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As a self-employed mom, I have to make sure that I keep detailed accounts of my income, expenses, and tac information. I’ve been using Quickbooks Self-Employed* since the beginning of the year, and I don’t think I ever want to switch! Here are the main reasons why I love this program.
Money Right Into My Account
When I first started my business, many of my clients paid me via PayPal. I did use another bookkeeping system at the time, but it wasn’t as practical for me, so PayPal was the next best option. Now, my clients pay me directly through my Quickbooks invoices. I will admit that it takes a tad longer to get paid. With PayPal, I could get my money within 24 hours, but with Quickbooks, it takes 2-3 days. However, I love that I don’t have to worry about transferring any money to different accounts.
Whenever I get paid, the money goes straight into the account I signed up with through Quickbooks Self-Employed. They then take their portion (2.9%) and I can spend my money however I like! *If you want to know how I budget my income as an entrepreneur, sign up to download my ebook! I go into greater detail there.
Keep Track of Income & Expenses
Since my account is connected to the Quickbooks Self-Employed software, anything that I receive or spend in that account is tracked. I can then say that the transaction is either personal or business. If it’s business income or business expenses, Quickbooks logs it as such and reflects it on my estimated taxes.
I love that I don’t have to keep track of my transactions through a spreadsheet or the like. Having everything automatically added is a huge timesaver, and it helps me organize my transactions easily and quickly. I typically take some time every Friday to separate my personal and business expenses.
Invoicing Is Easy
I love invoicing with Quickbooks Self-Employed*. Once I’ve added a client, I can easily access their information every month. I can then add any work that I’ve done for them, and include the hours, project price, or one-time fee. I then add my payment terms in the note section and give them thanks for working with me.
Once the client has paid, we both receive an email confirming payment for our records. It really is that simple. I am typically able to invoice all of my clients in less than 30 minutes.
I don’t travel much for business, but when I do I make sure to track it in Quickbooks. Since I plan on driving to FinCon with my family at the end of this month, we will also be tracking that. Tracking your mileage if you travel for business is super important, and Quickbooks Self-Employed makes it easy to do.
All you have to do is download the app, take your phone with you, and drive wherever you need to go. Quickbooks will do the rest of the work. Once it’s updated your travels, you can choose whether you drove for business or personal. If you choose business, Quickbooks tracks the mileage and also deducts it from your taxes owed.
Easy To Use App
Speaking of the Quickbooks Self-Employed app, I love using it! I don’t like having a lot of apps on my phone, as it can start to feel cluttered, but I do keep the Quickbooks app. Not only is it useful for me to track mileage, but I can also see when clients look at and pay my invoices, when the money hits my account, and if I need to reconcile transactions.
If I’m out and about on a Friday (when I usually do my weekly bookkeeping), I will go ahead and take a look at Quickbooks when I have the chance. The app is just as easy as the website to go through all of my transactions and categorize them.
Paying Taxes Online
This is honestly the #1 reason why I decided to go with Quickbooks Self-Employed back in January. I didn’t want to fill out a bunch of forms and go through long and tedious processes just to pay my quarterly taxes and file taxes once a year. With Quickbooks Self-Employed, I can do it all through my computer!
I signed up to get my EFTPS number, and that did take a little while (almost a week), but since then everything has been a breeze. Quickbooks reminds me when I need to pay my taxes. I then go to the website, click to pay, and Quickbooks will abduct the amount from my account. Super simple!
Another great thing with Quickbooks is that I’ll be able to export everything and add it to TurboTax when I file my taxes. I don’t really need an accountant if I don’t want one because Quickbooks easily integrates with TurboTax to help me file my self-employment taxes easily. Not only will this save me a ton of time, but it will save me a ton of headache too!
I absolutely love Quickbooks Self-Employed*, and I recommend it to everyone I know who is self-employed or who side hustles. It’s a great online bookkeeping software, and it’s affordable! I definitely plan on using this system as long as I can in my business.