QuickBooks has been must-have software of small businesses for a long time, but over the years, they have streamlined it and added features to make the current version even easier to use, to the point where it nearly runs itself.
If you’re a business owner, there’s a very good chance that you have used QuickBooks at some point, and you’ve probably been using it ever since because there really isn’t any other accounting software out there that surpasses it. Let’s take a look at what the latest QuickBooks Self Employed software has to offer.
It’s Uncomplicated Software
The last thing you want with your accounting software is for it to be difficult to understand or navigate. Most people already hate math or at least have trouble with it, and to be forced to wade through numbers for hours would drive most business owners nuts.
One of the best selling points for QuickBooks Self Employed is that you hardly have to enter any data at all. Once you set your parameters in the software, it does most updates and calculations for you, automatically. When you’re just beginning to implement it, it takes only a minimal amount of time to get started and run it because it’s so user-friendly and easily understandable.
The software is simple enough for anyone to use. It’s not muddied with a bunch of features that you won’t need; however, advanced features are there if you need them.
Integration with Tax Software
QuickBooks is now owned by Intuit, and if you are familiar with Intuit, you know what this means. As they also own TurboTax, the acquisition of QuickBooks created the perfect marriage of tax and accounting software, wherein the tax features of TurboTax are now seamlessly integrated into the bundled software package to give users extremely useful tools that allow them to manage their books while preparing for tax season simultaneously.
This is a great advantage for QuickBooks users because it saves a ton of time that would normally be spent with tax preparation, while also minimizing potential errors on your taxes. Your accountant will surely appreciate it, too, if you decide to bring one in (QuickBooks doesn’t charge extra for inviting an accountant).
Something pretty special about this tax integration is that while the software is tracking your income, expenses, etc. throughout the year, it takes all of that information and calculates for each quarter your projected taxes owed automatically.
You’ll even receive alerts for quarterly tax due dates. When it finally comes time to file, you will have one federal and one state tax return filing included free.
Track Mileage Automatically
This is easily one of the most handy features available with QuickBooks Self Employed. Perfect for owners who need to track their driving miles or that of their employees, the software or mobile app records all of your mileage as you drive.
It really gives you peace of mind because you never have to worry about constantly taking additional time to stop and record miles, or possibly making mistakes in your records. In the past, this was a task that could take up quite a bit of time, but QuickBooks makes it unnecessary to manual enter mileage at all.
Not only does it do it for you automatically, but the app does this without ever draining your phone’s battery. And once it is recorded, it is then saved and categorized for you, to maximize tax deductions.
The Best Software to Track & Organize Expenses
As a core function of QuickBooks, you can of course still track all of your expenses with minimal effort, and in fact, the software is saving and organizing your expenses all the time, mostly without any manual input from you.
QuickBooks was one of the first to offer smart tracking for expenses with automatic balance calculation for income and expenses together, and they’ve perfected its functionality in the current version.
You can link bank accounts and credit or debit cards to keep payment information and expenses updated, access your account and view or make changes any time from the mobile app, and bring up the reports of your finances whenever you need them. Track all of your expenses in one place to keep it simple.
Create & Save Invoices from Anywhere
You can take care of invoices just as easily from mobile, as you do from home or in the office. Monitor invoices so that you can see when they’re sent, when they’ve been viewed by the recipient, and when they’ve been paid. The interface for monitoring them on PC or mobile is also very clear and user-friendly.
You don’t have to be in your office to create and send an invoice, either. Quickly send invoices to clients and customers from your phone and make time for other pressing tasks of your business. For your clients, the software makes it simple and easy to use, as well because you can also enable online payments and allow them to pay you faster.
Organize & Save Your Receipts
There’s one thing that every small business has, and that is receipts, which are a daily or weekly chore that every business owner or accountant has no choice but do deal with.
The difference when using QuickBooks Self Employed, though, is that you never have to set aside the hours that it takes to file them because you can literally take a photo of a receipt as soon as it comes in and forget it.
Take a quick photo of the receipt with your phone in the QuickBooks app, or forward it from an email, and it is immediately uploaded to your account and categorized. As soon as you upload it, the transaction information is automatically entered from the photo you took, just like any other data.
All the receipts are stored and organized for you. It’s also worth mentioning that the QuickBooks software gives you the ability to separate your personal expenses from business expenses, so there is never an issue with amounts crossing over and being mixed up by accident.
They are currently offering a 50% discount on QuickBooks Self Employed for new users, so if you want to check it out and see if it’s something that will be helpful for your business, then it’s a perfect time to try it.
Again, there aren’t many people who are not familiar with the benefits of using an accounting software like QuickBooks, but if you’re a new business or find yourself in a position for any reason where you can’t afford a full-time accountant, this is probably the best bet for you.
It takes almost no time to learn how to set up and use the software, and once you implement it and set your parameters, it pretty much runs itself. Additionally, with the integration of tax features into the software, you can stay on top of important deductions and end up potentially saving your business a lot of money when tax time comes around. Don’t be intimidated by the prospect of using an accounting tool; it’s far simpler than you think.
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Stephanie is the Marketing Director at Talkroute and has been featured in Forbes, Inc, and Entrepreneur as a leading authority on business and telecommunications.
Stephanie is also the chief editor and contributing author for the Talkroute blog helping more than 100k entrepreneurs to start, run, and grow their businesses.