We told you back in January about Intuit's intention to offer a new QuickBooks Online version specific to solopreneurs. Intuit defines Solopreneurs as one-person businesses, like sole proprietors or single-member LLCs (Schedule C tax filers), whose business is their primary source of income.
Even though many solopreneurs participating in the ‘Gig economy’ were using QuickBooks Self-Employed, Intuit recognized an opportunity to better serve the needs of many of these customers who wish to manage their day-to-day books. Intuit began offering QuickBooks Solopreneur earlier this spring and they have since discontinued sign-ups to QBSE.
At the time of this article's publication, Intuit is offering QuickBooks Solopreneur at a 90-day new subscriber rate of $6.00 per month, with the rate set for $20.00 upon expiration of that initial introductory period1.
QuickBooks Solopreneur is designed for one-person businesses, including those that use 1099 contractors. It includes easy-to-use organization, tax, and growth-focused tools to help achieve financial stability.
There is also a simplified setup of QuickBooks Solopreneur, along with added flexibility and productivity tools.
While QB Solopreneur users will appear to be using single-entry bookkeeping in order to make things simple for them, when QuickBooks ProAdvisors open a Solopreneur's Company file within their QuickBooks Online Accountant, the books will appear as double-entry accounting, and you can make adjustments accordingly. The books are actually maintained in double-entry format, but appear in the simpler format on the front-end for the Solopreneur.
The redesigned transaction management tools in QuickBooks Solopreneur automatically separate business and personal transactions using predetermined categories for easy review; this helps maximize tax deductions.
Solopreneur includes improved features, new tools to help drive growth, and more accessible connections to other QuickBooks services and tools. One of those connections is with TurboTax. In fact tax filing capabilities are built into Solopreneur and are powered by TurboTax to assist these users in 'Schedule C' Form 1040 preparation, which is the most appropriate (and common) tax filing made by sole proprietors and single-member LLCs.
This means businesses using QuickBooks Solopreneur can add additional services2 and ultimately experience a more seamless upgrade if and when they grow into another level of QuickBooks Online. For example they can add the ability to accept payments, or open a business bank accounting earning better-than-market-average interest rates.
QuickBooks Solopreneur offers several key features experienced through the users’ mobile devices, including mileage tracking.
Intuit footnote(s):
1 - rates subject to change. (Note: Insightful Accountant is not responsible for any changes to the current or future rates of this product which are set by Intuit. Insightful Accountant has no control over Intuit's product rate structure.)
2 - additional fees will apply.
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