QuickBooks Software is a top choice for small business bookkeeping, and for good reasons. It has many tools, such as bill tracking, making bills, and tracking miles. QuickBooks Self-Employed and QuickBooks Online meet different needs. QuickBooks Self-Employed is good for freelancers and solo workers who want simple money tracking. But, QuickBooks Online is a more full, more whole bookkeeping tool. It suits small companies with workers, sellers, and bigger money needs better.

What is the difference between QuickBooks Online and Self-Employed?

QuickBooks Online and QuickBooks Self-Employed are both made by Intuit, but they are for different uses. QuickBooks Online is a full accounting tool made for small firms that have workers, sellers, and goods. But, QuickBooks Self-Employed is for people who work for themselves, have just one job, and do not have workers or goods.

A key thing that sets them apart is that QuickBooks Online has tools for bills, keeping an eye on costs, and looking after stock, yet QuickBooks Self-Employed is all about following money in and out, tracking how far you go, and cuts in tax. QuickBooks Online also brings more deep reports and data look-up, plus it works well with different apps and software. On the other hand, an easy and clear choice is made by QuickBooks Self-Employed.

Key Features of QuickBooks Self-Employed

• Track income and expenses

Your bank accounts and credit cards can be linked to automatically track business income and expenses.

• Separate personal and business expenses

Since personal and business purchases are mixed by many freelancers, it is made easy by QBSE to mark transactions as personal or business.

• Track mileage

If work is driven by you, your mileage can be automatically tracked and tax deductions calculated.

• Estimate quarterly taxes

You are assisted by QBSE in estimating how much you owe the IRS each quarter.

• Generate basic tax reports

      A Schedule C form is prepared, which is needed when taxes are filed as a self-employed                       person.

Key Features of QuickBooks Online

• Invoicing and payments

Professional invoices should be sent and online payments accepted.

• Track income and expenses

Your bank and credit cards should be connected just like QBSE, but with more options and categories.

• Manage bills and vendors

Unpaid bills and their due dates should be tracked.

• Inventory tracking

Your stock levels and costs are helped to be managed.

• Time tracking

Hours worked by you or your team are tracked.

• Payroll integration

If employees are hard, QuickBooks Payroll is worked with by QuickBooks Online.

• More detailed reports
  Access to profit and loss statements, balance sheets, and more financial reports is granted.

Main Differences Between QuickBooks Self-Employed and Online

Cost of QuickBooks Online vs. QuickBooks Self-Employed

Both kinds of QuickBooks offer many plans with special prices for the first three months. Here's how the four QuickBooks Online plans are priced:

Simple Start: $30 each month (now $15 each month for the first three months). It has one sales spot, pays for work, gives price guesses, and sends bills.

Essentials: $60 each month is now being charged as $30 each month for the first three months. It moves you up to three sales spots and three users. It adds bill and time checks.

Plus: $90 each month is now $45 each month for the first three months. It moves you up to five users and all sales spots you want. It has stock checks and job cash checks.

Advanced: $200 is received each month (now $100 is received each month for the first three months). It moves you up to 25 users. It has syncing with Excel, jobs costs, group bills, and much more.

QuickBooks Self-Employed has a main plan and two tax bundle choices if you don't want to do your taxes alone:

Self-Employed: $20 is charged each month (now $10 is charged each month for the first three months). It has things like bringing in deals and costs, getting tax breaks from Schedule C, working out taxes every few months, and tracking miles on its own.

Self-Employed Tax Deal: Pay $30 each month (now just $15 each month for the first three months). This plan lets you pay taxes every few months with QuickBooks and file state and national taxes at no cost.

Self-Employed Live Tax Bundle: $40 each month (now $20 each month for the first three months). This adds help from a live CPA and a final check of your taxes by a CPA.

In our view, it’s worth buying the tax bundles only if you often use a CPA to do your taxes. Since experts who help with taxes often ask for about $192 to do a federal Schedule C tax form, these plans cost about the same as help from others.

Can I use QuickBooks Online for Self-Employed?

Sure, QuickBooks Online works for self-employed needs. It has a version just for self-employed people. This version is made simple so you can track your money in and out, make bills, and handle your tax cuts.

Who Should Use QuickBooks Self-Employed?

If you're a lone freelancer or work for yourself:

• You do not have other people working for you.

• You don't send lots of detailed bills.

• You mainly track what you spend, how far you drive, and figure out your taxes.

• You like an app that's easy to use and aids in tax filing.

So, use QuickBooks Self-Employed. It’s easy, light, and good for when you need to handle your taxes. It won't make managing your money too hard and doesn't cost much.

Who Should Use QuickBooks Online?

QuickBooks Online is the top pick if:

• You run a firm with workers or many team folks.

• You have to keep an eye on stock, mail out full bills, or deal with wages.

• You need to take care of bills, sellers, and tasks.

• You want many folks to be able to look at your books.

• You need strong facts and data for money plans and firm growth.

QBO is a step up, so it's good if your work is more than just you doing jobs on your own.

Conclusion

QuickBooks Self-Employed (QBSE) is good for freelancers and one-person businesses with simple money needs, and QuickBooks Online (QBO) suits firms that need more full money ways and room to grow. QBO has things like stock counts, full reports, and help for two-way bookkeeping, which work well for growing firms or ones with workers. QBSE makes tax work and spending checks easy for self workers.