QBSE Review Part 2: What exactly is QuickBooks Online Self Employed?

There are many options today for freelancers to choose from for our personal and business accounting solutions. Finding a complete solution that wasn’t bloated beyond my needs has been the largest challenge. 

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This week’s discussion of  the latest member of the QBO family, QuickBooks Online Self Employed (QBSE) — Part 2 of the full QBSE Review article: QuickBooks Self Employed: An Honest Freelancer’s Review — asks the question:

What exactly is QuickBooks Self-Employed?

Plainly put, QuickBooks Self-Employed is similar to Intuit’s full QBO product, with fewer options and customizations, and a focus specifically on self-employed or independently contracted individuals. Let’s look under the hood a bit.

Here’s a few of some of the things you can do with QBSE:

  • Securely import transactions from a variety of bank account types
  • Categorize your income and expenses for Schedule C reporting
  • Calculate and pay quarterly estimated taxes
  • Track business profit and loss (for the last 6+ years)
  • Record business related mileage
  • Sync directly to your Accountant (when they use QBOA)
  • Invoice clients and receive secure payments through QBSE

QBSE-transactions-one8solutions-firmofthefuture

Securely import transactions

QuickBooks Self-Employed allows you to import transactions from multiple account types — so whether you use your checking account, a credit card or PayPal for business expenses, all of your transactions are securely brought together in QBSE.

Schedule C prep, Profit and Loss Reporting and Quarterly tax estimates

Using Rules to separate incoming business and personal transactions — and business further into Schedule C only categories —things like paying quarterly taxes, generating tax reports — and generally knowing where you’re at when it comes to the IRS— are easy.

 

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Business mileage, Expense tracking and QBOA sync

Also convenient is the ability to track and invoice for mileage, as well as other transactions for reseller-billing. If your taxes will be prepared by a pro using QuickBooks Online Accountant (QBOA), you can link your account securely and directly with them —in fact, we’ll be talking more about that next month!

Invoicing

Although no customization or tracking is available — QBSE does include the ability to Invoice clients, and receive payments securely online, directly to your bank account.

So, on the surface, QuickBooks Online Self Employed is a great tool to organize and prepare yourself for tax season as a self-employed business, send out simple invoicing, and keep your tax pro in the loop. Use of features in Mobile App and Desktop Web App were equally simple and clean — the growing number of mobile users taking advantage of cloud computing seems to have brought the focus of the User Interface to mobile as primary.

But of course, I wanted that complete solution…

Next week in Part 3:

Next week we’ll discuss a little of what QBSE isn’t.


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