Nowadays, business tools such as QuickBooks Self-Employed have become one of the must-have business tools for small businesses.
The fact is that running a small business is not as easy as people might think, and it’s even much difficult if you are in self-employment.
As a small business owner, you will need to have the right tools to be able to do well. Growing your startup and taking it to the max requires not just the efforts but also the right tools.
In short, every young entrepreneur doesn’t only have to put in more effort but also needs to invest in the right business tools.
While you are working hard every day to serve your customers, you also need to take care of your business finances. Yes, there are several great billing tools out there, but QuickBooks stands out as one of the very best tools for business finance.
Using QuickBooks Self-Employed
QuickBooks Self-Employed is one of the best all-in-one finance tools for self-employed, freelancers, and sole-traders. The tool is powering over 3.6 million businesses across the globe as it lets businesses get paid faster.
QuickBooks is the tool you need to keep your books up to date when you get paid. With this tool, finds tax deductions and keep your finances organized by categorizing your business expenses and attaching receipts to business expenses.
So, are you wondering about how to use QuickBooks Self-Employed to get the most out of this accounting software? Below are some of the clever ways young entrepreneurs can use QuickBooks Self-Employed.
#1]. Connecting your accounts
The first thing to do is to connect your accounts to the app. Thanks to the search function, it’s easier to connect your bank and credit card accounts.
Quickbooks Self-Employed is super a user-friendly and intuitive business tool for the smooth running of your business. The mobile app is also easy to use and makes tracking expenses even easier to do while you’re on the go.
Connecting your accounts will give you the opportunity to track your invoices and expenses easily. It is the best way to get much out of this awesome business tool.
You can easily explore and see the state of your credit and bank accounts, expenses, and profit and loss statement via the Homepage. You will get a deeper dive and access reports by clicking on any of these links.
#2]. Reviewing transactions
If you click Review Now at the top of the tool’s homepage, it will take you to your Transactions report. This is where you will see your income and spending as well as business profit.
You can also categorize your spending as business or personal. On this transaction report, you can even “split” transactions to keep track of purchases where business and personal supplies are mixed.
Also, users can easily add categories to further organize their expenses and make it easy to find deductions at tax time.
Furthermore, users will be able to create rules for trending, predictable expenses or payments to help them automate data entry.
Another thing is that you can also add new transactions and easily import receipts. The mobile app, with its receipt capture feature that simply requires you to take a photo of a paper receipt, makes this even easier.
#3]. Profit and loss statements
Check the Reports section of the tool, and there you will be able to review your profit and loss statement. This summarises your income and expense so that you can see how profitable your business is performing.
Taxes can be really hard to understand if you don’t have the right business finance tool. So, as a sole proprietor, QuickBooks Self-Employed will easily do the math for you. The tool helps track your expenses and receipts in order to maximize your tax deductions and prepare you for tax time.
Your Tax summary will show your taxable business profit and totals. Your tax details can show transaction info by category and offers a downloadable Excel file. You can easily set up your tax profile and estimate quarterly and annual tax payments in the Taxes tab.
#4]. Send and track invoices
QuickBooks Self-Employed makes it easy for you to create and track invoices via the Invoices tab on its dashboard. Furthermore, clients can pay via Quickbooks Payments, which is QuickBooks’ internal online payment processing system.
The tool’s Miles tab helps you to automatically track your miles with ease. Also, you can easily add individual trips, notes, and more so you don’t have to make year-end mileage guesstimates. You can also download the app and enable GPS in order to track trips automatically.