Intuit, Etsy Partner to Simplify Accounting and Tax Prep for Sellers

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QuickBooks Self-Employed Subscribers Identify an Average of $4,340 in Potential Tax Savings Annually

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- 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.

Intuit Inc.
Steve Sharpe, 650-224-2362
stephen_sharpe@intuit.com
or
Access Communications
Jen Garcia, 415-844-6244
jgarcia@accesspr.com

Source: Intuit Inc.

Released August 11, 2016