Self-employed people make up 10.1 percent of the total US labor force, and according to the US Bureau of Labor Statistics, there were 15 million people classified as self-employed in 2015. This particular demographic includes those who run their business day-to-day by doing virtually everything themselves, which includes their books. The new Invoicing App for the Self-Employed from Intuit (NASDAQ:INTU) was designed to simplify and expedite the payment process by adding invoicing functionalities to the QuickBooks Self-Employed web and mobile app.
According to Intuit, small business customers who use QuickBooks online have been getting paid 15 days earlier on average. The online platform allows owners to create, send and track the invoices with greater efficiency which has resulted in faster payments. This includes integration with many different online retailers and applications, such as Etsy and QuickBooks App for Mac. With that in mind, the company is extending this functionality for self-employed users so they can leverage the technology to get similar results.
The Web QuickBooks Self-Employed solution was launched in January, 2015, and according to Intuit, it has helped users save 10 percent of their annual income with tools designed to manage their finances and save money at tax time. In designing this application, QuickBooks wanted to give people that are self-employed a platform that was easy to use with a mix of simplicity and functionality so business owners can focus on their core business, not their invoicing.
A Look at the New Quickbooks Invoicing App for the Self-Employed
Some of the features include:
You can create and send professional invoices no matter where you are without having to worry about the right form or how to fill out the invoice. Using your smartphone, iOS or Android, you can fill out all the necessary information and send it to your customers.
Once it is delivered, you can keep track of all your invoices with a summary of what has been sent so you can quickly see any outstanding payments.
Online Payment Options
The app also allows you to accept online payments, so you won’t have to deal with the inconvenience of a check and having to go to the bank. You have the option of asking your customers to pay with credit cards or e-check directly from the invoice.
Automatic Mileage Tracker
The app uses you phone’s GPS to automatically track miles so you can deduct business related transportation to maximize your tax deductions.
Mobile Expense Tracker
Use your phone to log in and separate your business and personal expenses.
Easy Receipt Attachment
Keeping track of receipts is a headache, and no matter how hard you try, some of them always manage to get lost. With this app you can use your phone’s camera to take a picture as soon as you get the receipt and attach it to a business transaction. This ensures you always have a digital copy you can access anytime.
Quarterly and Annual Tax Estimating
The QuickBooks Self-Employed app adds all your expenses for you, and if you get the optional TurboTax bundle, it will export your Schedule C to TurboTax so you can pay your taxes online.
You can subscribe for a free 30-day trial, after which you will be prompted to subscribe for the monthly auto-renewing subscription. You have the option of getting the QuickBooks Self-Employed version for $9.99, or the QuickBooks Self-Employed Tax Bundle, which includes TurboTax Home and Business for $16.99.