Published December 22, 2021 by WC Team

2021 Quickbooks Self-Employed Review: Pros And Cons

A person using a pen as a guide to read a business chart to calculate Debt Service Coverage Ratio (DSCR) -  pexels-lukas-590020

Quickbooks Self-Employed Review: Everything You Need To Know

QuickBooks Self-Employed is a prominent accounting software that is designed for self-employed enterprises assisting them to arrange their finances and to prepare for tax seasons throughout the year.

Here's a description of the price, plan options, overall features, and an analysis of major alternatives, so you can decide if this accounting software is ideal for your small business.

QuickBooks Self-Employed (Basic)

QuickBooks is a software designed to assist businesses in managing their finances, and organizing their taxation matters. The most basic option, Self-Employed, costs $15 per month. Typically, you may get a 50% discount for the first three months. So why not avail that? 

Furthermore, QuickBooks frequently gives limited-time discounts for their software, so check their website to see if they have any special offers in store. 

Despite the cheap monthly cost of this QuickBooks plan, you can avail a number of these features too: 

QuickBooks Self-Employed Tax Bundle

Self-Employed Tax Bundle

The Self-Employed Tax Bundle costs $25 per month and includes extra tax features to help you streamline your financial procedures while potentially saving your money on company tax returns.

The Tax Bundle edition provides you with a better potential to simplify your tax operations.

Self-Employed Tax Bundle helps you: 

Self-Employed Live Tax Bundle

The monthly fee for the Self-Employed Live Tax Bundle is $35. But, on the other hand, this solution will offer complete tax tools to assist freelancers, sole proprietors, and contractors in managing their or their client’s finances. 

Live Tax Bundle adds the following features to the previous two plans:

QuickBooks Self-Employed Customer Service & Support

There is no limit to the number of subscriptions that can be done. You can easily call (866) 272-8734 x111 to discontinue your QuickBooks membership whenever you want. However, their terms and conditions, prices, features, and support network policies are subject to change without prior notice to its subscribers. 

You'll also be able to automatically keep track of how many miles you drive for your business using the QuickBooks app, which will not only speed up your reimbursement process but will also help you optimize your related tax processes to guarantee you minimal and efficient tax deductions.

Final Review On Quickbooks Self-Employed

This platform is very user-friendly and tailored to a certain sort of business owner. An accounting software designed for contractors, freelancers, and other self-employed entrepreneurs; the platform provides all important features that these professionals want at an affordable price.

With all three versions of this program, you'll be able to manage your taxes more efficiently and optimize the company tax deductions you see on Schedule C.

Top Alternatives Of Quickbooks

It's always worthwhile to look at top alternatives to see if there's another option out there in the market which offers you the same services but with better value to money. Let’s have a look. 

Zoho Books Standard

If you're searching for an accounting software with equal functionality and better development potential which isn't part of the QuickBooks package, consider Zoho Books Standard.

At $20 per month, Zoho Books is quite affordable, and with two extra plan options, this accounting system allows you to extend your platform as your business develops. 

In addition, if you want to try Zoho Books for yourself, you may join up for a 14-day free trial. The Zoho Books Standard subscription provides all of the functionality you need as a freelancer or contractor. It also offers extra bookkeeping and accounting features, including financial reports, sales tax, recurring invoices, and more.

Wave Accounting

Wave, one of the market's only fully free accounting systems, has extensive capabilities and features, is simple to use, and can be enhanced with premium add-on products.

Wave lets you invoice clients, track your income, link transactions and costs, manage receipts, receive financial reports, and do much more. Wave also allows you to access your accounting details on the go via their mobile app. You can also link to their online payment or payroll tools to expand your options and operate your finances easily.

Wave does not have time tracking facilities; thus, you must monitor your time yourself. 

QuickBooks Online

QuickBooks Self-Employed caters freelancers and independent contractors, whereas QuickBooks Online is focused toward assisting small scale businesses. 

QuickBooks Online is an addition to the self-employed version of Quickbooks, offering more advanced tools for invoicing, financial reporting, sales tax, and bills by providing a solution that covers a variety of accounting tasks, which can help your business grow. 

QuickBooks Online can support a considerably broader range of small enterprises, with four different plan options and costs ranging from $25 per month to $150 per month. 

The Bottom Line

QuickBooks Self-Employed is a program that may serve self-employed professionals effectively since it is a cheap, user-friendly platform created exclusively for freelancers and contractors. This software may help you automate and optimize business procedures by allowing you to manage to spend, prepare taxes, and monitor travel. 

However, because this program lacks some accounting functions, business owners may look for a decent alternative in the market. 

If you're still not convinced, you can always sign up for a free trial and try out the platform for yourself.

APPLY NOW

User Comments