The Quickbooks Self Employed app is one of the most popular apps that freelancers use. Find out more about what it does inside.
Did you know that by 2020 they predict that there will be over 40 million self-employed people in the United States?
It’s no surprise that with more people leaving their corporate jobs in exchange for the freedom of office keeping track of expenses has become a necessity.
One of the most popular apps for freelancers is the QuickBooks Self-Employed app. Keep reading to learn more about it.
5 Things to Know About the QuickBooks Self-Employed App
When you first become self-employed there is a steep learning curve if you’ve been employed by someone else your whole working life. You have everything from learning about paystubs: https://www.thepaystubs.com/w2-form-generator to accounting to running your business.
These five things will come in handy when you’re first looking into using QuickBooks Self-Employed.
Now that you’re keeping track of all your expenses to make sure you can cover your lifestyle and bills knowing the pricing upfront is important. There are two options including standard and the TurboTax bundle plan.
The standard plan starts at $10 per month and the TurboTax bundle plan starts at $17 per month.
- Track Your Miles
QuickBooks Self-Employed has an app available on both iOS and Android to track your miles. It will keep track of your start and stop locations automatically.
If you drive for business reasons this is one less thing you will have to think about because it will take care of it for you.
- Bank Accounts
Once you create your account you can download your bank transactions and your credit card transactions directly into your QuickBooks Self-Employed account. Once they are in your Self-Employed account you can categorize each transaction where it needs to go to complete your Schedule C for tax purposes.
With the mobile app, you have the ability to take a picture of a receipt and attach it to its transaction. This is a huge time saver at the end of the year when tax season rolls around.
Instead of scrambling through piles of receipts trying to sort them out take care of them immediately, daily, or weekly and you will save yourself time and headaches.
- Tax Payment Reminders
Being up to date with Uncle Sam is a huge deal this is why this function comes in handy. QuickBooks Self-Employed will calculate your annual profit and give you an estimate of how much you have to pay in taxes.
It will also alert you of your due dates so that you don’t get behind.
Stay in Control!
Being self-employed doesn’t have to be overwhelming. As you can see with the five features mentioned above that QuickBooks Self-Employed offers, people that are working for themselves can stay in control of their work.
Thanks to technology there are many apps and programs that will make your life easier when it comes to working for yourself.
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