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When you go to Quickbooks Online, there are multiple different options for you to look through. So let's talk about which version of Quickbooks is best for your small business because I know it can be difficult to pick which option is going to be the best one for your your small business.
Well, as a business owner, you have to pay taxes on your business income. But you also get to deduct your business expenses from your income, before you pay taxes.
By having a a bookkeeping software available to you, you are able to quickly and easily look at and provide reports on the money you made and spent in your business for a certain period of time.
You don't have to be a bookkeeper or an accountant to use Quickbooks. You can learn how to use Quickbooks for yourself. Or if you really don't want to do the bookkeeping, you can hire someone else to do it for you.
When your bookkeeping is completed on a regular basis, you usually end up paying much less than you would if you ended up getting all of your bookkeeping done at one time. This also allows you to see where you are spending your money every month, and you can also conduct business expense audits as well, much more easily.
I'm being completely honest here, but you really don't want to buy this version. The name and the price might sway you to choose this option.
But as an accountant and bookkeeper myself, I have to say this is the last option that you want to purchase for your small business.
This option is more for independent contractors, not small business owners.
Also, if you start with this option, any of the work that you do in Quickbooks Self-Employed, you cannot transfer to any other option that Quickbooks has.
Intuit basically sees Self-Employed as a completely separate product to Quickbooks Online.
This option will let you track your expenses, but not really your income. So as a small business owner, you are going to need a different version of quickbooks to manage your small business.
Here are the features that are included in Quickbooks Self-Employed:
Here are the features that Quickbooks Self-Employed does NOT include:
If it were up to me, I'd definitely pick a different version of Quickbooks than Quickbooks Self-Employed.
All of these versions in this suite will sync with your bank account, as well as other third party apps that you may be using in your business. You can also snap photos of your receipts with your phone and link those photos to your expenses in Quickbooks.
Here are the features in Simple Start:
As an online business owner, Quickbooks Simple Start has everything you need to run your business. You usually send your invoices and even accept your payments through other methods than Quickbooks. So this version of Quickbooks does everything that you need it to do.
The features that are included of this version are:
Here are the features in this version:
This is the last version in the suite of Quickbooks products.
Here are the features in this version:
In all of these versions, there are going to be bells and whistles that you think you may need. But for doing your business bookkeeping and reporting, you really don't need all of these features that are included in all of the versions.
As long as you start with the Simple Start version, you can easily upgrade as your business grows and you need more features that are included in a different version.
Note: Whenever I get asked which version is the best for small business owners who have an online only business, I always respond with the Simple Start version. It has everything that you need to run your business and do your bookkeeping for your small business.
Clarissa Wilson is a financial strategist and online educator who holds two master’s degrees in Forensic Accounting. Also creative and spiritual, she is an intuitive empath and introvert. Clarissa is the host of The Prosper + Profit Podcast, where money conversations occur on a daily basis -- as she believes that money shouldn’t be a taboo subject. After growing up on a dairy farmand learning to work hard for money, Clarissa awakened to a path that allowed wealth to flow easily to her. Clarissa currently lives in Pennsylvania with her two cats.
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