The workplace has drastically changed over the past few decades. Around 16 million Americans were self-employed as of July 2019.
Being self-employed or running a side hustle is a great way to have more control over what you do and how you do it.
It does bring its own challenges, like having to do your own accounting. More responsibility rests on your shoulders.
Thankfully, you can find plenty of software to help you run these administrative tasks. QuickBooks is a popular choice for keeping your books up-to-date.
Wondering why you should be using QuickBooks? Read on to find out!
1) Access Your Books From Anywhere
If you use an Excel spreadsheet, you’re tied to using it on a desktop device. Even if you store it in the cloud, it can be fiddly to access the data from a tablet or smartphone.
QuickBooks offers both a desktop and an online version. You simply login online and use your QuickBooks account wherever you are.
This is great if you need to add things quickly or while you remember them. It also means you can work from anywhere.
2) Go Paper-Free
Maybe you’re worried about your environmental footprint. Or perhaps you just don’t have a huge amount of storage space.
Using QuickBooks is a great way to store your documents so you can go paper-free. Upload documents and add them to transactions.
This is a great way to keep backups of your important business information.
3) Track Your Expenses Properly
Do you drive as part of your side hustle? You’ll need to track your business mileage for deductions at tax time.
How do you know how far you’ve traveled for work? Easy – use QuickBooks Online. It works through the GPS system on your phone.
You’ll always be able to track how much you can deduct for work purposes.
Working from home can make it more tricky to claim for business expenses like your internet service. After all, you already have it in your home, but you use it for work.
QuickBooks lets you flag expenses as personal, business, and split. When you choose the ‘split’ option, you can choose between a percentage of a total or a dollar amount.
Say you spend twenty hours a week working from home. There are 168 hours in a week, so you’re using your internet for your business 12 percent of the time.
You can split your internet service and flag 12 percent of the cost as being for business.
4) Using QuickBooks Is Affordable
QuickBooks offers a range of versions with price plans to match. The solopreneur version, called Self-Employed, costs $5 per month for three months. It’s $10 per month after that.
There are small business versions that cost a little more and give you extra functions. Though you can start out with Self-Employed and see how you get on.
The fact that QuickBooks will predict the taxes you’ll owe in real-time makes QuickBooks a no-brainer.
Most accountants already use QuickBooks so it tracks all the things they look for. You can even work with a Quickbooks ProAdvisor for additional support.
5) Collect Payments And Send Invoices Online
One of the benefits of QuickBooks is being able to run your payments through the software.
Generate invoices inside QuickBooks, set due dates, and collect the payments online. You can even accept payments via bank account transfers, credit cards, or both.
QuickBooks will tell you when invoices become overdue. You can resend the invoice or contact your client.
The Benefits Of Using Quickbooks
Now you know the benefits of using QuickBooks for your side hustle. You can choose between a 30-day free trial, or the three-month 50 percent discount to get started.
You’ll be able to get your books in order so you can enjoy more time with your family instead of being in your business!
Why not check out our technology articles for more handy tips and advice?