A client wants to upgrade his bookkeeping system to QuickBooks Online but was resistant to opening a separate QuickBooks account for each of his small companies. Through a fast screen share, I was able to show him how I use my own QuickBooks account to run several businesses that each report to a separate tax form. “Bank rules” and “classes” make it easy to track and report separately. I’m able to easily combine a few Schedule C business, a nonprofit and others through one account. That’s not Intuit’s only solution, and it might not always be a perfect solution, but it works very well for me. For situations where one person runs several small businesses, this is the way to go. Like anything else in business, there are a few things we need to keep an eye on, like invoicing, payroll and 1099 reporting requirements, before jumping on this approach. These issues can be handles with outside apps if necessary.
I would be pleased to offer a live demonstration to anyone else in a similar situation.