One of the major pitfalls, when you are a freelancer or managing your own business, is to manage all your finances without tangling up your personal transactions to your business transactions. And to tell you, that is what I and my father have learned in a very hard way. As we struggle to operate a small bistro in our locality, we also have a hard time monitoring our transactions and obligation of paying taxes, which made us quite perplexed about our business’s performance. Could have been better if there is some tool that can help us that time.
Luckily, Intuit knows this struggle and has released a software that can help people to track their income and expenses, connect them to their financial institution feeds, and separate business from personal transaction accounts. Named QuickBooks Self-employed, it is targeted for self-employed people like sole proprietors and small business owners alike.
With Quickbooks Self-Employed, you can link your bank and credit card account and import all transactions associated with those accounts. It can also categorize expenses and separate them into two piles: business expenses and personal expenses, though it will only display your business expenses and other business related information as you use the app. Graphs show your business income and expenses and provide information on your estimated quarterly tax payments. It also has a tool for tracking mileage so that you get a proper deduction on your taxes.
The software will also provide with a clearer idea of how much actual income you are making throughout the year. By taking your income and reducing that number by how much you have to spend and how much taxes you are expecting to pay, you can easily see the how much income you have earned on a biweekly, monthly, quarterly and yearly basis.
With its exceptional navigation and user interface, it can provide self-employed people the ease of managing their business’s taxes and income in a more intuitive way. Overall, QuickBooks Self-Employed is a great application for individuals who want to track their financial records efficiently.