Intuit, Etsy Partner to Simplify Accounting and Tax Prep for Sellers
August 11 2016 - 11:00AM
Business Wire
QuickBooks Self-Employed Subscribers
Identify an Average of $4,340 in Potential Tax Savings
Annually
Intuit Inc. (Nasdaq:INTU) announced that it is partnering
globally with Etsy, Inc. to offer Etsy sellers in the U.S. and the
U.K. the ability to manage their business finances with QuickBooks
Self-Employed.
Like most entrepreneurs, Etsy sellers are responsible for
tracking, organizing and reporting their own sales and business
expenses. Often times, it is difficult to capture an accurate
snapshot of the financial health of their business, and many
sellers have questions about what to include as part of their tax
filings. In a recent Etsy survey of U.S. sellers, 45 percent
identified tax prep or accounting as very challenging. To
simplify this process, Intuit and Etsy are partnering to offer:
- Data integration – Etsy
sellers’ data will flow seamlessly into QuickBooks Self-Employed,
providing instant insights into cash flow by automatically
categorizing the data so sellers can see their real income,
including total expenses and profit.
- Special discounts – Etsy sellers
will receive a discount for QuickBooks Self-Employed. Additionally,
sellers in the U.S. can take advantage of the QuickBooks
Self-Employed Tax Bundle, which provides the ability to pay
quarterly and year-end taxes with TurboTax Online with the click of
a button.
“At Intuit, we’re on a mission to change the financial lives of
self-employed people around the world,” said Alex Chriss, vice
president and general manager of Self-Employed Solutions at Intuit.
“Etsy empowers creative entrepreneurs to discover new and exciting
ways to pursue their passions and earn income in the global
marketplace. We’re proud to help Etsy sellers keep more of that
hard-earned income in their pocket, with a tailor-made solution
that maximizes their deductions, simplifies tax time and provides
clear visibility into their cash-flow throughout the year.”
“Etsy is always looking for ways to support sellers as they
start, manage and grow their creative businesses on their own
terms,” said Morgan Blake, director of business development at
Etsy. “Almost half of Etsy sellers say accounting or tax prep is a
challenge for their creative businesses, so partnering with Intuit
provides a solution that directly addresses these time-consuming
and often confusing tasks. Our partnership with QuickBooks
Self-Employed provides Etsy sellers with an easy and affordable way
to track their sales, manage their expenses, simplify finances, and
even file their taxes so that they can devote even more time to
their craft.”
QuickBooks Self-Employed Saves Users Money
Since launching in January 2015, QuickBooks Self-Employed has
helped subscribers identify an average of $4,340 in potential tax
savings annually. In fact, QuickBooks Self- Employed subscribers
identify an average of $18,967 in potential deductions that could
cut their tax bill by 36 percent each year, including an
average of $7,393 in mileage deductions logged, and an average $819
in home office deductions.
The Rise of the Self-employed Workforce
Full- and part-time freelance workers have grown from 6 percent
of the workforce in 1989 to 34 percent today. Fueled by platforms
like Etsy and others, they are expected to make up 43 percent of
the workforce by 2020. QuickBooks Self-Employed is tailor-made to
meet their needs. Key features include:
- Separating business and personal
finances – Freelancers can import bank and credit card accounts
to easily track income and expenses with no data entry required.
They can also separate business from personal transactions by
simply clicking a button, or swiping a finger across the mobile
app.
- Delivering easy compliance and tax
prep – Expenses such as mileage, phone bill and supplies are
auto-categorized into the right Internal Revenue Service Schedule C
deductions. And features such as receipt capture make it easy to
save all the supporting documentation needed at tax time. A
seamless integration with TurboTax allows freelancers to pay
quarterly and year-end taxes online with the click of a
button.
- Improving cash flow with new
features – QuickBooks Self-Employed subscribers now have the
ability to track mileage automatically via their phone’s GPS, and
can take advantage of built-in invoicing which sends a notification
when invoices are paid and money is deposited.
For more information about QuickBooks Online Self-Employed
please visit https://selfemployed.intuit.com/.
About Etsy
Etsy operates a marketplace where millions of people around the
world connect, both online and offline, to make, sell and buy
unique goods. The Etsy community includes the creative
entrepreneurs who sell on our platform, thoughtful consumers
looking to buy unique goods in our marketplace, retailers and
manufacturers who partner with Etsy sellers to help them grow their
businesses, and Etsy employees who maintain our platform and
nurture our ecosystem. Our mission is to reimagine commerce in ways
that build a more fulfilling and lasting world, and we're committed
to using the power of business to strengthen communities and
empower people.
Etsy was founded in 2005 and is headquartered in Brooklyn,
N.Y.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions
that simplify the business of life for small businesses, consumers
and accounting professionals.
Its flagship products and services include QuickBooks® and
TurboTax®, which make it easier to manage small businesses
and tax preparation and filing. Mint.com provides a fresh,
easy and intelligent way for people to manage their money, while
Intuit's ProConnect brand portfolio includes ProConnect
Online, ProSeries® and Lacerte®, the company's leading
tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its
fiscal year 2015. The company has approximately 7,700 employees
with major offices in the United States, Canada, the United
Kingdom, India and other locations. More information can be found
at www.intuit.com.
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Intuit Inc.Steve Sharpe,
650-224-2362stephen_sharpe@intuit.comorAccess CommunicationsJen
Garcia, 415-844-6244jgarcia@accesspr.com
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