Intuit (NASDAQ: INTU) immediately unveiled a collection of recent options for QuickBooks aimed toward serving to small companies that work with freelancers and unbiased contractors. And it may well doubtlessly make life simpler for these contractors as nicely.
New QuickBooks 1099 Options
The options, that are routinely accessible with each model of QuickBooks, together with QuickBooks on-line, let companies ship employment and tax kinds to contractors inside the QuickBooks software program, to allow them to acquire the related data with out having to print and scan precise paper kinds. And it lets contractors extra seamlessly and securely share their data as nicely.
Small companies have gotten more and more reliant upon contract staff, with Intuit estimating that 43 p.c of the U.S. workforce will probably be made up of contractors by 2020.
Tad Milbourn, chief of the contractor ecosystem at Intuit, mentioned in a telephone interview with Small Enterprise Tendencies, “We have already got this nice performance for small companies, and this nice performance for self-employed people. However till now they primarily functioned individually. Now, we will really join these two teams and assist each of them work extra effectively.”
Right here’s the way it works. Inside the QuickBooks dashboard, there’s an possibility on the sidebar known as “Staff.” That part contains each staff and contractors. Within the contractors subtab, you possibly can invite a brand new contractor just by coming into their identify and electronic mail tackle. As soon as the contractor receives your invitation through electronic mail, they’ll be directed to QuickBooks Self-Employed, the place they will log in in the event that they have already got an account or join a free account. From there, they’ll be walked by the method of filling out a W-9 type. As soon as that’s accomplished, their data will probably be routinely up to date to the small enterprise’s information inside QuickBooks.
Then throughout tax season, companies can rapidly verify by their Staff part to make sure they’ve all of the required data for his or her 1099 kinds, which have to be despatched out to contractors by January 31 yearly. You possibly can even e-deliver these to contractors inside QuickBooks and file them instantly with the IRS.
All of this eliminates the necessity for companies and contractors to ship paper paperwork forwards and backwards or scan paperwork to ship through electronic mail once they have delicate data like Social Safety numbers included. It might probably additionally merely make the method transfer a bit quicker for each events. And since time is such a worthwhile asset for each small companies and the contractors they work with, this straightforward new characteristic might doubtlessly make an enormous distinction for all events concerned.