How to Use Quickbooks self-employed customer service

Posted on

Quickbooks self-employed customer service benefit

Quickbooks self-employed customer service offers several benefits that can make managing your finances and taxes as a freelancer or solopreneur much easier. Here are some of the key advantages:

  • Simplified Organization: Track income, expenses, mileage, and tax info all in one place. This avoids the hassle of scattered receipts and spreadsheets.
  • Maximized Deductions: The software helps categorize transactions to identify tax-deductible expenses, potentially saving you money come tax season.
  • Automatic Tax Estimates: QuickBooks Self-Employed can automatically calculate your estimated quarterly taxes, a big time-saver and way to avoid penalties.
  • Mileage Tracking: Easily track your business miles with the mobile app, ensuring you claim the mileage deduction you deserve.
  • Profitability Insights: Generate reports to understand your business’s financial health, allowing you to make informed decisions about your operations.
  • Separation of Finances: Keep your business and personal finances separate, making bookkeeping and tax filing less confusing.
  • Mobile Access: Manage your finances on the go with the mobile app, perfect for busy freelancers.
  • Customization: Create custom tags for expenses to gain deeper insights into your spending habits.

Overall, QuickBooks Self-Employed can streamline your finances, save you time on bookkeeping, and potentially save you money on taxes

QuickBooks Self-Employed

QuickBooks Self-Employed is a great option for freelancers and solopreneurs, but it does have some limitations to consider:

  • Limited Functionality: It’s not designed for businesses with employees or inventory. If you have a growing business, you might outgrow its features.
  • Fewer Features: Compared to QuickBooks Online, it lacks advanced features like project tracking and in-depth inventory management.
  • Subscription Costs: While it has a free trial, QuickBooks Self-Employed requires a paid subscription to access most functionalities.
  • Limited Integrations: There are fewer integrations available with other business apps compared to QuickBooks Online.
  • Not Ideal for Complex Businesses: Features like profit and loss reports and 1099 contractor payments might be missing for complex business structures like LLCs.

Overall, QuickBooks Self-Employed is a user-friendly option for simple bookkeeping needs, but as your business grows, you might need a more robust accounting software

What is QuickBooks Online

QuickBooks Online is a popular cloud-based accounting software developed by Intuit, an American company. It is specifically designed to help simplify small business financial management.. This software serves as a central hub where you can efficiently record, organize, and store all your business transactions.

Choosing the Right Version

QuickBooks Online offers several versions, and selecting the right one for your business is essential. You’ll typically find three or four options, depending on your location:

Simple Start:

This is the most basic version and is ideal for small businesses that offer services or digital products. It includes one user.

Essentials:

Suitable for businesses that need more users (up to three) and additional features like time tracking and bill management.

Plus:

If your business involves physical products, Plus is necessary for managing inventory effectively.

Advanced:

Geared towards medium-sized businesses, it accommodates up to 25 users and offers advanced features like batch invoicing, automated workflows, and comprehensive analytics.

QuickBooks Online operates entirely in your web browser, making it compatible with both Mac and PC platforms. Plus, it allows for flexible upgrades and downgrades, providing you with peace of mind.

Exploring QuickBooks Online

Let’s take a closer look at the QuickBooks Online interface and how it functions:

Dashboard:

Upon logging in, you’ll see your company name and logo. The dashboard provides an overview of your business, summarizing invoices, expenses, profit and loss, sales, and bank balances. You can also use the privacy button to hide sensitive data.

Navigation:

The Navbar on the left side is where you’ll access most of your daily tasks, such as running reports. You can hide or show the Navbar using the three-line icon.

Quick Access:

The top-right corner offers quick access to experts, help, search, notifications, settings, and your Intuit account.

Using QuickBooks Online

Now, let’s delve into how QuickBooks Online works and some essential functionalities:

My Experts:

Invite your accountant, search for one, or use QuickBooks assistant bot for help.

Search:

Quickly locate and make changes to recent transactions.

Settings:

Configure your company settings, including account information, tax details, and industry specifics.

Manage Users:

Add people to your QuickBooks account with various levels of access.

Chart of Accounts:

Customize your business accounts, but consider consulting an accountant if you’re new to bookkeeping.

QuickBooks Labs:

Access plugins like QuickBooks Themes and enable features like Dark Mode.

Lists:

Manage products, services, and recurring transactions.

Tools:

Perform tasks like ordering business checks, importing data, and reconciling accounts.

Banking:

Connect your bank account and credit cards to automate transaction tracking.

Sales:

Handle income and invoices, monitor payments, and manage customer lists.

Expenses:

Track bills and expenses, manage vendors, and monitor overdue bills.

Payroll:

If applicable, manage employee and contractor details.

Time:

Track and manage timesheets (Essentials, Plus, or Advanced).

Reports:

Produce financial reports such as profit and loss reports, balance sheets, and also for preparing cash flow reports for certain periods.

Taxes:

Manage sales tax and mileage tracking.

Accounting:

Access your chart of accounts and reconcile transactions.

My Accountant:

Collaborate with your accountant and grant them access to your books.

Conclusion

QuickBooks Online in 2023 is a powerful tool for simplifying your business’s financial management. Whether you’re a small business owner, freelancer, or medium-sized enterprise, QuickBooks Online offers versatility and efficiency. By understanding its features and functions, you can streamline your accounting processes, save time, and make informed financial decisions.

1 comment

Leave a Reply

Your email address will not be published. Required fields are marked *