Let’s start our article about “QuickBooks Self Employed vs Small Business“. If you are looking to buy QuickBooks but are unable to decide which software version to go with then here are a few tips that will help you take an easy decision.
But before showing the real difference between the two software, it is really important to know what the two of them really mean.
Table of Contents
QuickBooks Self Employed vs Small Business
QuickBooks Self Employed
First of all the Self-employed software is the very own version of QuickBooks and in one sense lighter than QuickBooks online. The program is far better and a lot simpler than any other QuickBooks version. With the name itself, it is easy to understand that the software is designed keeping in mind the individuals who are self-employed. It is focused on providing bookkeeping and accounting services to people who are sole proprietors.
Why do you want to use it…?
If you are working as a freelancer and most of the transactions you do go through the online medium then you will adore the software. If you are a seller on Amazon and want to track you’re every payment and manage your books of accounts at the same time then “Self employed” will be right for you. The program will help you track every income and expense you generate and thus helping you file your taxes easily.
QuickBooks Small Business.
The program has a primary focus on Small businesses. This is by far the best tool to manage your books of accounts. With the software, you can connect with over 15000+ banking institutions and import your data directly into QuickBooks. Thus there are no hassles for you to first copy and paste your entries into excel and then import them into QuickBooks. With the program, you are always secured. Whatever you store within the program is well guarded and you are always backed up.
What is the real difference between QuickBooks Self Employed vs Small Business?
Quickbooks Self Employed
Quickbooks for Small Businesses.
|This is basically designed keeping freelancers in mind or those who work from home, like:
|Best for people with less than 300 employees.|
|This can easily help you track your personal expenses.||All your professional activity is tracked. This means your personal finances will be kept separate.|
|All your financial transactions are categorized based on schedule C categories.||A chart of accounts is used to track and categorize entries.|
|It helps you estimate Quarterly estimated taxes.||You cannot estimate the same within Quickbooks for Small businesses.|
|You can track your business mileage automatically||It is not possible here.|
|You get the app to manage your business on the go.||The same is true here.|
|You can connect to your bank and can even track entries from your credit card.||All banking transactions can be directly imported within QuickBooks.|
|You cannot print checks||You can do so here.|
|You cannot track accounts receivables and payables||You can track AR and AP.|
|It is a bit difficult to generate accounting reports though you can have your hands on Basic reports.||You can generate any report you want and track your business accordingly. You can get the print of Income statements, balance sheets, and a lot more.|
|No time tracking feature is available||You can track time by integrating QuickBooks with other third-party tracking tools.|
|It calculates home office deductions.||As already said, your personal expenses are kept separate.|
Both the software are perfect in their said fields and there is other software that stands close to QuickBooks. It really depends on your nature of business and what you really want to track.
If you need any further assistance and are still confused about which software to buy then get help call the QuickBooks self-employed Consultant team. Our qualified QuickBooks Consultant experts team will then get in touch with you and provide you with all the help. Dial our toll-free number and get Consultant now.