Intuit QuickBooks is committed to providing powerful tools and resources to help small businesses and accountants thrive without added stress. Contractor Payments is QuickBooks’ newest offering, providing today’s US-based businesses with a simple and fast way to pay contractor workers.
QuickBooks Contractor Payments is available as a standalone offering, for as little as $15 per month, and also works seamlessly when combined with a subscription of QuickBooks Online or QuickBooks Online Payroll.
Currently, more than 2.2 million American businesses use contractors. These businesses need to pay their contract workers quickly and accurately to maintain a positive working relationship.
Further, these businesses need to collect W-9 information from contractors to stay compliant, and come tax season, they need to aggregate all payments made to contractors to create 1099s and file with the IRS.
QuickBooks Contractor Payments solves all these needs giving businesses with a contractor-heavy workforce the ability to effortlessly pay their workers while keeping them organized for tax time with complete confidence. Highlights of the new offering include:
Simplified Setup
QuickBooks Contractor Payments offers a simple setup where business owners can invite contractors to self-setup quickly and easily by default. By creating a free account, contractors can complete their W-9s and provide bank deposit details.
Additionally, built-in format validation powered by the QuickBooks ecosystem automates and pre-populates content to make the process as seamless as possible.
Direct Deposit
Contractors are able to set up and turn on direct deposit themselves. This means contractors can receive payment for their work as soon as the next day and that business owners can make unlimited payments to contractors.
All contractor payments automatically sync with QuickBooks Online, ensuring the business’s books are always up-to-date.
Tax Compliance
Come tax season, QuickBooks Contractor Payments completes 1099s for business owners automatically. This allows businesses to e-file to the IRS with complete confidence.
Additionally, 1099s are sent to the contractors, ensuring they are able to report their income correctly.
QuickBooks Contractor Payments costs $15 per month for up to 20 contractors. To learn more about Contractor Payments, CLICK HERE.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.