Which One is Right for You? Quickbooks Self Employed vs. Quickbooks Online



April 14, 2021

With so many choices in accounting and bookkeeping software, it can be confusing which one is right for you.  The most popular choices are Quickbooks Self Employed and Quickbooks Online.

Most of your options are great and they all offer all of the features you need. But, I personally, love Quickbooks products when it comes to tracking your business finances.

Let’s look at their two most popular online-based bookkeeping products and hopefully ease the overwhelm you may be feeling about your business bookkeeping.

Does Small Business Bookkeeping Confuse You?

To make the best choice in accounting and bookkeeping software for your business, it’s important that you understand some of the basics of bookkeeping.  As well as the tax and recordkeeping requirements.

If you’re a complete novice in the subject, take a moment and register for The Steadfast Method FREE Bookkeeping Course.  In a little over an hour, you’ll gain clarity on the finance side of your business.

This short free course will answer the Who, What, When, Where, and Why of Bookkeeping.

Then you’ll be ready to choose how you will track all the details in your finances.

Choosing Which Quickbooks Product to Use

Quickbooks offers several layers of products.  But when you look at the broad product choices the first decision you need to make is:  Quickbooks Self Employed or Quickbooks Online.

Most business owners are familiar with Quickbooks and they automatically think of the one type of product.  However, there’s another option that isn’t as obvious on their homepage.  It can be found on their pricing page.

And that is Quickbooks Self Employed.

Quickbooks pricing page screenshot showing where to find Quickbooks Self Employed

Is Quickbooks Self Employed Right For You?

This Quickbooks product looks enticing, but it’s designed for specific types of businesses.  Please don’t get swayed by the lower cost.

Quickbooks Self Employed is for freelancers and independent contractors.  It’s perfect if you’re a gig worker with Uber, DoorDash, Shipt, or any of the other apps out there.  If you’re in the service industry where your customers treat you like a “1099” employee, then Quickbooks Self Employed is an option for you.

This version is not a good option for small businesses.  Those that have products for sale, employees, or sell their services outside of the independent contractor relationship.

Be sure to watch this week’s video, because it will walk you through the features and pricing of Quickbooks Self Employed and Quickbooks Online.  Including what level of product that’s right for you.



Quickbooks Online for Your Business Finances

If you’re NOT a freelancer or an independent contractor, then you need to go with Quickbooks Online.  As you see in the video, there are three levels of product features.

After working with 1000’s of clients, I can verify that the most popular version is the “Plus.”  However, what’s great about Quickbooks is that it can grow with your business.

The Simple Start level gives you a lot of the features that a solopreneur needs.  It even allows you to create 1099s for the contractors you may be working with.

As your business grows and you need to add employees, timesheets, track inventory, or manage & pay bills, then you can upgrade to the Plus version.  This is why I love Quickbooks, you’re not paying for what you don’t need – until you need it.

Honestly, rarely do our clients upgrade to the Advance version.  

Be sure to watch the video for an overview of the features on every level.

Quickbooks is the Best Option for Small Businesses

If you’re a small business owner, you can see why Quickbooks Online really is the better option for you. It will keep everything in order, no more wondering about how much you owe in taxes or if you’re making a profit in the latest project.  It will manage your receipts, ending the messy paperwork.  And tax season will be a breeze.

Remember, if bookkeeping is new to you and you’d like to learn even more, check out the free bookkeeping course. It’s less than two hours but gives you so much info about bookkeeping for your business.

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