Features and Benefits of QuickBooks Self-Employed
Intuit® is expanding its commitment to put money back in the pockets of one segment of an accountant's clients: hard-working self-employed people.
Self-employed people represent the fastest-growing segment of the workforce. Intuit research shows that full- and part-time freelance workers have grown from 6 percent of the workforce in 1989 to 34 percent today, and are expected to make up 43 percent of the workforce by 2020.
The rapid rise of self-employment has exposed gaps in the existing supports and infrastructure. Self-employed people don’t have access to many of the benefits enjoyed by traditional employees – everything from tax withholding, to health care, and retirement savings plans.
QuickBooks® Self-Employed was built from the ground up specifically to help the self-employed overcome these obstacles with an easy and affordable way to manage finances and save money at tax time. Since first launching in January 2015, QuickBooks Self-Employed has boosted the bottom line of users, helping them get back 10 percent of their annual income:
- Tax Savings: users find on average $4,340 in potential tax savings per year. These deductions could cut their tax bill by 36 percent. In total, over $1.1 billion in potential deductions have been found using QuickBooks Self-Employed.
- Mileage Deductions: users log an average of $7,393 in potential mileage deductions per year, and find on average 45% more potential deductions by logging miles. In total, users have logged over $125 million in potential mileage deductions.
- Home Office Deductions: users find an average of $819 in potential home office deductions each year. In total, users have found over $39 million in potential home office deductions.
“From drivers, to designers, to management consultants, there’s a new movement of people embracing the opportunity to be their own boss,” said Alex Chriss, vice president and head of Self-Employed Solutions at Intuit. “At Intuit, we’re committed to putting money back in the pockets of hard working self-employed people around the world. We want to celebrate self-employed people for taking control of their lives, finding new opportunities to supplement their income, and owning their financial future. QuickBooks Self-Employed is tailor-made to help this new generation of entrepreneurs maximize their potential.”
The Next Phase of Empowering the Self-Employed Movement
During QuickBooks Connect 2016, Intuit outlined the next phase of serving this growing segment with global launches of the QuickBooks Self-Employed mobile app and new features that make it easier for self-employed people to manage their cash-flow.
- Getting Paid More Quickly: One of the best ways to boost cash-flow is to ensure money owed comes in on time and as expected. That’s why Intuit has added web and mobile invoicing functionality so that users can easily create a professional invoice with a few clicks within the mobile app, and then immediately send it to a customer. The new feature includes SmartInvoice, which notifies users about what’s happening with their invoices every step of the way, so that they know immediately when a customer views and pays an invoice.
- Tax Deductions at the Click of a Button: Thanks to a seamless integration with TurboTax Online, QuickBooks Self-Employed users in the US can avoid tax-time surprises and maximize their deductions. QuickBooks Self-Employed auto-categorizes IRS Schedule C deductions so that users can file quarterly and year-end taxes in TurboTax with the click of a button.
- Activating Intuit’s Accountant Network: Intuit is also delivering integrating QuickBooks Self-Employed and QuickBooks Online Accountant, dramatically streamlining the process for self-employed people to work with an accountant, bookkeeper or tax professional. Read more about the QuickBooks Online Account Integration here.
- Mobile-First Global Expansion: Self-Employed people around the world are on-the-go, and need to be able to keep tabs on their business at a moments’ notice. That’s why Intuit is building on the US success by launching the QuickBooks Self-Employed mobile app in the UK and Australia, with other countries to follow soon. The full-featured app enables freelancers to create and send invoices, automatically track and log mileage, and keep a record of every receipt with a quick snap of the phone camera.