Everything You Need to Know About QuickBooks Self-Employed
QuickBooks self-employed is a versatile and pricey tool that appears to provide exceptional experiences for its users.
It appeals to independent contractors and freelancers who are keen on having a QuickBooks version that satisfies their specific work demands. QuickBooks self-employed is priced for its impressive automatic mileage tracking, sales tracking, quarterly tax estimating, and its retention of the basic QuickBooks features. Also, individuals and teams will be pleased to know that QuickBooks self-employed boasts of an impeccable time-tracking part. This is a veritable tool they will need to execute and deliver tasks, divide tasks within a set time, and account for the time allotted to each task. While it's possible to have heard about QuickBooks self-employed, its features may seem elusive. In this article, we bring to light the characteristics of QuickBooks Self-employed.
1. Mileage Tracking
One of the most significant contributions to tax deduction is mileage. Since driving part-time or full-time is inevitable in your small business practice, it is pertinent that you have QuickBooks with its impeccable tracking system at your disposal. You can add relevant information about your vehicle and immediately start tracking mileage with the application. Furthermore, you can add the QuickBooks Self-employed app directly to your google location so that you can always remain in the loop. With every distance covered, the application gives you a complete and accurate reading of how many miles you are protecting and the subsequent deductions. In the end, the software automatically sums up your total mileage based on the standard mileage charges.
2. Download Bank feeds
One of the reasons why QuickBooks Self-employed is a veritable option for freelancers and contractors is an available option for a download of the bank, credit card, and other financial transactions into the QuickBooks self-employed account. Subsequently, if you seek to categorize your transactions, you will find it seamless and straightforward for tax deductions. QuickBooks self-employed makes it easy to differentiate between personal expenses and business costs by creating and sorting each fee to the appropriate category. For example, if you make payments from your bank accounts and not a business expense, it will be grouped under personal cost so that deductions are not made on tax returns. This way, on the occasion of an external audit, there can be a vivid separation of personal expenses from business costs, giving the auditors and other concerned parties impeccable information.
3. A Quarterly Tax Tracking
QuickBooks Self-employed has a system in place that can easily separate personal expenses from business-related ones. Therefore, it is assumed that businesses always categorize their expenses for proper tax. Based on the tax figures projected, self-employed creates an annual profit figure, sums up an estimated profit, tax payment, and duly informs tax dates. Armed with such helpful information, business owners can easily make their payments, monitor them to avoid overpaid or underpaid taxes, and meet up to their required tax payments.
4. Income and Expenses Summary Report
Since most business entities pursue impressive profit margins, their income and expense reports are essential, as they yield valuable information for companies to check if they are on track. With the QuickBooks self-employed, tracking income and expenses is always a pleasurable venture. You can easily print a summary of your income and expenses anytime you need relevantly related- information.
5. User-friendly Interface
From all indications, QuickBooks Self-employed is an impressive application. It comes with a modern, user-friendly interface that makes it easy to use. With six detailed charts, self-employed gives you an instant report on every facet of your finances. Furthermore, developers intuit have included helpful customer support options as a go-to when they need help. The built-in live chat is always available to render beneficial assistance to customers in navigating their app. There are video tutorials, an online help center, and a community forum for customers.
6. Time tracking features
Freelancers and contractors take up tasks that are time-bound. Therefore, they always resort to time management applications for proper usage of their time. Besides being a fantastic bookkeeping application, QuickBooks self-employed offers a reliable time tracking feature for individuals and teams to work. They can easily track everything about a task from the billable time to allocated time for team members. Furthermore, the time tracking platform allows team members to work remotely from any platform as the application is available on Android and iOS platforms, respectively.
QuickBooks self-employed is a tailor-made application for freelancers and independent contractors. It boasts an array of features like mileage tracking, time management, and tax tracking that helps business keep their goals in sight.