Disclosure: Small Business Philippines strives to provide relevant and accurate information in all its articles. However, some information in our articles may differ or might be outdated from what you can see or read directly from the establishments’ or businesses’ websites. Please get in touch with us directly for any discrepancies.

What is QuickBooks Self-Employed?

QuickBooks Self-Employed is an accounting tool tailored for freelancers, independent contractors, and small business owners. It simplifies financial management by offering features like expense tracking, invoicing, mileage tracking, and tax preparation. This software ensures that users can keep their finances in order and focus on growing their business.

Why Use QuickBooks Self-Employed?

Freelancers and small business owners face unique financial challenges. Managing finances manually can be time-consuming and prone to errors. QuickBooks Self-Employed automates many of these tasks, providing accurate records and saving time. It helps users:

  • Track income and expenses effortlessly.
  • Separate personal and business expenses.
  • Generate and send professional invoices.
  • Calculate quarterly and annual taxes.
  • Track mileage for business trips.
  • Get real-time insights into financial health.

When to Use QuickBooks Self-Employed

QuickBooks Self-Employed is useful at various stages of a business. Whether you’re just starting or have been operating for years, the software can streamline your financial processes. Use it when:

  • Starting a freelance career or small business.
  • Managing multiple income streams.
  • Preparing for tax season.
  • Needing to track deductible expenses.
  • Looking to simplify bookkeeping tasks.

Where to Access QuickBooks Self-Employed

Access QuickBooks Self-Employed online through any web browser or by downloading the mobile app. This allows users to manage their finances on the go, providing flexibility and convenience. The mobile app is available for both iOS and Android devices, ensuring broad accessibility.

How to Get Started with QuickBooks Self-Employed

Step 1: Sign Up for an Account

Visit the QuickBooks Self-Employed website and sign up for an account. You can start with a free trial to explore its features before committing to a subscription.

Step 2: Set Up Your Profile

After signing up, set up your profile. Enter your business details, including name, industry, and tax information.

Step 3: Link Your Bank Accounts

Link your business bank accounts and credit cards. This enables automatic tracking of income and expenses, ensuring accuracy and saving time.

Step 4: Categorize Transactions

QuickBooks Self-Employed automatically categorizes transactions. Review these categories and make adjustments as needed. This ensures that all expenses are accurately recorded and categorized.

Step 5: Track Mileage

Use the mobile app to track mileage. The app uses GPS to record trips automatically. You can also add trips manually if needed.

Step 6: Create Invoices

Create and send professional invoices directly from the platform. Customize your invoices with your business logo and payment terms.

Step 7: Prepare for Taxes

QuickBooks Self-Employed helps you estimate quarterly tax payments and prepare for annual tax filings. Use the tax summary reports to review your tax liability and deductions.

Tips for Using QuickBooks Self-Employed

Tip 1: Regularly Review Transactions

Regularly review and categorize your transactions. This helps in maintaining accurate records and reduces the workload during tax season.

Tip 2: Use the Mobile App for Mileage Tracking

The mobile app simplifies mileage tracking. Ensure it’s enabled to automatically track your trips, making it easy to claim mileage deductions.

Tip 3: Customize Invoices

Customize your invoices to reflect your brand. Include payment terms and methods to ensure timely payments from clients.

Key Takeaways

QuickBooks Self-Employed offers a range of tools to help freelancers and small business owners manage their finances efficiently. From tracking income and expenses to preparing for taxes, this software simplifies bookkeeping tasks and saves time. By automating many financial processes, it allows users to focus on growing their business.