QuickBooks Self-Employed Online Vs. QuickBooks Online

QuickBooks just announced its first release of QuickBooks Self-Employed Online.

What is QuickBooks Self-Employed? It is a new accounting platform made for the small business owner, typically the freelancer, consultant, or home-based business. This means anyone that files a schedule C, a sole proprietor or single member LLC, can use this new accounting platform.

What are the pros and cons to QuickBooks Self-Employed Online?

Pros

QuickBooks Self-Employed is geared around the small business owner that is looking for an “on the go” solution. It allows the owner to download transactions from a personal bank or credit cards and quickly help identify which items are business items and track those expenses according to line items on a schedule C, all from a mobile app. It allows for quick transactions classification and helps prepare the year-end numbers for a quick tax return filing. Mileage tracking is a new feature that QuickBooks Online does not currently support.

Cons

It will not be useful for the larger companies, those with employees or multiple owners, also some features it will not track is inventory, PO’s, and it has limited multiple reports processing, and limited dashboard reporting and graphs. There is no bill function, sales tax tracking, managing multiple users, including adding an accountant. Creating estimates, budgeting, and audit logs will also not be a features included.

QuickBooks Online is made for a completely different company, multi-member LLC’s, Limited Liability, and S-Corps. However, even though QuickBooks Online is geared toward small to medium size companies is doesn’t mean it can’t be used for the sole proprietor or single member company. In fact, if you are looking to grow your business, which most business owners are, then QuickBooks Online is the right way to go. As of right now, there is no information available regarding converting from QuickBooks Self-Employed Online to QuickBooks Online, but I would assume this would be an option if your company grows out of the platform.

That being said, if you are looking to keep cost down and looking for a simple accounting solution, one that is easy to use, and one where you won’t spend multiple hours trying to understand accounting principles on, then I would recommend QuickBooks Self-Employed Online for the time being; as you grow, QuickBooks Online will ultimately be the better solution. Learn how to get QuickBooks Online Discounts

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