Intuit has taken the next step in solving the unique needs of the UK’s self-employed with several enhancements to its already popular QuickBooks Self-Employed offering. It has partnered with Etsy to provide sellers with the ability to quickly and easily manage their business finances. Intuit also introduced several other major product updates to QuickBooks Self-Employed, including new invoicing capabilities and a free mobile app.
For Etsy sellers, data now flows seamlessly into QuickBooks Self-Employed, providing instant insights into the sellers’ cash flow. Data is automatically categorised allowing an Etsy user to see ‘real income,’ including total expenses and profit.
“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 and simplify finances so that they can devote even more time to their craft.”
Intuit is also unveiling additional significant updates to QuickBooks Self-Employed. It’s a move designed to further simplify the self-assessment process for the almost five million freelancers and self-employed individuals in the UK. Starting today, key new features include the ability to:
- Send invoices with a few clicks – create and send invoices to get paid even faster
- Manage finances on the go – download the free mobile app and keep a handle on the business anytime, anywhere
- Track mileage automatically – track and log mileage with a phone GPS to maximise tax deductions
- Capture expenses with a snap – keep a record of every receipt with a quick snap of the phone camera
- Separate business and personal finances – easily categorise business and personal transactions with a swipe
The sharing economy is an established force in the UK and is set to be worth £43bn globally by 2020. But 38% of sharing economy users claim managing and understanding taxes is still a significant challenge. These new updates dramatically ease the pain, whether a worker is a seller on Etsy, a freelancer or contractor.
“At Intuit, we’re on a mission to change the financial lives of self-employed people around the world,” said Rich Preece, Vice President and Managing Director, Intuit Europe. “We’ve worked hard to understand and solve the issues that affect this workforce and we know that managing finances can be very overwhelming and time consuming. That’s why we’ve worked with Etsy to make it as easy as possible for its sellers as well as added great new features to QuickBooks Self-Employed, so anyone that uses the product can have confidence that their taxes are done right.”