Why I DON'T Recommend QuickBooks Self-Employed [and what I recommend instead]

In this video, I’m going to share with you exactly why I don’t recommend Quickbooks Self-Employed. Quickbooks Self-Employed seems like the perfect choice for small business owners in need of a bookkeeping and accounting solution, but it has a few drawbacks. Watch the full video to learn what those are and the ways around those obstacles.

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**DISCLAIMER: This video is meant for educational purposes only. This is not to be relied on or considered a substitute for advice on your specific situation from your tax advisor.

Note: There may be affiliate links in this description or video. We do not actively monitor comments on these threads.

[ensiyehkhosropour]

I synced the bank account to the quickbooks but i see in most of the cases the entries came in as received deposits instead of spent expense. What should i do to fix please????

[stopit]

I switched from Go Daddy Bookkeeping to Quickbooks Online and it is very complicated especially when trying to import ebay and etsy charges and use it for schedule c tax forms. I was told by QB consultant to formulate my chart of accounts according to schedule C but when I do auto imports of my ebay and etsy charges, the way they are set up is so convoluted that I can't easily put them in the schedule c categories. I understand that double entry bookkeeping is more accurate but I'm a very small proprietorship, don't make much sales so I don't know if it's worth the hassle and paying someone to help me figure it out is also very expensive. I'll be sticking to spreadsheets for now.

[PF-hkhn]

I am working part time for a Property Management Company. They will issue me a 1099. I purchase all materials and give them a invoice for all materials and labor for the repair. I am currently using WAVE. Would it beneficial for me to switch to a better software since I already file my taxes with Turbo Tax? Also the materials I purchase will be part of the 1099 also. Thanks

[javiervtube]

For a very small self-employed sole proprietor who only needs to track expenses for tax purposes, QB Self Employed seems adequate. I am such individual currently using QB Simple Start using your logic. After several years of using the true accounting version, I have found I never really needed a balance sheet, or unique customization, or the potential to grow bigger. I am switching to QB Self Employed, the glorified spread sheet.

[sheenatiller]

Hi, I have a full time job and a small business renting out my rooms in my primary residence. I have no employees. What would you recommend?

[FunnyVideosLover]

I tried to use it for a single member s corp and it was just a bundle of frustration. In my opinion whoever is using self employed and is happy can get by using mint or just a spread sheet (requires manual entry).

[xcconsulting]

Looks like it's time for me to upgrade!

[CarlosEduardoDaCosta]

Hi! thank you for your video. I have a question concerning Profit and Loss Statement. For example I need to give the government's Health Insurance an update on my income for 2022, this is the first year I am totally as self employed. My question is: the total amount of my income report should be before or after taxes? That is my TOTAL INCOME minus TOTAL EXPENSES/DEDUCTIONS or TOTAL INCOME minus TOTAL EXPENSES/DEDUCTIONS minus TAXES?
Should I apply any On Net Profit percentage 92.35% to Net Profit?

Thank you

[rcippa]

I totally respect your opinion and you gave some compelling points. I actually like QBO Self-Employed for basic self-employed business, Sch C Businesses and Gig workers. I had a client who was Sole Proprietor, Sch C and he used his debit card at least 20 times a day and some of his purchases were personal and some for business. There would be 10 purchases for coffee per day. I like the feature where you can setup a bank rule and record these transactions automatically and correctly for business or personal and being able to figure out their quarterly estimated payments

[TriathlonSkills-SimpleSwims]

I have been testing self employed for the past few months, look like I cannot reconcile the accts. Or at least I cannot figure out how to reconcile- so far not a fan either. I am also disheartened to hear that if I upgrade that I will have to start over again. Thank you for this information. Helfpul.

[HectorGarciaCPA]

Agreed, I cant stand not having a balance sheet...

[danponitlong]

Thank you great INFORMATION...I will check out quickbooks simple start I need it for my small business

[polemeros]

I've used TurboTax for years, gathering all the info myself and then feeding it into the program. Works well for me. This year I thought I upgrade, so I got QBSE and figured it would do all the work for me. WRONG. A nightmare. I spent more time, and way too much interaction with barely competent "customer service" types whose accents were thicker than thick trying to get QBSE to download properly into TurboTax than I ever spent doing all that data collection myself. Not a fan.

[numanuma]

I like QB self employed for what I do but I do wish there where some added features to bump it up a little but not make it simply start.

[lisagee-gray]

This information was helpful since I have to convert from the Desktop version and decide on which online version to use for my small business.

[charlesjacksoniii]

I am going to be starting up my lawn care business agian next spring I am wondering QuickBooks software should I be using?

[durangerson]

I got QBO Simple Start exactly a month ago, and signed up through the 50% off 3 month subscription. After making that first mistake, and realizing I need the plus version (it turns out Simple Start does not include billable expenses), can I switch to your subscription offer?

[freepaysthesoul]

Jamie thank you for the wonderful video. I have a video production and media production business. I've been using self employed since 2018. Looking to take advice and move over to essential plus. Are there any tips for transferring over data from one to the other? Also this year I have elected to go from LLC to SCorp would you still recommend QuickBooks Plus?

[faithfamilyandfuntech]

Do you still have a link for QBO I wonder which one you think I should consider being scorp. I am changing accountants and my current accountant has me riding off his QBO and just share in monthly cost but the other accountants say I need my own and to invite them to access

[kvnturner]

Do these deals you have made apply to the UK 🇬🇧 too?