43% of US Workers Will be Self-employed by 2020, Led by Growth in
On-demand Economy
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
Intuit Inc. (Nasdaq:INTU) is
launching QuickBooks Online Self-Employed, a new product that makes it
easy for the rapidly expanding population of freelancers and independent
contractors to simplify their financial lives.
Research conducted as part of the Intuit 2020 Report, in partnership
with Emergent Research, projects that 43 percent of the US workforce
will operate as a self-employed business by 2020, led by an increase in
the on-demand economy, such as ride-sharing, peer-to-peer rental,
project-based job platforms, and online retail platforms. QuickBooks
Online Self-Employed is specifically designed to make it easy for these
freelancers to manage business and personal finances, handle taxes
throughout the year, and meet compliance requirements.
“As the on-demand economy continues to expand, there will be
unprecedented income opportunities for freelancers. But this work comes
with a host of new challenges: co-mingled and confusing business
expenses, quarterly and year-end tax headaches, and a general lack of
visibility into their ‘real income’,” said Alex Chriss, vice president
and general manager of Self-Employed Solutions at Intuit. “That’s why 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.”
“The on-demand economy gives entrepreneurs the option to operate
independently while leveraging shared platforms and services,” said
Steve King, partner at Emergent Research. “The transformative impact of
this model of entrepreneurship is producing ripple effects across the
labor force and the regulatory environment. QuickBooks Online
Self-Employed is anticipating these trends and removing potential
roadblocks for a rapidly expanding new class of worker.”
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.
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Categorize by click: Mark a transaction as “business” by simply
clicking a button, or swiping a finger across a mobile app, letting
entrepreneurs instantly categorize IRS Schedule C deductions.
-
Stack up savings: Track deductions all year round to help
entrepreneurs save time and money.
-
Simplify taxes: Calculate estimated quarterly and year-end
taxes so there are no surprises in April.
-
Count on security: Be confident that bank-grade encryption
protects information, keeping it safe and secure.
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, please visit selfemployed.intuit.com.
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®, Quicken®
and TurboTax®, which make
it easier to manage small
businesses and payroll
processing, personal
finance, and tax
preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its fiscal year
2014. The company has approximately 8,000 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.
Source: Intuit Inc.