Integration Provides On-demand Marketplaces with an Automated
Financial Solution for Their Independent Contractors
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Today, Intuit is releasing a new integration for marketplaces using
Stripe for payment processing, that will enable the growing number of
on-demand workers – freelance drivers, delivery-people and other
independent contractors – to automate tax reporting via the new
QuickBooks Online Self-Employed product.
According to research conducted by Intuit and Emergent Research, 43
percent of the U.S. workforce will operate as a self-employed business
by 2020. While self-employment can offer benefits like flexibility, it
can also leave independent contractors on their own to navigate
complicated legal and financial tasks like managing tax withholdings.
Together, Intuit and Stripe are taking the guesswork out of the process.
With this new integration, on-demand marketplaces can give their users
the free benefit of having their income data flow securely into
QuickBooks Online Self-Employed, so that they always have a clear
picture of their tax obligations and can easily track deductions, such
as business expenses and mileage. Since launching in beta in the fall of
2014, QuickBooks Online Self-Employed has helped entrepreneurs track
over million in business expenses, helping them save money on their
taxes and simplify their financial lives.
This integration is available today to all marketplaces using the Stripe
platform to pay their independent contractors. An example is HourlyNerd,
an on-demand consulting platform made up of over 7000 experienced
professionals, which uses the Stripe platform. Independent contractors
working on the HourlyNerd platform will receive:
A free version of the new QuickBooks Online Self-Employed software,
enabling them to easily track income, expenses, and tax obligations.
The ability to seamlessly send their data from QuickBooks Online
Self-Employed into TurboTax Online, speeding the process of completing
“While the expanding on-demand economy is making it easier for millions
of individuals to find work, it’s also exposing new hardships in the
form of tracking net income, managing individual expenses, and paying
quarterly taxes. The integration between QuickBooks Online Self-Employed
and Stripe enables on-demand marketplaces to provide a tremendous and
free benefit to their independent contractors to help ease this tax
complexity,” said Alex Chriss, vice president and general manager of
Self-Employed Solutions at Intuit. “Marketplaces are focused on creating
efficient interactions for consumers by leveraging fleets of independent
contractors –now they can offer these contractors a product that is
laser focused on improving their financial lives.”
“We’re thrilled to see Intuit build such a powerful tool on top of the
Stripe platform,” said Cristina Cordova, head of strategic partnerships
at Stripe. “Marketplaces on Stripe can integrate in minutes, and unlock
a beneficial service to their contractors without any additional hassle
or involvement on their end.”
“We have thousands of consultants on our platform and always hear that
one of their biggest pain points is organizing all of their income
sources at tax time,” said Patrick Petitti, CEO and co-founder of
HourlyNerd. “Stripe’s integration with Intuit introduces a robust
business management tool and will save our consultants a ton of time and
In addition to the free version, independent contractors will have the
option of connecting additional bank and credit card accounts to benefit
from the full feature set of QuickBooks Online Self-Employed all year
Key features include:
Connect accounts: Import supported bank and credit card
accounts to easily track income and expenses with no data entry
Categorize expenses: 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, helping to keep it safe and secure.
For more information about QuickBooks Online Self-Employed please visit https://selfemployed.intuit.com/oa.
If you’re an on-demand economy marketplace, please visit: https://selfemployed.intuit.com/platforms/.
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
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 .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.