Intuit QuickBooks is the leading small business accounting software. There are many versions of the product available and even more earlier versions still in use. I support only two versions: QuickBooks Self-Employed and QuickBooks Online Premier and I recommend that most businesses move to one of these two versions.
Both cost $5 per month as the basic wholesale price through a ProAdvisor (additional services are extra). Both offer a mobile phone app, connect to a bank account and export to tax software. In short, both are exceptional products with great support. I am biased, of course, based on my practice and experience but I think it makes sense to connect either version with a ProAdvisor’s account that opens the door to even more services and support if needed.
The Self-Employed version is for sole proprietors who report taxes on a Schedule C. The QuickBooks Online is for any type of entity including for-profit, nonprofit entity or trust.
Features only in QuickBooks Self-Employed
- Track miles automatically with phone GPS
- Calculates home office deduction
Features only in QuickBooks Online
- Send estimates
- Track sales tax
- Manage bills
- Allows multiple users
- Track time
- Track inventory
- Track 1099 payments
- Payroll (extra fee option)
- Check printing
- Accepts direct online payment of invoices
- Accounts receivable tracking
- Allows multiple “classes” of transactions
- Multiple users
- Allows accrual based accounting
From an initial setup perspective, the QuickBooks Online product offers more flexibility in importing past data from various formats. QuickBooks Self-Employed is best started manually as a “fresh start”.
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