The tool offers user-friendly features to assist solopreneurs in managing their finances, setting trackable goals, handling business expenses for tax readiness, and fostering financial confidence, all within a single platform.
As per the Intuit QuickBooks Entrepreneurship in 2024 Report, there is a growing trend of solopreneurs as more individuals opt to work independently. Nearly a quarter of US consumers intend to start a new business in 2024, with two-thirds believing that entrepreneurship is a viable path to personal wealth, surpassing the traditional route of homeownership.
Representatives of QuickBooks highlighted the challenges faced by solopreneurs and the role of QuickBooks Solopreneur in addressing these challenges. Solopreneurs, individuals running one-person businesses, often find themselves in a critical phase where they require better insights into their business operations to achieve financial stability. QuickBooks Solopreneur is specifically designed to cater to the needs of these one-person businesses by providing a user-friendly and simplified solution, eliminating the necessity for complex accounting tools.
The platform enables solopreneurs to gain a comprehensive understanding of their finances, efficiently manage day-to-day operations, and prepare for tax obligations. By offering these capabilities, QuickBooks Solopreneur empowers solopreneurs to navigate their business journey at their own pace, fostering growth and stability.
Consolidate financial records: Access transaction management tools that automatically categorise business and personal transactions for easy review. Connect bank accounts and import spreadsheet data to gain a complete operational view. Additionally, users can effortlessly track mileage, generate customised invoices and estimates, access reports, and more.
Utilise insights for informed decisions: Easily monitor income, expenses, and profits through simple reports and dashboards to maintain real-time cash flow control. Users can establish trackable goals, access insights, and receive actionable recommendations to make informed business decisions and achieve objectives.
Simplify tax obligations: Stay prepared for tax obligations throughout the year with tools that automatically track miles via the QuickBooks mobile app, enabling accurate categorisation of business trips for tax deductions. Users can seamlessly transition from financial records to tax filings directly within QuickBooks, and access expert assistance through QuickBooks Live Assisted Tax, powered by TurboTax, for confident filing.
The solopreneur community also includes side-giggers, individuals who run their own businesses alongside their day jobs. These individuals often set financial milestones before committing to full-time entrepreneurship. Over half of America’s side-giggers plan to maintain their day jobs until their side business generates USD 50,000 – USD 100,000 in earnings, with one in three (33%) currently earning less than USD 25,000. QuickBooks Solopreneur caters to both aspiring and existing solopreneurs, assisting them in reaching financial milestones at any stage of their business journey.
Drawing from the experience gained through serving self-employed business owners with QuickBooks Self-Employed since its launch in 2015, QuickBooks Solopreneur delivers an enhanced experience with additional flexibility and productivity tools tailored for solo entrepreneurs. Moreover, QuickBooks Solopreneur will soon offer a seamless experience across the QuickBooks ecosystem to meet the evolving needs of solopreneurs, including transitioning to QuickBooks Online and accessing other QuickBooks tools and services.
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