Accounting Software for Self-Employed & Freelancers

With features like invoice tracking and recurring invoices, it stands out as a valuable tool for independent workers. Users can quickly fill out invoice details, including the client’s name, services provided, and payment terms. QuickBooks Self-Employed is best suited for freelancers, solopreneurs and consultants who want an easy-to-use online accounting tool to keep track of their business’s finances. QuickBooks offers many different options for software, so it’s important to make sure you’re choosing the one most suitable for your business. QuickBooks Self-Employed does not offer double-entry accounting, which is more accurate and can help prevent accounting errors.

Enter business transactions into QuickBooks Self-Employed

Select the type of transaction, which will usually be either a business expense or business income. Choose “Business Income” if you want to record a payment you’ve received, or select from the range of expense categories available. When most people refer to QuickBooks, they are talking about QuickBooks Online or QuickBooks Desktop. QuickBooks Online is a cloud-based accounting solution for small and medium businesses, while QuickBooks Desktop is a locally-installed option.

Quarterly Federal Tax Payment Calculation

If you prefer locally installed software, Intuit has you covered with QuickBooks Desktop Pro. For years, QuickBooks Desktop has been the gold standard for small business accounting software, and it’s easy to see why. Advanced features, solid reporting, and excellent tax support make this software stand out from the pack. If you want to file one state and one federal tax return and pay quarterly estimated taxes online, you need at least the Self-Employed Tax Bundle. This tier also lets you get unlimited live help from TurboTax experts or talk to a real certified public accountant (CPA) when needed. SelfEmployed.com is an independent, advertising-supported publisher and comparison service.

In today’s fast-paced and competitive business landscape, freelancers and small business owners face numerous challenges in managing their finances. From tracking income and expenses to invoicing clients and navigating tax regulations, these tasks can be time-consuming and overwhelming. Moreover, inefficient financial management can lead to cash flow problems, missed tax deductions, and compliance issues.

These new contacts get tagged as imported from QuickBooks Online which makes it easier to identify them for your targeted marketing efforts. Then, you can use everything you know about these contacts to create segments and send targeted, personalized campaigns. Sign in to QuickBooks Online, then go to “Taxes” in the left navigation panel. Select the “Year-end tax filing” tab to get started with QuickBooks Live Tax. You’re ready to prepare and file your state or federal tax return with expert guidance, without ever leaving QuickBooks.

Best Mobile Accounting Apps

• In QuickBooks Self-Employed, users could easily snap photos of receipts and upload them into the platform.
• We also ensure that the software offers most standard accounting features and reports, awarding higher rankings to those that provide advanced services, like tax filing.
• For years, QuickBooks Desktop has been the gold standard for small business accounting software, and it’s easy to see why.
• Cheap, simple to use, and available in desktop and mobile versions, QuickBooks Self-Employed allows you to manage your accountsOpens a new window as you go.

We spend hours researching and evaluating each accounting software system we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings. QuickBooks Solopreneur is designed for freelancers and has fewer features and integrations. There is a built-in live chat feature that is incredibly helpful, as well as phone support. The help center is also well-organized and makes it easy to find the answers you’re looking for.

IRS Form 1040: A Quick Guide to Filing Your Tax Return

QuickBooks Mobile app works with iPhone, iPad, and Android phones and tablets. Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control. QuickBooks Solopreneur recently launched as a financial management tool designed for one-person businesses. QuickBooks Solopreneur builds upon the success of its predecessor, QuickBooks Self-Employed. It includes an easy-to-use suite of tools to help you understand where your business stands, manage your business seamlessly, and help you stay ready for tax time. It offers easier setup, an improved transaction management experience, along with added flexibility and productivity tools.

• Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control.
• If you’re looking for live bookkeeping support, QuickBooks Self-Employed is a more affordable option over Wave.
• If you’d like to accept payments from your customers, QuickBooks has built-in payment processing.
• Which ultimately leads to better decision-making and improved financial outcomes.

Save time and money by easily 
tracking your self-employed taxes 
year-round

It is intended for one-person businesses looking to organize and grow their business. As a self-employed individual, you’re required to pay estimated taxes to the federal government quarterly. Terms, conditions, pricing, special features, and service and support options subject to change without notice. QuickBooks Self Employed does not include payroll features, as it’s designed for freelancers and small business owners. If you require payroll functionality, consider other QuickBooks products like QuickBooks Online. By doing so, users can gain valuable insights into their financial performance, make informed decisions, and optimize their operations.

The foundation of financial health for every business owner is separating the finances of the business from their personal finances. View where you stand year 
round, and prepare your tax return with live expert help 
for peace of mind. Prepare your current tax year return with help from live tax experts, powered by TurboTax.

This content is for information purposes only and information provided should not be considered legal, accounting or tax advice or a substitute for obtaining such advice specific to your business. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does it have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. cannot warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Digital tools like QuickBooks exist to help small business owners like you save time — so you can turn more of your minutes into dollars.

My analysis will only cover the bookkeeping aspects,   and not the tax  aspects of  QuickBooks Self-Employed. Once you’ve saved the record, your income total will update on the home page. You should also find that your profit and loss report has been updated, too. One feature that QuickBooks Self-Employed offered but that is no longer available with QuickBooks Solopreneur is the ability to capture or match receipts.

Here’s another way QuickBooks helps you maximize your deductions—learn if and how you can deduct the cost of your accounting software. QuickBooks helps you see where your business stands and keep tabs on potential tax deductions so there are no surprises at tax time. Fill out year-end forms (T12125) easily quickbooks self employed with matching tax categories on the Tax Summary report. QuickBooks Self-Employed is suitable for people  who   work in the “shared economy”, are self-employed, file a Schedule C with their tax return, have no payroll.

How much does QuickBooks Self Employed cost?

If you choose this option, be aware that while bank transfer transactions are free, credit card payment rates are 2.99%. Once your invoice is completed, you can email it to your customer as a PDF attachment. QuickBooks Online is a separate service designed for small business owners who need more extensive features such as double-entry accounting. QuickBooks Solopreneur (formerly Self-Employed) is an accounting software product designed to help freelancers and sole proprietors keep tabs on income, expenses and tax obligations. Simply swipe left to mark a transaction as business versus personal, and categorize it to align with IRS filing categories. Overall, QuickBooks Self Employed is a valuable investment for freelancers and small business owners who want to simplify their financial management, improve their cash flow, and drive business success.

QuickBooks Live Tax, powered by TurboTax, is an integrated service with QuickBooks Online. For more information about the services provided by QuickBooks Live Tax, refer to the QuickBooks Terms of Service and TurboTax Terms of Service. For QuickBooks Checking members, 3.00% APY is earned on balances held across all envelopes (a savings tool inside your QuickBooks Checking account). To start earning APY, manually move money from your main account to a new or existing envelope.

When your business and accounting needs grow, you need to switch to a different solution, like QuickBooks Online. However, some wish that it had more features, such as recurring invoices and the ability to send estimates, a payroll integration, and the ability to manage 1099 contractors. We agree that its features are very limited and recommend QuickBooks Online if you send invoices to customers regularly or have employees.