QuickBooks provides accounting services for small businesses to track and manage their company finance. It offers a wide range of accounting features like generating bills, invoices, tax filing, and many others. But what if you are running your company alone without any employees. For this, Intuit launches QuickBooks Simple Start Online. It is an easy and simple version of QuickBooks. With this blog, we will tell you everything about the QuickBooks Online Simple Start.
What is QuickBooks Simple Start?
The Simple Start version of QuickBooks is the quickest and simplified approach, especially for single users like gig workers, solo entrepreneurs, and freelancers) to organize all their expenses and income in one tool. Moreover, with the help of Simpler Start, you can connect with bank and credit card accounts, invoice customers, run basic financial statements, and track sales tax. Hence, with this tool, you can work on your accounting activities without an accountant. Furthermore, it provides a wide range of products, making the tool more efficient.
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Features of QuickBooks Simple Start?
It provides a wide range of features that make it easy for freelancers and solo businesses’ finance activity. The following are:
Track Income and Expenses
If you spend money and don’t manage the transactions in the same field. Then the feature of Track Income and Expenses will do it for you. Since it automatically sorts all the transactions which are connected to your bank accounts into tax categories for easy organization. Thus, you will get all the reports of your expenses and income.
Capture and Organize Receipts
It is a smart feature of QuickBooks Simple Start that helps you to categorize your expenses with a snap. In other words, when you take a snap photo of any receipt you receive for any expense, it will automatically detect the receipt from your phone and categorize it into your expenses. You don’t have to manage your receipts manually. In the end, you get a report of all the receipts of any expense you made.
Maximize Tax Deductions
This feature works for your taxes when you make any expense from the company account. Since it automatically sorts all business expenses into the correct tax categories. It will help you to keep more of what you earn. Moreover, you can even download a report of your taxes.
Invoice and Accept Payments
This feature helps accept electronic payments such as credit cards and ACH transactions directly from an invoice or email. Moreover, you can also turn these online payments into invoices that you can email to the customers. Furthermore, it also customizes invoices with your brand.
With the QuickBooks Simple Start Track Miles feature, you can track business miles with a smartphone. Even though it will automatically track the trips from start to finish, you just need to do is categorize the trip.
Run Basic Reports
In this, the financial reports provide you with a snapshot of your business. There are many reports that tell you about various aspects of your business. Some of them focus on sales, spending, and some focus on parts of each. In simple words, it runs and exports summary reports that include profit and loss. Moreover, Run Basic reports likewise provide a dashboard that is easy to use.
Generally, it creates custom and professional estimates used for creating a bid, proposal, or quote. Eventually, this estimate can be converted into an invoice or sales order.
Track Sales and Sales Tax
Whenever you receive or accept credit card payments, the Track sales, and sales tax feature of QuickBooks Simple Start will automatically calculate the business sales tax for you. Moreover, you don’t have to worry about the sales taxes.
Manage 1099 Contractors
This feature tracks all the QuickBooks-related payments. Hence, when you file their 1099s at the tax time, you already have their information right from QuickBooks.
Above all are the features of Simple Start. However, some users think that QuickBooks Self Employed is better than the Simple Start. To overcome this situation, we will provide you with a comparison between both of them.
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QuickBooks Simple Start VS Self Employed
The QuickBooks Self Employed works especially for those who work for themselves. These users report their business income in their personal income tax returns in the C Schedule. It is most preferable for freelancers and solo businesses. Likewise, freelancers can track their incomes and can file taxes. You can access your QuickBooks Self Employed account on a Web Browser or app.
Whereas Simple Start helps in payroll processing, it also allows the users to calculate and track their payroll taxes. It is mostly used to track assets and liabilities. Also preferable if you require to use automated sales tax on invoices. It is easily available with a QuickBooks Simple Start Desktop version, which allows you to use your Simple Start account on the computer.
Note: The Schedule C businesses must go with the higher package of Simple Start if they have employees.
Now, after the comparison, let’s proceed to their pricing comparison chart with features with the following chart.
You can also try the QuickBooks Simple Start free trial of 30 days, which is the same for the QuickBooks Self Employed.
|Simple Start||Self Employed|
|Track income & expenses||Separate business and personal expenses|
|Send custom invoices & quote||Maximize your Schedule C deductions|
|Connect your bank||Quarterly estimated taxes are calculated automatically|
|Track VAT||Automatic mileage tracking|
|For One User||For One User|
What are the Advantages and Disadvantages of QuickBooks Simple Start?
Like other programs, the Simples Start also has advantages and disadvantages. We have listed them. The following are:
- It is specially designed for small business owners and freelancers.
- Likewise, you can track and download all the transactions and have them in one place.
- Moreover, it provides initial guides and FAQs for setting up.
- With this tool, you can create and customize invoices.
- You can operate it on the Desktop and Mobile apps for iPhone and Android.
- The QuickBooks Simple Start has fewer bookkeeping features.
- App required for the backups, since there is no local copy of the information saved in QuickBooks.
- Only one user can use it.
That’s all. Now, we are going to finish our blog. In this, we have talked about the QuickBooks Simple Start and its feature. Moreover, we also clarify to you the difference between the Self Employed and Simple Start. We also provide you with the advantages and disadvantages of the tool. However, if you want to try both, then go for the free trial version. If you still have questions regarding the Simple Start, contact our experts at +1-520-463-7633. Our certified experts will attend to you and provide a suitable solution to your query.