Anyone not keeping up with Intuit’s rapid changes and improvements may have been caught off guard by the replacement of QuickBooks Self-Employed with QuickBooks Solopreneur. This change left me with many questions.
What's driving this change?
How does it differ from QuickBooks Self-Employed?
What are its features and limitations?
What are the implications for both current and prospective users?
WHY THE CHANGE
Intuit’s commitment to helping small businesses succeed is the driving force behind the change. As a one-person business grows, so do their needs. QuickBooks Solopreneur was designed to deal with those growing needs. It was built on the same platform as other QuickBooks Online products so that upgrading can be done through a seamless conversion reducing the risk of data loss.
Now let’s look at some of the differences between QuickBooks Solopreneur and QuickBooks Self-Employed.
SOLOPRENEUR VS SELF-EMPLOYED
Compared to QuickBooks Self-Employed, QuickBooks Solopreneur offers several notable enhancements. It introduces features like sales estimates, auto sales tax with a dedicated sales tax report, and customizable sales forms. Additionally, it offers the ability to accept payments via PayPal, Venmo, and Apple Pay in addition to the ACH and credit/debit card options available in QuickBooks Self-Employed.
Another significant addition is the availability of QuickBooks Checking. This provides some amazing benefits, including no minimum balance or monthly fee, free same-day deposits with QB Payments, free transfer in/out to external accounts, and 5% APY on funds in savings envelopes.
Personally, I appreciate the focus on business growth goals within Solopreneur. The ability to set targets, receive actionable suggestions, and track progress directly from the dashboard is invaluable for entrepreneurs. Additionally, the seamless transition to QBO ensures that as businesses expand, they can continue to benefit from robust financial management tools without losing any data along the way.
Now let’s discuss all the features QuickBooks Solopreneur includes and where we can expect future enhancements.
FEATURES
QuickBooks Solopreneur includes features aimed at driving growth and financial stability for one-person businesses. From streamlined bank imports to the ability to separate business and personal expenses, it covers a wide range of essential tasks.
Users can create estimates and invoices, customize them to fit their brand, manage customer lists, and even track mileage automatically. Moreover, QuickBooks Solopreneur handles sales tax calculations, estimates tax payments, and provides insightful profit and sales reports. It also seamlessly integrates with QuickBooks Payments and QuickBooks Checking, offering added convenience.
As already mentioned, the platform includes tools for setting business growth goals, complete with suggested actions and progress tracking directly from the dashboard, and the seamless transition to QuickBooks Online the business has outgrown QuickBooks Solopreneur.
LIMITATIONS
However, QuickBooks Solopreneur does have its limitations. Notable omissions include accountant access and the ability to customize the chart of accounts. Users also won't find options for attaching or capturing receipts within the platform, nor can they manage payroll or track assets and liabilities. Furthermore, QuickBooks Solopreneur lacks the capability to generate reports on personal income and expenses, which may be a drawback for some users.
Although these limitations are not ones I expect to change, there are some enhancements and additions I do expect to happen.
FUTURE DEVELOPMENTS
QuickBooks Solopreneur most likely will include futures enhancements such as a vendor list, the ability to add names to imported transactions, and more robust features for tracking estimated tax payments. This conclusion is based on my discussions with Intuit support, features originally listed, and sections already included in QuickBooks Solopreneur.
Other features I would like to see included are reports for personal transactions, receipt capture, and receipt attach. Although I have no indication this will happen, it would greatly enhance its functionality and usability and am hopeful they will be considered in the future improvements.
IMPLICATIONS
Current Self-Employed Subscribers
Current subscribers to QuickBooks Self-Employed can continue their subscription for now. Although we don’t know when, we do know that QuickBooks Self-Employed will eventually be discontinued. For this reason, it is my opinion that making the switch now is the best course of action. Although none of the data in QuickBooks Self-Employed would be available in QuickBooks Solopreneur, there are features to import data in spreadsheet form.
New Solopreneur Subscribers
New subscriptions to QuickBooks Self-Employed are no longer being offered to new users. New users will need to subscribe to QuickBooks Solopreneur.
Price
$20/month or $240/year
(Current Promotion - 50% off first three months, $120 for first year, or 30-day free trial)
IN SUMMARY
Intuit's commitment to supporting small businesses is evident by their actions. They continue to make improvements based on the needs of their users, from one-person businesses to large enterprises, accounting firms, and other practitioners. QuickBooks Solopreneur is just one example. With continued development, it has the potential to become an indispensable asset for solopreneurs everywhere.
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