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Use QuickBooks Customer Support and -Self Employed for an LLC

QuickBooks Customer Support
There are different versions, when it comes to using QuickBooks, and the assistance for them is duly provided by QuickBooks Customer Support. Some of the most common versions include the likes of QuickBooks Desktop, QuickBooks Online, QuickBooks Enterprise and so on. Among these options, is the package which is better known as QuickBooks Self-Employed. It may be noted that this software comes with limited functionalities, as compared to other versions such as QuickBooks Premier or Pro.

Introduction

There are different versions, when it comes to using QuickBooks, and the assistance for them is duly provided by QuickBooks Customer Support. Some of the most common versions include the likes of QuickBooks Desktop, QuickBooks Online, QuickBooks Enterprise and so on. Among these options, is the package which is better known as QuickBooks Self-Employed. It may be noted that this software comes with limited functionalities, as compared to other versions such as QuickBooks Premier or Pro.

It depends on several factors, as to which software is the preferred one for a user. For instance, the number of parties that they wish to grant confidential access to, inventory features, auditing features etc, all should figure in the decision of which software to use. Of course, in case they have issues with understanding the features of some of the more complex software, they will have to rely upon QuickBooks Customer Support.

In case the user is looking for a much simpler software, an alternative option is the Self-Employed version. 

Some of the features on QuickBooks Self-Employed include the following:

  • Tracking and organizing the income of the business as well as its expenses.
  • Managing data quickly in correspondence with online banking.
  • Get estimations of federal quarterly tax payments quickly
  • Easily access form a mobile app, and this is synchronizable with a web browser.

Who is QuickBooks Self Employed

QuickBooks Self Employed.

In case you are an independent businessman or contractor, you may be best suited for the use of QuickBooks Self Employed. The plan is mainly designed to be flexible, and accommodate the requirements of micro-enterprise. A micro-enterprise may be primarily defined as a business whose net worth is limited within a certain dollar valuation, is mostly operated by not more than a single person, and is locally situated. 

Thus, QuickBooks Self-Employed is colloquially considered to be suitable for people who work in the “Shared Economy”. In other words, they need to file a Schedule C with their tax return, and certainly do not use a payroll. For more features and guidance, there is always the option of turning to QuickBooks Customer Support.

QuickBooks Self-Employed has not traditionally been used for accounting purposes by larger businesses. The exception is of course the case of Single Member LLC’s, under specific circumstances.

What is an LLC?

Limited liability company (LLC)

This is a term which is used for companies and institutions in the United States. A limited liability company combines the taxation model of a partnership along with the protection that is provided to individual assets.

It is typically assumed that LLCs make use of versions such as QuickBooks Desktop, QuickBooks Premier or QuickBooks Enterprise. Among other features, this is also because they enjoy streamlined guidance by way of QuickBooks Tech Support, or QuickBooks Enterprise Support, QuickBooks Customer Support.

How is a limited Liability Company 

Different from a Corporation?

The limited liability company shall not considered to be a separate entity. In other words, it is not an autonomous institution which is considered to behave as a unit in its own right. The profits and losses are passed on to the individual members of the company. The individual members report these returns as a part of their tax filings based on their annual reports. Although, the individual members shall not be held liable beyond a certain amount for the proceedings (whether profit-making or otherwise) of the company. Their responsibility is generally considered to be equivalent to the amount of their investment in the company.

How is a Limited Liability Company different from a self-employed business entity?

Self Employed business Entry.(QuickBooks Customer Support)

 A self employed person is not only the owner of his or her company. He or she is also the sole operator of the company. Naturally, all the profits/ losses, as well as taxes of the company are co-incident with the personal revenues of the entrepreneur. This is different from the concept of a limited liability company. The latter is likely to have its own structure of directors, as well as managers. They shall also be separated by function from the shareholders of the company.

Can you use QuickBooks Self-Employed for a Limited Liability Company?

The short answer is that yes, you can use QuickBooks Self-Employed for a Limited Liability Company.

