I'm new to providing bookkeeping to clients, but using QBO.
I have two clients who are self-employed (realtor, financial manager) but I was advised by customer support to use the Essentials version.
Does it matter? Or will I get the same info with either one?
What do you advise?
Solved! Go to Solution.
SE is stripped down, not even double entry, no balance sheet, no vendor management, very poor choices for the two industries you mention. Essentials should be your minimum choice. If either need to manage projects or locations you will be better off going to Plus.
When? Or when not?
Not when you have payroll
Not when you have multiple assets to manage and track
Not even when you have multiple vehicles
Not when you want to enter bills to pay later
It is even advertised by Intuit as being for the uber driver, musician, artist, other uncomplicated sole proprietor
QBSE does not allow for any new accounts (categories) to be created
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do any associated IRS forms, like home office deductions or depreciation
QBSE does not do sales tax either (not schedule C related but critical to a business)
Anyone who owns a business which is not taxed as a corporation, is self-employed, why intuit thinks there is a difference is a mystery probably based on advertising
Thank you. I have come to understand that if all they want to track is the basics for the Schedule C, then SE is helpful and more like a "tool" for completing the form. It seems pretty limited beyond that use. Appreciate your reply.
QBSE is designed for someone who uses the same bank account and/or c/card for personal and business, and has no interest in reconciling or even tracking the bank balance
Happy Thanksgiving, Mo_Latimer.
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Wishing your business continued success! Have a great day!