Every user wants a perfect platform to manage their finances easily. Also adopt the new technologies to manage their businesses. QuickBooks Online vs Self-Employed both are best accounting software made by Intuit. QuickBooks Online provides multi-user access to handle businesses financial tasks and on other hand QuickBooks Self-Employed is designed for individuals who run their businesses alone without any employees. In this blog, you will briefly discuss QuickBooks Online vs Self-Employed, key features, pros and cons.
What is QuickBooks Online?
QuickBooks Online is a web-based accounting tool which is used by small and medium sized businesses. It is allow business owners to manage their finances easily, even if they do not have any knowledge about accounting. You should connect with your bank account and credit card for transactions, this function saves time and reduces errors. You can access it from any device with a stable internet connection such as smartphone, tablets and computer. It is used to track expenses, income, managing bills and generate financial reports.
What is QuickBooks Self-Employed?
QuickBooks Self-Employed is a financial tool, especially used by freelancers, independent contractors and individual business persons. It helps track income, expenses, mileage and taxes all in one place. It should connect your bank account and credit card so your transaction shows up automatically. This technology shows your personal and business expenses separately and it helps you when you file taxes. You can export your information to Turbo Tax and also give it to your accountant.
Key Features of QuickBooks Online vs Self-Employed
Here we talk about some important features of QuickBooks Online vs QuickBooks Self-Employed.
Features of QuickBooks Online
- Ideal for: Small to medium sized businesses and who need more detailed financial tasks.
- Reporting: It gives you different types of reports such as profit or loss, balance sheet and sales report.
- Users: Multiple users can access at the same time, for example accountant and team member.
- Invoice and Inventory: It should send invoices and track inventory that help in managing stock of business.
- Payroll: You can track how much your employees get paid and how many hours they work.
- Mobile Access: It is mobile accessible that helps to see your finances and do tasks from anywhere or anytime.
Features of QuickBooks Self-Employed
- Ideal for: Freelancers, independent contractors and individual business owners.
- Income and Expenses: Automatically import your bank account and credit card transactions to easily separate them into personal and business.
- Mileage Tracking: Automatically track miles using your mobile phone’s GPS.
- Taxes: It helps you guess how much tax you need to pay for each quarterly tax so you avoid mistakes at tax time.
- Receipts: You can take photos of your receipts to attract them to your expenses.
Pros and Cons of QuickBooks Online vs Self-Employed
Here we explain pros and cons of QuickBooks Online vs QuickBooks Self-Employed.
QuickBooks Online(QBO)
Pros
- You can let your accountant, bookkeeper and employee see your information.
- Keep track of your product which you sell and update stock daily.
- You can get reports like profit & loss, balance sheet and cash flow.
- Automatically calculate taxes and create detailed invoices.
- Best for small and growing businesses with advanced features.
Cons
- High cost more than QuickBooks Self-Employed.
- Large setup and advanced features makes it less straightforward for users who need basic tools.
QuickBooks Self-Employed(QBSE)
Pros
- Simple and user-friendly interface that is good for self-employed people.
- It also helps calculate your quarterly tax and optimize tax deduction.
- It automatically tracks mileage and connects your bank account for transactions.
- Take a photo of your receipts and it is a low cost option for those who run their business solo.
Cons
- They have not advanced reporting functions such as balance sheets.
- Can not track products and does not integrate with any app as QuickBooks Online.
Comparison Between QuickBooks Online vs Self-Employed
QuickBooks Online(QBO) is made for small businesses, who have employees and plan to grow. QuickBooks Self-Employed is made for freelancers, independent contractors and people who work alone. Both technologies are good but some features make them different for users. Here we compare QuickBooks Online vs QuickBooks Self-Employed in detail.
Features
| Features | QuickBooks Online | QuickBooks Self-Employed |
| Invoicing | Yes | Yes |
| Expense tracking | Yes | Yes |
| Mileage Tracking | No | Yes |
| Inventory Management | Yes | No |
| Payroll | Yes | No |
| Reports | Detailed | Basic |
| Access for Accountant & team | Yes | No |
Ease to use
- QuickBooks Online has more tools and options so that it takes longer time to learn.
- QuickBooks Self-Employed is very simple and easy to use for begginers.
Cost
- QuickBooks Online starts with a higher monthly cost because it has advanced features.
- QuickBooks Self-Employed is a good choice if you work alone and want something affordable.
Conclusion
In conclusion, we just say that this blog helps you to choose between QuickBooks Online vs Self-Employed. Both softwares are great choices but are meant for different purposes. For all provided information choose one software which helps you to manage your finances for your business.