Quickbooks Self Employed Review

When you first sign up, you can choose between QuickBooks’ 30-day free trial or a three-month discount, usually between 50% and 70%. We recommend QuickBooks Self-Employed only to freelancers with uncomplicated finances, a relatively small client base, and a lot of work-related travel expenses. Our solution will enable business owners to focus on the more important things, growing their business. It is also a great option for companies that want multiple directors to access financial data or for those who desire automatic updates from the cloud. As you have probably guessed, QuickBooks Self-Employed is for the self-employed. More specifically, it’s for independent contractors who need a little help staying organized. By independent, we mean just about any part-timer, moonlighter, momprenuer, freelancer, real estate agent, Uber/Lyft driver or independent consultant.

qbo self employed

Chelsea Krause is a writer who has specialized in accounting for over three years and is a QuickBooks Certified User. She has a BA in English & Creative Writing from George Fox Are Health Insurance Premiums Tax Deductible University and studied at the University of Oxford as well. She has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business.

Reseller Business Starter Guide

If your monthly average is $25, ,000, the monthly price for Live Bookkeeping is $400. If your monthly average is $0-25,000 per month, the monthly price for Live Bookkeeping is $200. Manage your team and perfect payday with powerful tools and services.

  • The good thing about QuickBooks Self-Employed is that you’ll get access to the last 90 days worth of bank transactions.
  • Additionally, I’ve now learned just how helpful it is to have all of your business expense data in one place along with invoice tracking.
  • Like QuickBooks Online, QuickBooks Self Employed requires a live Internet connection to use at all.
  • You can complete this process using your computer or using the QuickBooks app on your mobile device.

Get expert help connecting your bank accounts and automating the processes you perform most. At the end of each month, your bookkeeper closes your books and confirms they’re accurate by preparing a trial balance. They then send you PDF copies of key financial reports, including your profit and loss statement and balance sheet. It only takes a few minutes to get up and running once you connect your bank account to QuickBooks.

How To Use Quickbooks Self

So, if you’re a product-based business, or if you serve multiple clients and need access to options like estimates, this may not be the system for you. With QuickBooks Self-Employed, you can’t customize your invoices, and it doesn’t offer any other options like estimates or quotes. Also, you can’t set up a bill pay or work with multiple vendors if you use this specific option. In just fifteen minutes, the experts at Software Advice can help you narrow down the right software for your organization. In summary, if you prefer total simplicity and don’t keep track of your inventory, QBSE may be the way to go. One of the biggest differences between QBO and QBSE in my mind is the fact that QBSE does not have any Balance Sheet accounts.

QuickBooks Self Employed does NOT offer any managerial features at all. If you need bookkeeping software that can track invoices, bills, employees, inventory, etc, purchase QuickBooks Online or QuickBooks Desktop. As long as your only need for the service is to categorize and track transactions from your attached accounts and record miles, QuickBooks Self Employed is extremely useful. However, this version doesn’t allow you to enter bills or invoices, produce a balance sheet or statement of cash flows or any report other than a basic income statement and tax information. At first glance, QuickBooks Self-Employed is a tax software. It helps freelancers keep track of income and expenses, as well as calculate and pay estimated quarterly taxes. However, it does have a few bookkeeping capabilities that give many small freelancers the information they need.

We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. Thom, unfortunately there’s no installable software for the Self-Employed version of Quickbooks but other versions offer that. You can’t amend any transactions hst, you have to create 2 separate entries. If you do drive a lot, the QBSE app also offers an auto-tracking option. Another helpful element is the ability to attach digital copies of receipts to any transaction. This is achieved by simply taking a picture of said receipt or forwarding confirmation emails to Quickbooks from a linked email account.

qbo self employed

You can also view your Tax Summary, which shows your taxable business profit and totals for Schedule C deductions. Moreover, you can access a Tax Details section which lists transaction information by category. Plus, you can easily add categories to further organize your expenses and make it simple to find business tax deductions. In this transaction report, you’ll be able to see your business profit, income, and spending—and categorize your spending as business or personal. You can even “split” transactions to keep track of purchases where business and personal supplies are mixed. Moreover, it’s also worth mentioning that for the higher-level versions of the Self-Employed plans, you only receive one state and one federal tax return filing. This being said, if you need to be able to perform additional bookkeeping or accounting tasks, you’ll need to consider a platform with greater capabilities.

Majority of small business owners use either QuickBooks Online or QuickBooks Self-Employed. The difference between the two is significant and whether you use one or the other is solely dependent on the type of business you are operating. If you’re a side hustler, freelancer, accounting or independent contractor, most likely the QuickBooks Self-Employed option is going to be your best option. It allows you to see incoming and outgoing money, pay taxes, and invoice for projects. When you first start your business, that’s basically all you need.


Choosing to upgrade or downgrade a business tool is not always a matter of going with what’s cheaper. If a tool adds a ton of value to your business by saving you time to do other things, it may just be worth the price.

qbo self employed

QBSE is a unique accounting product, designed specifically for self-employed individuals who are considered freelancers or independent contractors and file a form Schedule C with their tax returns. Beyond tax deductions, though, QuickBooks Self-Employed doesn’t offer much. While you can import bank transactions to track expenses, you can’t generate detailed financial reports that help business owners set concrete financial payroll goals or expand their business. It also lacks features that many independent contractors and sole proprietors need, like project and income tracking. Moreover, with the two higher-level plans, you have access to experts to help you file your taxes and pay them online. Not only is this a unique feature for business accounting software in general, but especially amongst platforms designed for freelancers and contractors.

Still consider hiring a CPA or other financial expert to help you understand reports. The Simple Start version of QuickBooks is only suitable for a single user, so if you have employees, you can skip to the next tier.

Author: Romain Dillet

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