http://www.dyernews.com/quickbooks-self-employed-review/ If you're a freelancer, Uber driver, or self-employed in some other capacity, one thing you might not be prepared for is keeping track of your business finances. While the day to day might seem easy enough — money comes in, money goes out — being unorganized can come back to bite you hard come tax time. That's what I signed up for Quickbooks Self-Employed (QBSE) about a year ago and am here to share my full review.
Quickbooks Self-Employed Review http://www.dyernews.com/quickbooks-self-employed-review/
Should You Be Paying Quarterly Estimated Taxes?
Note: the sale mentioned in this video was accurate as of publication but is subject to change.
Quickbooks Self-Employed includes five main sections:
In Transactions, you can review all of your purchases via various debit, credit cards, or even add in cash payments. From there, you can denote whether each purchase was personal or for business. Additionally, you can transaction between multiple codes. On the Quickbooks app, you can even do this on the go, categorizing transactions by swiping left or right.
For business transactions, you can further categorize your spending. This will come in handy when you're itemizing your tax deductions. If you really want to get organized, you can even attach photos of receipts so that you have all of your documentation in one place.
Since going through each individual transaction can be tedious, Quickbooks allows you to set rules. For example, the software can be taught that any transactions from Staples should be filed under Business — Office Supplies. If you're new to the program, you'll also be happy to know that rules can be instated retroactively, saving you a ton of time.
Mileage is another extremely helpful section of Quickbooks Self-Employed. Again, you have multiple documentation options including the ability to enter the reason for the mileage as well as the start and end point for the trip. Using the Quickbooks app, you can also turn on an auto-tracker that will save your trips and allow you to label them after the fact.
Of course, taxes are one of the main reasons many freelancers and entrepreneurs get Quickbooks Self-Employed. Beyond the helpful itemization advantages, QBSE will also estimate your quarterly tax payments, which often plague new freelancers. In the event you're not required to pay quarterly taxes, there are support options for annual taxes as well.
Ever get tired of generating invoices in spreadsheets and keeping track of what's been paid and what hasn't? Then you'll want to check out Quickbooks Self-Employed's invoices section. With just a few clicks, you can create and send invoices to your client. Additionally, you'll be able to keep track of these invoices all in one place so you don't miss a payment.
Even better, you can sign up for Payments through Quickbooks, allowing your clients to pay you via credit card or debit cart. While bank transfers are free, fees on the seller's end do apply credit card transactions. However, at 2.9% + $.25 for each transaction, it may be worth the convenience.
Finally, the reports section will make doing your taxes a breeze. You can generate a spreadsheet or in-browser report giving you an overview of your business spending or a more detailed tax report. Another available report is a profit vs loss statement.
One minor gripe I have with Quickbooks Self-Employed was that sending these reports to my tax preparer and having them upload them to TurboTax didn't seem to be an option. It may be easier if you purchase a Quickbooks/TurboTax combo package yourself, but it seemed I was only able to send out a spreadsheet. Granted, this still saved a ton of time and hassle at tax time, but it could have been even easier.
Overall, I would recommend Quickbooks Self-Employed to any freelancer, 1099er, or gig worker who, like me, needs help organizing their business finances. At about $10 (or less — a current sale is offering 50% off for the first six months), it's also very affordable. And, it should be mentioned, your monthly fee is tax deductible!
A tip I'd give you about using the software is to keep up with your transactions. Even if you set a ton of rules, you'll likely still have a few outliers that need to be categorized. I'd recommend review these weekly or at least monthly — along with your mileage and income — to ensure that you're estimated tax payments are more accurate.
Best of luck on all of your adventures in freelancing!
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This program really screwed me up... for some reason it wasn't syncing correctly to my bank account. I had several issues where I would log in to check and there was NO DATA.... it was empty.. my accountant had to look into this and "reSync" the accounts and suddenly the data to populate. Also, it did not account for all my income throughout the entire year and at the end my 1099 didn't match, I had to have my accountant go back in erase tons of duplicates and then it suddenly populated showing I suddenly made double what I thought I did. Having not paid quartley I was now responsible for paying over 5K in taxes almost more... cannot trust this program it's insufficient.
+Andy Anderson hey ,if anyone else wants to uncover quickbooks online tutorial try Zamartar Simple Accounts Remedy ( search on google ) ? Ive heard some decent things about it and my mate got excellent results with it.
Please let me know where to find tutorials! I used the app in 2017 to track millage and expenses and loved it. I have imported/transferred to my turbo tax successfully. BUT now I'm am a bit lost on where to go after importing. And how to use what i have imported from Quick-books self-employed to quick-books to turbotax. I see a bunch of adds on how to use the app but nobody posts on what to do after to completed a full year and transfer to turbotax. Please help
Thanks for info! About effective reports to export to TurboTax - I believe that some higher-cost .versions. of QuickBooks Online have what you are looking for. Not in my budget, however so will take the extra time to massage the info myself. ;-)
4 Questions, if you don't mind as I am wondering if I can bump down my small business from QBO Simple Start to QBO Self-Employed so that I can get much-desired mileage tracking.
(1) Does this give you access to the ..Chart of Accounts.. to modify it?
(2) Does it allow you to identify reusable ..Products and Services.. for creating invoices?
(3) I know it does not auto-discover sales tax in various locations, but can you set a default tax rate to be included in invoices?
(4) Does this allow recording of Sales Receipts of Deposits (current liabilities which are not taxable this month) versus Invoice Payments of sales which are?
Their Customer Support used to be way better. Now you can spend an hour on a Chat trying to get a simple answer. It works well unless you ever have a credit card compromised or need to switch credit/debit cards or bank accounts -- they can't seem to handle that at all.
Do you have to create an invoice for every recorded sale? I use another software for creating and sending invoices. I'd really only prefer to enter a sale amount as income to quickbooks than create a customer and invoice and add a payment all over again. That is currently what I have to do using quickbooks online
Money at 30 oh it does have a PC version? good because i was looking at the canada site the other day and all they had was the phone app and i didn't like that because i don't feel that personal or banking info should EVER go on a cellphone, also can you print receipts and invoices with self employed?
Shabih Ahmed The csv file must have the correct date format in the date field and some other things have to be selected during the import process. The people at the help desk will explain it step by step. Again, it is good to know how to work with excel or any other spreadsheet program. Open the csv file and call the help desk.
ijursic I have connected my bank accounts with the app. I downloaded CSV files and was trying to upload but I got error that delete empty lines or check if the file format is CSV. Well, I couldn't upload so manually entered the transactions which I needed.
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