QuickBooks Self-Employed is a simplified accounting and bookkeeping software primarily designed for freelancers, independent contractors, and sole proprietors. However, it can also be suitable for small businesses structured as LLCs, especially if the LLC is a single-member LLC or has a relatively simple financial structure. In case you have any issues with the technical side, you can rely upon the assistance of QuickBooks Technical Support.

Here are some things to consider when using QuickBooks Self-Employed for your LLC:

If you need to Support CLICK HERE👉: QuickBooks Premier

Read More📚: Common Quickbooks Errors and their Solutions 

  1. Single-member LLC: QuickBooks Self-Employed is particularly well-suited for single-member LLCs, where the business finances are relatively straightforward and can be managed along with personal finances.
  2. Business Structure: If your LLC has multiple members or more complex financial needs, you might need more advanced accounting software like QuickBooks Online or QuickBooks Desktop to manage the complexities of the LLC’s financial transactions.
  3. Features: QuickBooks Self-Employed offers basic features for tracking income and expenses, estimating taxes, and creating simple financial reports. It may lack some of the features required by larger or more complex LLCs.
  4. Tax Reporting: QuickBooks Self-Employed can help you estimate and track your taxes, but it’s important to consult with a tax professional to ensure that you’re accurately reporting and paying the appropriate taxes for your LLC.
  5. Integration: While QuickBooks Self-Employed is designed to work well for sole proprietors and freelancers, you might find limited integrations with certain business tools and software commonly used by more complex LLCs.

Before deciding to use QuickBooks Self-Employed for your LLC, consider the complexity of your LLC’s financial transactions and reporting requirements. If your LLC has multiple members, employees, complex transactions, or requires in-depth financial reporting, you might want to explore other versions of QuickBooks like QuickBooks Online or QuickBooks Desktop. It’s also a good idea to consult with an accountant or financial professional to determine the best accounting software for your specific needs.

Besides, if the structure as well as the requirements of the company are relatively small, the management might decide to keep the investments made minimal. In this case, it makes sense to go for QuickBooks Self-Employed for the company as a whole.

If you need to Support CLICK HERE👉: QuickBooks Payroll

Will there be issues later if QuickBooks Self-Employed is used for an LLC?

The main issue that one can foresee, is if the management of the company is ambitious, and they are attempting to scale the business. Once the business starts increasing its sales substantially, and draws in several investors, QuickBooks Self-Employed might not be sufficient for the operations of the company. In that case, an upgrade to a more efficient version, with advanced functionalities, will become imminent.

The moment an LLC needs to use a payroll, the use of QuickBooks Self-Employed will become redundant for the purpose. Consequently, if the user requires more assistance, they will have to go to QuickBooks Payroll Support, which is available for all the more advanced versions.

What are the absolute limitations of using QuickBooks Self-Employed with an LLC?

The following features (or lack of them) makes the version a problematic one, when it comes to 

use by enterprises which are larger than a single proprietor:

  • Mingling of the business account with the personal account. The confusion that this would cause, would simply make it inoperable in the case of a business which has at least a few executives on board.
  • Lack of robust financial reporting features, in the case of accounts payable as well as receivable. QuickBooks Self-Employed is only able to provide the profit and loss statement. In the case of a larger company, this might not be adequate by way of financial reporting. More serious parameters might be required, such as the balance sheet, the inventory tracker and so on.
  • It lacks the feature of bank reconciliation. For several accountants, this would be a blasphemous lack, as there is no way to check incorrect bank entries, and rectify them if so required. 

If you need to Support CLICK HERE👉: QuickBooks Enterprise

Read More📚: When would you use progress invoicing in QuickBooks?

Conclusion

It may be understood that QuickBooks Self-Enterprise is useful for an LLC, only if the LLC is run by a single proprietor. As far as the operations are concerned, the customer may turn to QuickBooks Customer Support. Alternatively, it might be suitable if the scale of operations of the company is extremely small, and the management does not involve several people. While there is nothing which technically prevents the usage of the version; In case the company plans to grow beyond its present size, it may find several issues with making use of the respective version.

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