Intuit and Etsy Join Forces to Make Accounting Easier for Sellers
Intuit, the maker of TurboTax, QuickBooks, and other online accounting products, has partnered with Etsy to help sellers manage their business finances. Crafters and vintage item resellers on Etsy will now have access to QuickBooks Self-Employed, allowing them to quickly see their cash flow, expenses and profits.
The data collected from Etsy will immediately be streamlined into the QuickBooks system, so users will not have to manually enter information on their sale. The data is categorized by profit and loss to provide a quick snapshot of the health of the business.
Etsy sellers will not get a free account through QuickBooks Self-Employed, but they will get a significant discount on the price. In addition, sellers can receive a special tax bundle that utilizes the power of TurboTax and QuickBooks. With this, sellers can pay their estimated quarterly taxes and year-end taxes quickly and easily online. Approximately 45% of Etsy sellers said tax preparation is challenging for them, so having access to this system could help them avoid the cost of hiring an accountant to manage their financials.
According to Intuit, QuickBooks Self-Employed has saved users an average of $4,340 a year in taxes since its launch in January 2015. This includes an average of $819 in home office tax deductions, which could have significant value for online sellers working through Etsy.