Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Our Verdict
Our Verdict
QuickBooks Self-Employed is an online accounting tool specifically for freelancers, solopreneurs, independent contractors and sole proprieš¦tors. In addition to tracking your expenses and invoices, the software automatically tracks your mileage, allows you to easily pay quarterly taxes, generates financial reports and can assign expenses to Schedule C categories. This review covers the different subscription options for QuickBooks Self-Employed, what each offers and how QuickBooks stacks up with its competitors.
Pros
- Ease of use
- Automatic mileage tracking
- Affordable personalized bookkeeping support
Cons
- Not suitable for growing businesses
- Cannot be migrated to a system with double-entry accounting
- More expensive than top competitors, such as Wave Accounting
On QuickBook's Website
Starting price
$15 per month
Invoicing
Yes
Receipt capture
Yes
Table of Contents
- QuickBooks Self-Employed at a Glance
- Other Benefits
- Fine Print
- How QuickBooks Self-Employed Stacks Up
- Is QuickBooks Self-Employed Right forš» You or Youšr Business?
- Frequently Asked Questions (FAQs)
Show more
QuickBooks Self-Employed at a Glance
There are three plans available that cost between $15 and $35 per month. The cheapest one offers simple accounting software, and the more robust plan offers unlimited live accouš¬nting support. Currently, QuickBooks offers 50% off the first three months of a subscription plan.
Here is hoź§w the monthly fees for QuickBooks Self-Employed break down:
- Self-Employed: $15 per month
- Self-Employed Tax Bundle: $25 per month
- Self-Employed Live Tax Bundle: $35 per month
The Self-Employed plan lets you keep your business and personal expenses separate. Youāll be able to connect your business credit card to automatically track transactions. The accounting software will also help you maximize your Schedule C deductions and will aą²utomatically calculate your quarterly tax estimatešs.
The Self-Employed Tax Bundle is one tź§ier up. The plan comes with a subscription to TurboTax so you can file one state tax return and a federal tax return directly from your account. This plan is ideal for those who want to integrate their tax filing with their accounting software.
The Self-Employed Live Tax Bundle is the best option if you want live tax support. For an additional $11 per month, youāll have unlimited access to a CPA to answer tax questions throughout the year. Youāll also be able to have your final tax return reviewed by a professional. This plan is best for business owners who want to be able to ask an šaccountant for support when questions come up.
Other Benefits
QuickBooks provides app integration with over 650 špopular business apps including PayPal, Square and Gusto to streamlinš e your businessās accounting.
QuickBooks Self-Emploāyed enables you to create custom tags for expenses so you can better track how much you are spending in each category. Youāll be able to run reports that will highlight where you are spending and earning money.
Fine Print
QuickBooks offers many different options for software, so itās important to make sure youāre choosing the one most suitable for your business. QuickBooks Self-Employed does not offer double-entry accounting, which is more accurate and can help prevent accounting errors. If you anticipate your business will grow, consiāder starting with QuickBooks Online, which comes with this capability and is designed to be used by multiple people.
How QuickBooks Self-Employed Stacks Up
| QuickBooks Self-Employed | Wave Accounting | FreshBooks | |
|---|---|---|---|
Free Trial | 30 days | Invoicing software and accounting software are both free | 30 days |
Free Version | No | Yes | No |
Starting Price | $15 per month | Free | $19 per month (discounts available) |
Number of Users | One user | One user | One user on every plan except Select, $10 per additional user |
Live Bookkeeping Support | Included in Self-Employed Live Tax Bundle ($35 per month) | $149 per month | No |
Mileage Tracker | Yes | No | Yes |
Customer Support | Live chat, video tutorials, phone and email support | Live chat, self-serve support through the help center and Mave, the automated chatbot | Phone and email support, live chat, knowledge base and help center |
Read Reviews | ā | Read Wave Accounting Review | Read FreshBooks Review |
Every accounting software is tailored for different businesses and needs. Before going through the process of setting one up, yoāuāll want to research which one will be most suitable for your business. Weāve compared QuickBooks Self-Employed with two top competitors.
While QuickBooks Self-Employed and FreshBooks are both paid subscripź¦tion services, Wave Accounting offers a free invoicing and accounting tool. If you are only looking for a tool to generate and send invoices and keep track of basic accounting, Wave might be the best option.
If youāre looking for live bookkeeping support, QuickBooksā Self-Emplź¦oyed is a more affordable option over Wave.
Is QuickBooks Self-Employed Right for You or Your Business?
QuickBooks Self-Employed is best suited for freelancers, solopreneurs and consultants who want an easy-to-use online accounting tool to keep track of their businessās finances. Given that the cost is high compared with free services such as Wave, this tool is best suited for business owners who want a mileage tracker or the ability to ask a CPA accouną²ting questions as they come up in real time.
Frequently Asked Questions (FAQs)
What is the difference between QuickBooks and QuickBooks Self-Employed?
QuickBooks Selš„f-Employed is designed for freelancers, solopreneurs and independent contractors who want to separate their business and personal expenses as well as basic accounting and invoicing capabilities. QuickBooks Online is a separate service designed for small business owners who need more extensive features such as double-entry accounting.
Do I have to pay for QuickBooks Self-Employed?
Yes. QuickBooks Self-Employed costs between $15 and $35 per month. There is currently a halš f-off promotion for the first three months for all new useš²rs.
Can I use QuickBooks without a business?
Yes. You can use QuickBooks for your home or personal expenses, suchź¦ as managing groceries and other home bills.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the authorās alone and have not been provided, approved, or otherwise endorsed by our partners.
Was this article helpful?
Send feedback to the editorial team
Thank You for your feedback!
Something went wrong. Please try again later.
