Which QuickBooks is Right For You?

As a small business owner or a self-employed contractor, it is important to have all the tools you need to keep you organized and successful. Finding the right accounting software can be hard. There are a lot of options out there. QuickBooks is the leader in accounting software and offers many products and services for every level of business, which is why we use QuickBooks at Redmond Accounting. In order to help find the best accounting software for you, we are going to break down the types of programs that QuickBooks offers.

QuickBooks Self-Employed

QuickBooks Self-Employed is for independent contractors, freelancers, and self-employed individuals who file Schedule C. This program provides the following services: 

• Send and track invoices
  • You are able to invoice customers from your phone
  • Review and identify unpaid or overdue invoices
  • Get paid faster by allowing online payments
• Understand where your money is going by tracking income and expenses
  • Upload photos of receipts from your phone to your account.
  • Sort and organize transactions into categories.
  • Import transactions from your bank and other monetary services right to your account.
• Maximize tax deductions
  • Organize your expenses and easily track them to make sure you are maximizing deductions. 
  • Track your work mileage with the QuickBooks mileage tracker.
  • Gain insight into estimated taxes all from your dashboard, as quarterly tax estimates are provided.
  • Easily export your information and provide it to your tax preparer come tax time.

QuickBooks Self-Employed is a great option for you when you’re starting out. You can even bundle the program with TurboTax. Another great tool is using Intuit’s service Mint, which helps you track your budget, credit scores and finances all in one place.  Combining these services will give you a great start towards financial business success! 

There will probably come a time when you outgrow Quickbooks Self-Employed, and you’ll need to move to a new Quickbooks Online version.

 

Quickbooks Online for Small Business

Perfect for a small business, QuickBooks Online has 3 types of software services to help guide you through the basics and beyond. Starting at less than a dollar a day, it is essential to have as part of your small business technology stack. Here are some of the key features you get with these services: 

Simple Start

• Track and income expenses.
• Organize receipts by easily uploading them from your phone.
• Get the most out of your tax deductions and track your mileage.
• Manage and analyze your cash flow.
• Manage your employees and 1099 contractors.

Plus

• Everything included in Simple Start AND
• Manage and pay bills.
• Track your time and billable hours by client.
• Add 5 users to the account (plus add 2 of your Virtual Accountant, CFO or Controller for free).
• Project your profitability with easy-to-read reports.
• Create purchase orders, and even receive notifications when your products are low. 

Advanced

• Everything included with Simple Start and Plus AND.
• Includes 25 users on the account.
• Get vital analytics and insights through smart reporting with an included subscription to Fathom
• Customize access by the role of each user.
• Automated workflows.

Which One Should You Choose?

After reviewing the basic services of each Quickbooks Online software, you may have an idea of which Quickbooks Online software is right for your business. However, it’s wise to consult with an accountant to ensure you make the most educated decision. If you need extra assistance deciding which Quickbooks Online software is best for you, getting your accounting software set up, or managing your accounting needs, we are ready to help you succeed. Just schedule a time here to learn more about our virtual accounting services.

Now if you wondering what does a virtual accountant do for a small business? A virtual accountant can help you immensely and be readily available to assist you with whatever you need. To gain more insight on hiring an accountant, read about the 4 questions to ask an accountant. With the right QuickBooks software, you can focus more time on building your future and less time worrying about tracking, receiving, and analyzing your accounts!