BooksTime self employed review

One downside to BooksTime is their attempts at upselling, though upselling is more prevalent in the Free and Deluxe plans. You can choose to follow the guided method of entering your financial and business details, or jump ahead to specific sections, and then navigate back to those you missed. BooksTime lets you choose the life events that apply to your tax situation. Using the Quick Employer Forms option, you can click on the Create W-2s and 1099s link, which will start the creation process. All created forms can be printed as a PDF and mailed to recipients by the deadline. One of the nice features in BooksTime Self-Employed is the ability to prepare an unlimited number of W-2 and 1099 forms if you have employees or use contractors. Any information tracked in BooksTime Self-Employed can be easily exported into BooksTime, eliminating the need to re-enter the information.

  • Discover how your accounting software can help your business grow and save you time and money.
  • Get a comprehensive review of your tax return before you file so you can be confident nothing gets missed.
  • I highly recommend QBSE to self-employed individuals who are looking for an affordable, BooksTimeive, user-friendly way to do their accounting.
  • All of these tiers are cloud-based, meaning they can be used anywhere, on any computer.
  • Also, this is an online only product, therefore it can’t be viewed or updated without an Internet connection.
  • Otherwise, it is a go-to tool for people that are starting to provide some kind of service and need to send invoices in addition to simple record keeping.

In other words, if you’re selling products rather than services, we don’t recommend BooksTime Self-Employed. All you can do with BooksTime Self-Employed is send a bland invoice with online payment options, and you’ll pay $15 a month for the pleasure. If sending basic invoices is all you need, we can recommend plenty of cheaper options. With significant capabilities for managing expenses, preparing taxes, and tracking mileage, this platform can help you automate and streamline your processes. Plus, you can easily add categories to further organize your expenses and make it simple to find business tax deductions. Once you’ve created your BooksTime account, one of the first steps you’ll want to take is to connect your bank and credit card accounts. The thing I am most fond of with BooksTime Self-Employed version is the ease of use.

BooksTime Self Employed also has a tab for taxes where it shows your quarterly and annual estimated taxes. This helps contractors ensure that they don’t fall behind in saving for and making their tax payments. Also, this is an online only product, therefore it can’t be viewed or updated without an Internet connection.

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It appears to be a minor bug which pops up every now and then, and my only hope is that they’ll get enough complaints about it to get it fixed for good very soon. I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father.

Just take a picture of a receipt, and BooksTime Self-Employed will tie it to the expenditure that it corresponds to. Receipts are saved and ready to be used when it comes time to submit taxes. Organize by snapping a picture of your receipt and then emailing it directly. The information of the transaction is entered by the program for you.

It has more advanced features, so it can track sales tax, keep track of inventory, etc. On the flipside, BooksTime Self-Employed is only a very basic bookkeeping tool. Invoicing is limited, and project management, estimates, contact management and time tracking nonexistent. The app, available for Android and iOS, automatically tracks the mileage of any trip, detecting start and end points and allowing you to label journeys as personal or business. At tax time you can export a digital mileage log and use it to satisfy IRS requirements. It’s a great way of speeding up and simplifying a rather painful and time consuming process. This is especially true when you connect BooksTime Self-Employed to its mobile app, which we liked a lot.

Benefits Of BooksTime Self

You can immediately send it to your clients, even if you’re not at home in front of your desktop. Every time you log into BooksTime Self-Employed you’ll also see when your next estimated tax payment is coming up and when the actual quarterly tax payment is due. QBSE syncs with all the major banks and online savings accounts like CIT Bank, Discover as well as PayPal, and other credit card accounts. If you’re looking for a robust accounting program with complex reports, you may want to look elsewhere.

  • The main add-on is payroll; if you bundle it with a BooksTime plan, you get a 50% discount on the payroll add-on.
  • They follow a familiar format of a left hand vertical panel containing navigation links and a large central area for information and data entry.
  • I get it, when you’re starting a business, you need to keep the recurring expenses as cheap as possible.
  • You can access a QB Self-Employed account from your computer or mobile phone.
  • In his words, “BooksTime Self-Employed is best suited for self-employed, freelancers, and solopreneurs”.

The app is pretty much a mirror of the browser version, letting you manage expenses and invoice clients on the go. Better still, the browser’s mileage calculator really comes into its own when linked to the mobile app. The ease and speed of creating and sending invoices withBooksTime Self-Employed is one of the main reasons why this is such an easy review for me to write. While most of the income that I generate an a monthly basis is of a passive variety, I’m still doing a bit of freelance work here and there to bring in some extra cash when I need it. My client receives the invoice via email, and they can make the payment directly through BooksTime by clicking on the link in the email. What’s really nice about this is the fact that I can track all of this activity from my BooksTime dashboard, and I’ll know exactly when and invoice has or has not been paid. Income and expense categories are optimized for tax purposes.

What Other Accounting Software Is Available?

