setup procedure.

Setup Process 

1. Sign up for an account on the QB Self-Employed website and choose a pricing plan.

2. Connect your business bank accounts and credit cards to QB Self-Employed. You can connect multiple accounts.

3. Review and categorize each transaction, assigning it to the appropriate income or expense category. You can also create custom categories.

4. Set up your invoicing and payment preferences if you plan to invoice clients and accept payments through Self Employed. You can customize your invoices with your business logo and other details.

5. If you need to track mileage for tax purposes, set up the mileage tracking feature in Self Employed. You can manually enter your mileage or use the GPS feature on your mobile device.

6. Use the tax estimation feature to calculate your quarterly estimated taxes. Self Employed will provide an estimate based on your income and expenses.

7. Review the various reports available in Self Employed, including profit and loss, tax summary, and expense breakdown reports.

When you are done with the setting procedure, let’s proceed to make use of it.

How To Operate With QuickBooks Self Employed?

Following are the steps to use the Self-Employed QuickBooks program:

1. Regularly review and categorize your transactions to keep your financial records accurate and up-to-date.

2. Use the invoicing feature to create and send invoices to clients and accept payments directly through it.

3. Use the mileage tracking feature to keep track of business-related travel for tax purposes.

4. Use the tax estimation feature to calculate your quarterly taxes and ensure you’re prepared for tax season.

5. Review the various reports available in Self Employed to gain insights into your business finances, including your profit and loss statement, tax summary, and expense breakdown.

6. Take advantage of the mobile app to manage your finances, including tracking expenses and invoicing clients from your mobile device.

7. Seek guidance or support from QB Self-Employed customer support or other resources if needed.

Conclusion

QuickBooks Self Employed offers an easy and efficient way for freelancers and small business owners to manage their finances. It helps to simplify bookkeeping, saves time, and provides valuable insights into the financial health of your business. Using the above steps, you can easily set it up and use it efficiently. However, if you face any issues during the setup procedure, contact our ProAdvisor’s to resolve them. Thank You!

FAQs

Q. What is the difference between QuickBooks Self Employed and QuickBooks Online?

A.Self Employed is explicitly designed for freelancers and independent contractors, while Online is geared towards small businesses with employees. Self Employed offers features like mileage tracking and quarterly tax estimation, while QuickBooks Online offers more robust accounting features, like inventory tracking and payroll management.

Q. Can I use QuickBooks Self Employed if I don’t have a business bank account?

A. Yes, you can still use Self  without a separate business bank account. However, it is recommended to have one to keep your personal and business finances separate for better financial management.

Q. Can I use QuickBooks Self Employed if I have multiple businesses?

A. Yes, you can use QuickBooks  Employed for multiple businesses. However, you must sign up for a separate account for each business.

Q. Is there a QuickBooks Self Employed free trial?

A. Yes, QuickBooks Self Employed offers a 30-day free trial for new users. During the trial period, users can access all features in their chosen plan.

Q. Can I use QuickBooks Self Employed for my LLC or corporation?

A. QuickBooks Self Employed is designed for sole proprietors, freelancers, and independent contractors. If you have an LLC or corporation, consider using QuickBooks Online or another accounting software better suited for your business structure.