When it comes to accounting software, Quickbooks is a well-known and trusted name. But what if you don’t want to use Quickbooks? Or what if you’re self-employed? In this comparison, we’ll compare the two options: using Quickbooks Simple Start, and self-employment with Quickbooks.
What is Quickbooks Simple Start?
Quickbooks Simple Start is a new program from Intuit that simplifies the process of setting up and using your Quickbooks account. The program is available as a free download from the company’s website, and it requires no installation or registration.
The program includes a set of easy-to-use tutorials that walk you through the basic steps of creating a new Quickbooks account, including creating an invoice, tracking expenses, and managing your finances.
If you already have a Quickbooks account, Simple Start can help you improve your organization by adding features like automatic budgeting and due date reminders. And if you don’t have an account yet, Simple Start can help you get started with the simplest option: downloading the software from their website.
Quickbooks Simple Start Features
Quickbooks was created to make bookkeeping easier for small businesses. The software has a simple start feature that makes it easy for new businesses to get started.
The Quickbooks Simple Start includes a few features that are helpful for new businesses, such as an inventory list, time tracking, and PayPal integration. Quickbooks also offers self-employed users many of the same features, such as invoicing and tracking expenses.
The Quickbooks Simple Start is a great option for new businesses who want simplicity in their bookkeeping. It is also great for self-employed business owners who want to keep track of their income and expenses easily.
What is Quickbooks Self-employment?
Quickbooks Self-employment is a great option for people who want to set their own hours and make their own income. With Quickbooks, you can keep track of your finances, manage your taxes, and more.
Plus, it’s easy to find clients and keep track of your business growth. If you’re ready to start self-employed with Quickbooks, here are some tips:
1. Choose the right product – Quickbooks Self-employment is available in both desktop and online versions. The desktop version is more powerful, but it can be harder to use if you’re not familiar with accounting software. The online version is easier to use and perfect for people who have busy lifestyles.
2. Get familiar with the interface – The first step in self-employment is getting comfortable with the QuickBooks interface.
3. Start with a trial – Quickbooks Self-employment includes a free trial, so you can try it out before you buy.
4. Plan for your taxes – You’re working as an independent contractor and will report your business income to the IRS on Schedule C.
5. Create a simple business structure – As an independent contractor, you’re not required to have a formal business structure.
6. Find your tax form – You’ll use the Schedule C form to report your income and expenses.
7. Manage your taxes – Most small businesses don’t have a CPA or tax professional to prepare their taxes. You’ll be responsible for calculating your quarterly estimated tax payments, and you can use the online estimator to get an idea of how much you’ll owe in taxes.
8. Keep track of your expenses – You’ll use the Schedule C form to list all your business expenses.
9. Keep track of your income – You’ll use the Schedule C form to list all your business income.
10. Deductions and taxes – You can deduct many business expenses on your Schedule C form. You’ve likely heard of the standard deduction, but there are also optional deductions you can take if you qualify.
11. Special rules – Some business expenses are deductible only if you itemize (deduct them from your taxable income), and some are deducted even if you don’t itemize.
12. Tax reporting – You file your tax return for the year in which you had income from your business. If you did not receive any income from your business, you must still file a return and report all of your income to the IRS.
Quickbooks Self-employment Features
QuickBooks Self-Employment is a great option for business owners who want to take control of their finances and manage their own business. It offers features that can help you keep track of your income and expenses, as well as save time on bookkeeping.
One of the great features of QuickBooks Self-Employment is its ability to automatically generate your taxes. This can save you time and money by avoiding mistakes or having to do them yourself. You can also set up bank accounts, set up employees, and more.
Overall, QuickBooks Self-Employment provides a great way for business owners to manage their finances and run their business in a hands-off way.
Pros and Cons of Quickbooks Simple Start and Self-Employment
QuickBooks Simple Start is a budgeting and accounting software that is great for small businesses. It has many features that make it easy to keep track of your finances, such as an online account where you can view your transactions in real-time, and a customizable reporting system.
One downside to QuickBooks Simple Start is that it is not as robust as some of the other options on the market, such as QuickBooks Self-Employed. This software offers more features and flexibility, making it easier to manage your business finances and track your progress.
QuickBooks Self-Employed is a feature-rich accounting software that offers all the features of QuickBooks Simple Start, along with a number of additional tools and options. It also provides more flexibility than QuickBooks Simple Start, making it easier to customize your account settings and track your progress.
Should You Use Quickbooks Simple Start or self-employment?
The Quickbooks Simple Start option is great for someone who wants to try out Quickbooks, but doesn’t want to go all-in and become self-employed. The Simple Start option offers a limited number of transactions, as well as less features than the full version of Quickbooks.
On the other hand, self-employment gives you the freedom to run your business however you see fit. If you’re comfortable with bookkeeping and finances, then self-employment may be the best option for you.