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I was in conversation here 2 weeks ago about Quick Books Self Employed version lacking proper accounting features.
It appears to be a Tax Return aid rather than accounting software - and yet it is advertised and marketed as Accounting Software.
In the conversation RhoiceW from Quickbooks did acknowledge that QBSE does not provide sufficient accounting information to be accepted by HMRC if they requested accounts from a Self Emloyed Business and seems to say that QBSE would not "comply with HMRC's Making Tax Digital (MTD) regulations." (see screenshot below).
Here is the thread: https://quickbooks.intuit.com/learn-support/en-uk/other-questions/re-is-qbse-just-a-tax-return-aid-n... which appears to have been removed from the list of 'Other Questions' here on the forum.
However nobody from Quickbooks has replied to my questions following that, and I am therefore asking again:
Can someone from Quickbooks please give a clear and straight yes/no answer to the following questions:
Is QBSE a software that can honestly fit this definition "Accounting software is a computer program that assists bookkeepers and accountants in recording and reporting a firm’s financial transactions."?
Or is it not actually a proper accounting software, and is actually just a tax return aid?
Thank you.
Can someone from Quickbooks please give a clear and straight yes/no answer to the following questions:
Is QBSE a software that can honestly fit this definition "Accounting software is a computer program that assists bookkeepers and accountants in recording and reporting a firm’s financial transactions."?
Or is it not actually a proper accounting software, and is actually just a tax return aid?
Thank you.
Can someone from Quickbooks please give a clear and straight yes/no answer to the following questions:
Is QBSE a software that can honestly fit this definition "Accounting software is a computer program that assists bookkeepers and accountants in recording and reporting a firm’s financial transactions."?
Or is it not actually a proper accounting software, and is actually just a tax return aid?
Hi there, JSSE.
I can see that you've posted twice in this forum, which my colleague Aldren18 has answered.
To view his response, check out this link: https://quickbooks.intuit.com/learn-support/en-uk/other-questions/re-is-qbse-just-a-tax-return-aid-n...
The Community team is always here to help if you have follow-up questions about QuickBooks Online Self-Employed (QBSE). Just drop a reply below, and we'll get back to you.
Hello CamelleT,
Thanks. Yes - I posted several times because nobody from Quickbooks responded for a month and the thread seemed to be getting hidden on the forum.
I can see that Aldren18 has replied 7 minutes before you posted this.
Thanks for posting the link here because it was difficult to find the other thread. The forum doesn't seem very well laid out or user friendly.
I responded to Aldren18 but have received no response in a week.
Hello Aldren18,
If QBSE was able to help "bookkeepers and accountants manage and report financial transactions seamlessly" as you claim, it would need to have Categories that are relevant to the business - QBSE does not give that option.
RhoiceW has already confirmed in this thread above that QBSE "helps them in preparing tax returns. But this will not fully satisfy or provides HRMC request for more detailed financial information if your business needs complex accounting features since QBSE only has basic features."
However, what Rhoicew is calling 'complex accounting features' are actually standard features required of a business accounting software. (ie categories relevant to the business).
If QBSE would not satisfy HMRC as business accounts (as already confirmed by RhoiceW) - how can you claim that it helps "bookkeepers and accountants manage and report financial transactions seamlessly"?
There seems to be a lack of clarity and understanding of what business accounting requires and a lack of transparency between Quickbooks/Intuit and their customers and also between Quickbooks representatives.
You also claim that "QBSE is designed for freelancers and independent contractors, enabling them to manage their income and expenses. It includes essential features such as receipt tracking, expense categorization, and report generation."
How can it effectively manage a business income and expenses without categories relevant to the business?
How can you claim that "It includes essential features such as receipt tracking, expense categorization, and report generation." when it does not? (not in a way that makes it relevant to the business and therefore useful as an accounting software and acceptable by HMRC as business accounts - as RhoiceW has already stated above).
QBSE does not provide effective expense categorisation as you claim - have you used it?
Please respond:
If QBSE was able to help "bookkeepers and accountants manage and report financial transactions seamlessly" as you claim, it would need to have Categories that are relevant to the business - QBSE does not give that option.
RhoiceW has already confirmed in this thread above that QBSE "helps them in preparing tax returns. But this will not fully satisfy or provides HRMC request for more detailed financial information if your business needs complex accounting features since QBSE only has basic features."
However, what Rhoicew is calling 'complex accounting features' are actually standard features required of a business accounting software. (ie categories relevant to the business).
If QBSE would not satisfy HMRC as business accounts (as already confirmed by RhoiceW) - how can you claim that it helps "bookkeepers and accountants manage and report financial transactions seamlessly"?
There seems to be a lack of clarity and understanding of what business accounting requires and a lack of transparency between Quickbooks/Intuit and their customers and also between Quickbooks representatives.
You also claim that "QBSE is designed for freelancers and independent contractors, enabling them to manage their income and expenses. It includes essential features such as receipt tracking, expense categorization, and report generation."
How can it effectively manage a business income and expenses without categories relevant to the business?
How can you claim that "It includes essential features such as receipt tracking, expense categorization, and report generation." when it does not? (not in a way that makes it relevant to the business and therefore useful as an accounting software and acceptable by HMRC as business accounts - as RhoiceW has already stated above).
QBSE does not provide effective expense categorisation as you claim - have you used it?
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