Professional QuickBooks Bookkeepers

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QuickBooks can be categorized into five separate categories. These include Self-Employed, Simple Start, Essentials Plus and Advanced.

• QuickBooks Self-Employed- Selecting the appropriate application for your needs mainly depends on the number of users you have and a few extra features. If you’re a sole proprietor, using QuickBooks Self-Employed is probably your best option. QuickBooks Self-Employed can be best to use if you are a service-based entrepreneur, independent contractor or freelancer. Using this application makes it simpler and more organized to track expenses and income, separate your personal and business transactions and file a Schedule C with the IRS.

• QuickBooks Simple Start- Simple Start is the basic level for Online QuickBooks. Tracking income and expenses, invoicing and accepting payments, maximizing tax deductions and running general reports are capabilities you can complete with this version. Using this functionality is essential when examining your balance sheet, profits, losses and expenses. Capturing and organizing receipts, tracking miles and managing cash flow are other capabilities provided by the Simple Start version. Tracking sales and sales tax can be challenging without the right tools. Online QuickBooks automatically calculates taxes on your invoices, making this task more efficient to complete correctly. Sending a professional estimate for your services and managing 1099 contractors can also be completed correctly using the Simple Start version.

• QuickBooks Essentials- Upgrading to the Essentials version includes Simple Start’s capabilities and gives you the ability to include three users, manage and pay bills, and track time.

• QuickBooks Essentials Plus- Using the Essentials Plus version should be done if you want to include up to five users, track inventory or track the profitability of the project you’re operating, all in one specific area. Tracking payroll, expenses and labor costs can all be completed with a bird’s eye view.

• QuickBooks Advanced- The Advanced version of Online QuickBooks is intended for businesses with up to 25 users. It also includes the ability to batch invoices and expenses, customize access by role, automate workflows and restore company data. Tracking financial and non-financial KPIs to gain more insight into your performance can be done using this version’s in-depth analysis tools.

Knowing how QBO works should offer you the information needed to see if it’s a worthwhile investment. Maintaining your small or midsize business’s financial records can be done more efficiently by utilizing this popular software application. Offering a significant number of capabilities, such as bill payment, managing income and expenses, report generation, customer invoicing and tax preparation, it can act as an essential tool to help you get your bookkeeping requirements completed more efficiently.

Purchasing the cloud-based service can allow you and your CPA to have access, enabling you to track the flow of income and expenses in and out of your business. Recording and monitoring your operations’ financial progress should make it more effective to manage operations and make essential decisions. The ability to examine your business’s financial status by navigating through organized areas makes it more straightforward to create a tax planning strategy and avoids having to wade through old invoices and receipts manually.

Creating invoices is an essential function offered by QBO. You can create invoices containing your business logo and track the flow of money owed to your business and the money you owe to customers. Examining your business’s health is also available by looking at available reports such as your company’s balance sheet, profit and loss report, and cash flow statement. Customizing the period you’d like to track for gains or losses can be customized to weekly, quarterly or annual time frames.

Separating personal and business expenses and maximizing your Schedule C deductions are easier to complete using this bookkeeping software application. Providing you with quarterly estimated taxes calculated automatically may also make it more efficient to understand the tax figure you’ll need to pay to the IRS.