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Migrating from QuickBooks Self-Employed (QBSE) to QuickBooks Online (QBO) can significantly enhance your business’s financial management capabilities. While QBSE is designed for freelancers and independent contractors with basic bookkeeping needs, QBO offers a more robust set of features suitable for growing businesses. Here’s everything you need to know about making the switch.
QuickBooks Online provides comprehensive financial management tools that are not available in QuickBooks Self-Employed. With QBO, you can manage accounts payable, handle multiple income streams, and create detailed financial reports. These features allow for better financial oversight and more informed decision-making.
As your business grows, your accounting needs become more complex. QBO is designed to scale with your business, offering advanced features such as inventory management, time tracking, and project profitability tracking. These tools help you manage your business more efficiently and prepare for future growth.
QBO offers advanced invoicing capabilities, including customized templates, scheduled invoices, and automated payment reminders. It also integrates seamlessly with QuickBooks Payments, allowing you to accept various payment methods such as credit cards, ACH transfers, and mobile payments. This integration streamlines your payment processing and helps improve cash flow.
See how QuickBooks Online differs from other accounting software.
QuickBooks Online provides detailed tax reporting and preparation features that surpass those in QBSE. With QBO, you can track sales tax, manage 1099 contractors, and generate tax-ready reports. These features simplify tax preparation and ensure compliance with tax regulations.
QBO integrates with various tax software, making it easier to prepare and file your taxes. This integration ensures that your financial data is accurately transferred to your tax software, reducing the risk of errors and saving time during tax season.
QuickBooks Online is cloud-based, allowing you to access your financial data from any device with an internet connection. This flexibility is especially beneficial for business owners who need to manage their finances on the go. You can also grant access to your accountant or other team members, facilitating collaboration and ensuring everyone is on the same page.
With QBO, your financial data is updated in real-time, giving you an accurate and up-to-date view of your business’s financial health. This real-time visibility helps you make informed decisions and respond quickly to changes in your business environment.
Before migrating, it’s essential to download all your financial reports from QuickBooks Self-Employed. This includes your tax details, profit and loss statements, and mileage logs. Having these reports ensures you have a backup of your data and can reference them during the transition.
To migrate your data to QBO, follow the steps provided in QuickBooks. Go to Settings, select “Upgrade,” and choose the plan that suits your business needs. You can either bring your data over or start fresh. If you bring your data, you’ll need to categorize open transactions and mark paid invoices. This process ensures that your financial records are accurately transferred to QBO.
After transferring your data, you can customize your QBO account to fit your business needs. This includes setting up chart of accounts, connecting bank accounts, and configuring payment methods. QBO offers various resources and support to help you with this setup, ensuring a smooth transition.
Explore the benefits of using QuickBooks Online for small business accounting.
If you’re ready to transition to QuickBooks Online, whether you’re coming from QuickBooks Self-Employed, other software, or starting fresh, Paygration can help. We provide exclusive discounts, consultation, and ongoing support to ensure you get the most out of QuickBooks Online. Talk to our experts today at 866-949-7267 or click the link below to get started.
Just register for the free trial below and we will send you everything you need to evaluate QuickBooks Online including 30-day access, the full 76-page QuickBooks Online Guide (details everything that you can do in the software) plus the video training library. Free end-to-end consultation and support are included so if you need any help along the way, just let us know!
