Difference between QuickBooks and QuickBooks Self Employed
If you are running a small business, you might understand how much hassle can QuickBooks accounting software create in budget. Your most preferable software would always be the one that suits your situation and doesn’t make a creak in the bank account. Isn’t it.
We mostly have two types of business when it comes to a startup like an individual business containing only one person while a mid-level business has more than one to 25 persons.
QuickBooks VS QuickBooks Self Employed
While keeping these things in mind, we have compared two of the most popular choices among small businesses. QuickBooks Online and QuickBooks self-employed which are highly recommended and in-demand software. Now let’s know a bit about them.
What is the difference between QuickBooks and QuickBooks Self Employed
QuickBooks Online and QuickBooks self-employed are both intuit-manufactured accounting software designed to handle and maintain financial data, invoicing, and reporting. Both of these QuickBooks versions are great enough to share a few similarities along with their share of differences.
Businesses that have more than one employee can utilize the features provided by QuickBooks Online whereas, QuickBooks self-employed version is great for freelancers.
As a result, of these system design decisions, QuickBooks Online is a reliable choice for small to mid-size businesses, while QuickBooks self-employed is good enough for almost all small businesses.
Features and limitations
QuickBooks Online and QuickBooks self-employed both offer the same package of vital features for account management. These features have income and expense tracking along with downloadable transaction information, and not to forget automated QuickBooks data backup.
Despite these similarities, there are a few significant differences between the products. QuickBooks Online includes features such as tracking employee timesheets and payments; moreover also allows access for multiple users. These features are essential to managing multiple accounts and accountants requiring access to financial data.
QuickBooks self-employed lacks predicament statement features but allows separation of personal and business expenses, which saves time for users.
QB Online and QB self-employed both offer a 30-day free trial for their new users to try out the product features. After the free trial is over, QB Self Employed subscription is offered at $7.00 per month.
QuickBooks Online is priced at $ 299.95 for each workstation. This pricing makes QuickBooks self-employed an affordable option for businesses having zero employees, while QB Online is ideal for small to medium-size businesses.
Highlights of QuickBooks Online
QuickBooks Online is suitable for small business owners who require to control their costs on management by maintaining in-house accounting with limited budget and staff. It’s easy to get, install, and work on…especially for those who are not accountants by trade. I would say, its simplicity is its best feature above all.
It can perform a lot of accounting functions simultaneously, and it counts all people working at the time. As a disadvantage, it does have a limit in the terms of the size of the organization for which it can be of optimal use.
Its low price is attractive enough to anyone factoring in accounting software prices, but the fact is that some other software suites are much more robust, and more viable for larger enterprises with more complex accounting necessities like, multiple users, international accounting, etc.
Highlights of QuickBooks Self Employed
QuickBooks self-employed is an extremely detailed software to help keep track of your finances and taxes. I am only reviewing the Online version here and truly, if you require working on QuickBooks, it might be great to look into the stand-alone QuickBooks software version.
If you work remotely, at various places, and mostly on more than one computer (pc or laptop) then QuickBooks Online would be a good idea.
But the only trouble is its slow interface for I spend a lot of time correcting entries QuickBooks imports from my financial account.
QuickBooks Self Employed is a better option if you want to file schedule c along with personal taxes. And If you file as a business entity via form 1120, then QuickBooks Online is a better solution.
Pros of QuickBooks Online & Self Employed
|QuickBooks Online||QuickBooks Self Employed|
|Inventory management with low stock indicators ensures I have got the pivotal parts to get my job done.||Cross-platform compatibility makes the job much easier as its data becomes available at all places.|
|Time tracking and invoicing at the same time make it simple to bill the clients for work.||Smart enough to automatically recognize and categorize transactions hence, remove hassle-filled lookups to excel spreadsheets at the end of the year.|
|The extensive number of reports as well as customizations allows us to check sales regularly.||Updates itself and notifies me when manual help is needed. So I don’t spend a lot of time watching the screen.|
Cons of QuickBooks Online & QuickBooks Self Employed
|QB’s longtime setback is its ui. It is a bit cumbersome and not at all entirely intuitive if you are new to QuickBooks.||Automatic mileage tracking worked a lot better previously than it currently works.|
|Occasionally QB has a difficult time communicating with banks, but it fixes itself after a couple of attempts.||While creating invoices, there must be a way to import all the data into an invoice from the spreadsheet, which can make the invoicing faster.|
|QuickBooks is to be bought each year to keep it up to date.||Editing invoices mustn’t require to send a reminder.|
Return on investment in both QB versions
|QuickBooks Online||QuickBooks Self Employed|
|Helps to enter our bills as they are generated. We get reminders about the payment due dates as well as track where the money goes.||A positive impact on business is as it helps to keep track of income and expenses, and also keeps approximate quarterly taxes.|
|Invoicing has made tracking owed money a piece of cake and has tremendously cut down calls to people looking for money who owe to us.||QuickBooks saves me from the expenditure of money spent on a local accountant.|
|Built-in templates for invoicing and quotes help to have a more professional look to present our work to customers.||However, the time spends on daily or weekly entries takes the billable time away from all other things.|