Intuit recently announced the launch of a new product, QuickBooks Online Self-Employed, which has been designed to make it easy for the rapidly expanding population of freelancers and independent contractors to simplify their finances.
This new product was developed in part as a result of research conducted in partnership with Emergent Research in which their Intuit 2020 Report projects that 43% of the US workforce will operate a self-employed business by the the start of the next decade.
Alex Chriss, vice president and general managers of Self-Employed Solutions at Intuit said, "...we are expanding the QuickBooks Online (QBO) ecosystem with a new product that is tailor made to meet the needs of a new type of entrepreneur operating in a new economy.”
QuickBooks Online Self-Employed enables freelancers, independent contractors and home-based entrepreneurs to:
- Connect accounts: Import bank and credit card transactions to easily track income and expenses with no data entry required. This feature saves a ton of time and hassle, helps users track all of their income and spending from all of their banks in one place, and improves accuracy immensely over typing by hand.
- Categorize by click: Mark a transaction as “business” by simply clicking a button, or swiping a finger across a mobile app, letting entrepreneurs instantly categorized IRS Schedule C deductions.
- Stack up savings: Track deductions all year round to help entrepreneurs save time and money. QuickBooks Online Self-Employed can track the income from sales when those payments reach the bank.
- Simplify taxes: Calculate estimated quarterly and year-end taxes so there are no surprises in April. QuickBooks Online Self-Employed can help make sure users pay their self-employment and federal income tax on earnings as quarterly estimated tax payments. However, at present QuickBooks Online Self-Employed doesn't support sales tax, or any state-level tax, and also doesn't connect directly with of those tax agencies. One user said, "QuickBooks is easy to use. Personally, it has simplified my life and taken the worry out of estimating my taxes."
- Count on security: Be confident that bank-grade encryption protects information, keeping it safe and secure. Millions of people securely connect their banks and credit cards using Intuit products.
Since launching in beta in the fall of 2014, QuickBooks Online Self-Employed has helped entrepreneurs track over $50 million in business expenses, helping them save money on their taxes and simplify their financial lives.
For more information about QuickBooks Online Self-Employed, click on one of the links in this article.