A subscription to BooksTime Self-Employed Live also provides you with a review of business income by a tax expert before you file. With the Live subscription, you can also set an appointment or just contact them when you need some expert advice. BooksTime has become one of the most popular tax preparation services on the market today. Owned by BooksTime, the makers of BooksTime, BooksTime offers a variety of plans to choose from. Alternatives Looking for a different set of features or lower price point? Check out these alternative options for popular software solutions.

  • It offers basic accounting, but also helps freelancers categorize their spending so that they can quickly complete their Schedule C come tax time.
  • • Enable payments and bank transfer services to get paid faster.
  • QBSE is a web-based app and iOS app that you can access anywhere you have an internet connection.
  • Installed app in the iPhone, and link to the bank and credit card accounts, it automatically track your travel distance for business or personal, and expense for tax purpose.

Otherwise, you could get lost in a sea of questions if you try to look through their help options. Just as a quick side note, BooksTime Self-Employed does have a free 30-day trial for you to test, just in case you want to dip your toe in to see what they’re like. They only offer monthly options, but that’s great if you’re just starting out and don’t have a lot of money to spend up front.

BooksTime Self-Employed is an online accounting program that helps users take advantage of tax deductions to minimize their taxable income. Also, it allows for more convenient budgeting between employees and accountants.The program achieves these aims through a series of user-friendly features. If you have mileage to track for your company, just click Miles in the navigation bar, then click Add trip, fill in the information, and click Save. A new trip is then added to your list with the mileage deduction automatically calculated and displayed. You can just turn on mileage tracking on any trip you take and will be automatically recorded, so you can review and check mileage history later. If you find tax season is especially stressful, then this is a perfect choice for you. The price is $35 a month and in addition to the features included in the other plans, you will have the support of an experienced CPA that you can talk to whenever you need.


Each additional BooksTime Live Self-Employed federal tax filing is $199.99 and includes live on screen tax advice from a CPA or EA, and state tax filing is $44.99. However, some users do have some complaints about the application, citing long wait times for support. In addition, some people much prefer the desktop version of the software. Finances are sensitive information; the Advanced plan lets you give custom access to different groups of users. Plus, you can assign work to specific groups and create custom permission for deposits, expense reports, and sales transactions. Luckily, the Advanced plan lets you save time by batching your invoices and expenses.

BooksTime self employed review

QBSE helps you save money on taxes by logging and categorizing your business miles for different trips. It also points out things you may want to address, transactions to review, and deductions to be aware of.

BooksTime Small Business Vs BooksTime Self

However, QBO might be too expensive or too difficult to use if you’re a sole proprietor. It’s important that you classify the mortgage or rent payment as a personal expense so that it’s not deducted for tax purposes. BooksTime owns both BooksTime and BooksTime, so both plans add BooksTime access to your existing Self-Employed features. The Live plan also gives you live tax support from BooksTime accountants. In the Reports section, you can review your profit and loss statement, which summarizes your income and expenses to inform you of your profitability. You can also view your Tax Summary, which shows your taxable business profit and totals for Schedule C deductions. Moreover, you can access a Tax Details section which lists transaction information by category.

BooksTime self employed review

Because they are advertised to freelancers, you would assume they have time-tracking, but they don’t. This is something we hope they add in the future so that freelancers could quickly track their hours and bill via the program. BooksTime allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts. You can easily monitor and manage your expenses with The BooksTime Self-Employed app, which has built-in receipt scanning to assist you in.

Each one increases in price while including all of the features from the previous tier, and then some. The opinions expressed on are our personal opinions and for general informational purposes only. If you’re just starting out, I’d recommend this program before online bookkeeping getting a more complex one. It’s just not worth the learning curve for something smaller. BooksTime Self-Employed allows additional information such as income tax rates for specific income levels, self-employment tax rates, and tax laws to be changed in the Chart of Accounts menu.

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Most of the entry screens offer detailed information that explains exactly what the program is asking for and more importantly, why it’s necessary. An excellent knowledge base is also available to further explain any details that you may not understand.

BooksTime self employed review

When reviewing transactions I see a nice button that says “Create rule” so I hit it. In a very helpful way it asks, would you like to automatically categorize all transactions from vendor A as category Z. I then see a little notification that says X number of transactions were automatically categorized, which I’m very excited about because it seems to be making my life easier, yay! And this wasn’t just a fluke, I had been going along like this for several transactions, vendors and categories until I noticed they were all screwed up.

Kathy Yakal has been writing about PC applications since 1983, when she joined the editorial staff of COMPUTE! She began specializing in financial solutions in 1989, writing a newsletter for CPAs who were exploring the use of personal computers in their firms. Since then, she has contributed to numerous print and web-based publications, including Barron’s and Kiplinger’s Personal Finance Magazine. BooksTime BooksTime Self-Employed also doesn’t handle sales taxes. You can’t prespecify a variety of tax rates, and there’s no integration with a sales tax service such as Avalara. You have to manually calculate any sales taxes due and, worse, include them as line items.

Author: Christopher T Kosty