If you are into freelancing or self-employment, you will agree with me that it’s sometimes difficult to manage things on your own.
However, having the right business tools such as QuickBooks can really help you become a better manager.
Running a small business is not as straightforward as people might think, and it’s even much hard if you are self-employed.
Thankfully, there are thousands of apps and tools out there that can make your life easy. There is always a tool for you to use whether you want to market your business or boost your productivity, especially, when you are in self-employment.
The importance of QuickBooks
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As a small business owner, you will need to have the right business tools to be able to do well. Also, the same goes for freelancers and those in self-employment.
Keeping records of business finance is very important for every business owner, and this doesn’t exclude those in self-employment.
Self-employed individuals also have to keep financial records, especially, for Inland Revenue.
If you are based in the UK, you must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year.
HM Revenue and Customs (HMRC) may check your records to make sure you’re paying the right amount of tax. Failure to keep records means you could face a fine of thousands of pounds from HMRC.
QuickBooks is your perfect year-round tax solution! With this tool, small businesses as well as contractors, freelancers, and self-employed can easily keep their records. Below are some of the reasons why QuickBooks is a must-have accounting tool for self-employed.
#1]. Effortless invoicing
QuickBooks lets you create and send professional invoices quickly on the go. Also, you can enable online payments so that you can get paid faster.
Furthermore, you can track invoices straight from one dashboard. This means the paperwork of your business can be done from your phone at your leisure.
#2]. Track mileage automatically
In today’s world of self-employment, tracking mileage is very important and you can automatically do this with QuickBooks. As a matter of fact, automatic mileage tracking means automatic deduction tracking.
The mileage tracker is a powerful feature that will have some game-changing effects on the ways you manage your finances. It’s a tool to get if you want to manage your business finances better and smarter.
#3]. Point, snap, store!
Another great thing about QuickBooks is the fact that it lets you keep records of your receipts with ease. A quick picture is all it takes to keep every receipt at your fingertips so you don’t have to worry about losing them.
You can attach receipts and this takes the guessing out of taxes if you keep track of expenses. QuickBooks is particularly great when it comes to keeping records of your financial dealings, especially, if you are self-employed, freelancers or contractors.
#4]. Money-saving deductions, easy quarterly taxes
By categorizing transactions, customers may find potential tax deductions that could cut their tax bill by 36%.1. The good thing about this tool is that it’s easy to set up.
Just set up Quickbooks Self-Employed and it’ll save your life in sorting out months of transactions within a few minutes.
Also, QuickBooks automatically does the math to help you set money aside for worry-free quarterly taxes. It makes being self-employed less worrisome. No more year-end surprises, your financials are in order with the correct estimates for taxes.