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Why QuickBooks Self-Employed Is Important to Accountants

Why QuickBooks Self-Employed Is Important to Accountants

QuickBooks Self-Employed was developed for freelancers, contractors, entrepreneurs and home-based entrepreneurs who use their personal bank and credit card accounts for their business. The listed businesses need assistance with their estimated taxes as they are not prepared for their chart of accounts.

QuickBooks Self-Employed was built from the ground up specifically to help the self-employed category of people to overcome these hindrances with a simplified and cost- effective way to handle business finance and save money at tax time.

Since first launching in January 2015, QuickBooks Self-Employed has encouraged those users who remained below by assisting them get back minimum 10 percent of their annual income:

1. Tax Savings

Users find on average $4,340 in potential tax savings per year. These deductions help to curtail the tax bill by 36 %. In gross around $1.1 billion in hidden deductions have been found using QuickBooks Self-Employed.

2. Mileage Deductions

Users log an average of $7,393 in potential mileage deductions yearly, and find on average 45% more possible deductions by logging miles. In total, users have logged over $125 million in potential mileage deductions.

3. Deductions at Home Office

Users find an average of $819 in possible home office deductions each year. In total, users have found over $39 million in potential home office deductions.

There are many businesses that go perfect with the QuickBooks Online version of QuickBooks. They are a full-fledged business, they need to generate financial statements and do normal accounting operations.

Nevertheless, globally Intuit considers that there are a significant number of people who are not ready to use that kind of product for one reason or another.

Always keep in mind the five core principles related to QuickBooks Self-Employed fits all of those criteria. They are as follows:

Working in the Cloud: QuickBooks Self-Employed is a cloud-based product. Never mistake it for the cut-down version of QuickBooks

1. Online. It is a complete different product.

Mobile technology: QuickBooks Self-Employed software is specifically designed to work on any mobile device as well as in a web browser. There are few countries where you will find many small businesses only have access to the Internet through mobile devices as they do not have a laptop or desktop computer available.

2. Data collection

As similar with QuickBooks Online Intuit has access to all of the user’s data and can use that to change the work process of the program.

Monopoly businesses and Contractual workers: QB Self employed program is specifically aimed at the one-person (monopoly) business, and it is particularly suited for part time or contract workers – 1099 workers rather than W-2 employees.

Globalization is key: Intuit is looking at a worldwide market for this product. Currently it is available in the US, United Kingdom and Australia. Once solidification is over in these markets it will be introduced to the rest of the world.

Need Professional Help?

If you have queries related to the smart back office and how QuickBooks can help you better then you can contact QuickBooks customer support number. It is prompt and active round the clock. At times when you fail to connect with the QB customer support number you can switch to trusted third party QuickBooks technical support agency. It hires trained QB professionals who accord assistance to fix the issue in the first call itself. Dial the toll free number 📞 and connect to garner immediate resolution.

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