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This is something we hope they add in the future so that freelancers could quickly track their hours and bill via the program. Because they are advertised to freelancers, you would assume they have time-tracking, but they don’t. There’s no project management, inventory tracking, etc. It is more for tracking expenses and preparing taxes. You cannot manage and pay vendors and the overall management process on QB Self-Employed is minimal. QuickBooks Self-Employed is better for freelancers and entrepreneurs with no employees. Personally, you may find better invoicing through your own PayPal account, which most freelancers rely on anyway, due to the lack of features. Tax rates are not supported in the invoicing version as of 12/2015 and the currency is restricted to USD. To accept payments, you would still have to forward clients to your PayPal or separate credit card processing – since you cannot accept payments through the program itself. You can customize the invoice somewhat by adding your name, address, company information, etc., but you cannot add logos. The invoicing is basic too – comprising of the recipient’s name and email, invoice date, due date and the products. You cannot generate estimates therefore, you won’t be able to quickly create invoices like you can in other accounting programs. The invoicing is rather basic compared to other versions of QuickBooks. Only recently did QuickBooks Self-Employed add invoicing (as of December 2015). That is the extent of their reports at this time.
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Report-wise, you can print or download Profit and Loss statements, a quick PDF tax summary or an excel tax summary showing all Schedule C categories and their amounts. without any of the fussy accounting details.
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Basically, QuickBooks Self-Employed is more ideal for freelancers that need to track expenses, estimated tax payments, etc. You cannot track vendors, purchase orders, inventory or make any payments from the program.
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You can track your miles through QB Self-Employed – for faster tax inputting later.
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You can pre-fill out a Schedule C for easier processing at tax time or even upgrade to the Turbo Tax version so you can automatically transport the data and file taxes online. You cannot track vendors at the same capacity as other QuickBooks products, but this one does offer Schedule C-specific tracking for self-employed and freelance workers. You can track expenses and even separate personal from business expenses – something freelancers and self-employed individuals often need. You can set rules so when transactions are downloaded in the future, they’re automatically categorized. It does, however, sync with your bank accounts so that you can quickly download transactions and categorize them. They just recently added invoicing and it is still in the testing phase as of 12/2015 (which means not all users have access to it), but you cannot generate estimates. QuickBooks Self-Employed is somewhat basic when it comes to accounting and business tasks. Big jump from introductory rate to regular rateīack to menu ↑ Scoring and Rating Accounting and Business Tasks: (Rating: 7/10).