For Independent Contractors who are self-employed sole proprietors and need help staying organized, we recommend QuickBooks Self-Employed. By sole proprietor, we mean just about any freelancer, whether you sell a product or service. If you sell online via a third-party marketplace or you market your services on Craigslist, QuickBooks Self-Employed can help you stay organized.
Ideally, it’s for those business owners who don’t differentiate between personal and business accounts. If you have one account that houses all your income and expenses, QuickBooks Self-Employed can help you sort it out.
Here is why we recommend it for sole proprietors
User-friendly: The clean dashboard and simple navigation make it easy to find what you need. The home page provides a summary of your business, but you can easily navigate to Transactions, Miles, Taxes, and Reports with one click.
Easy set-up: We will set up your account with QuickBooks Self-Employed. The app provides extensive features, such as tracking miles and capturing receipts, taking the guesswork out of tax time.
Access from anywhere: Because QuickBooks SE is cloud-based, you can access it from any device if you have an internet connection. You can even share your account with us so we can help if you get stuck on something and your tax accountant, to make tax time easier.
Easy-to-use client portal: You can create, send, and track invoices all in one place. You can even accept payments in the client portal. You can customize your invoices, know when they are viewed, and keep track of when they are paid. You can even accept payments online, some of which incur a fee.
Automatically track income and expenses: Gone are the days of the shoebox of receipts that you must muster through at tax time. QuickBooks SE helps you automatically separate your personal and business income and expenses. After entering the information once, QuickBooks SE remembers the settings and automatically categorizes subsequent expenses for you. You can also connect your bank account or any third-party merchant accounts, such as PayPal or Etsy.
Automatically track mileage: If you use the QuickBooks SE app, there’s no need to keep a handwritten log of your business mileage. The in-app mileage tracker detects the start and end of each trip you make, and you can then label as ‘personal’ or ‘business’. For tax season, you can export your digital mileage log and use it to satisfy IRS requirements.
Pay quarterly taxes: This is where QuickBooks SE really shines. Rather than guessing at what you owe the IRS or waiting until the end of the year and paying penalties, you can estimate what you owe in Federal Taxes and pay it on time each quarter. Integrity Bookkeeping Plus can help you estimate what State Taxes you owe and help you pay them each quarter.
Freelancers who use QuickBooks Self Employed find on average $4,628 in tax savings per year. If QuickBooks Self-Employed sounds good to you, you should start today by clicking here to set up a free consultation with Integrity Bookkeeping Plus, LLC.