Intuit (NASDAQ: INTU) in recent years unveiled a collection of latest choices for QuickBooks geared toward helping small firms that artwork with freelancers and independent contractors. And it would almost certainly make lifestyles more straightforward for those contractors as smartly.
New QuickBooks 1099 Features
The choices, which could be automatically available with every and each fashion of QuickBooks, along with QuickBooks online, let firms send employment and tax bureaucracy to contractors right through the QuickBooks instrument, so they may be able to collect the comparable knowledge and not using a wish to print and scan exact paper bureaucracy. And it lets contractors additional seamlessly and securely percentage their knowledge as smartly.
Small firms are changing into increasingly reliant upon contract workforce, with Intuit estimating that 43 % of the U.S. body of workers could be made up of contractors by way of 2020.
Tad Milbourn, leader of the contractor ecosystem at Intuit, mentioned in a phone interview with Small Business Trends, “We already have this great functionality for small businesses, and this great functionality for self-employed individuals. But until now they mainly functioned separately. Now, we can actually connect those two groups and help both of them work more efficiently.”
Here’s how it works. Within the QuickBooks dashboard, there’s an selection on the sidebar known as “Workers.” That phase accommodates every staff and contractors. In the contractors subtab, you’ll be able to invite a brand spanking new contractor simply by getting into their name and email correspondence care for. Once the contractor receives your invitation by means of email correspondence, they’ll be directed to QuickBooks Self-Employed, where they may be able to log in within the tournament that they have got already were given an account or sign up for a loose account. From there, they’ll be walked right through the method of filling out a W-Nine form. Once that’s completed, their knowledge could be automatically up to the moment to the small industry’s data inside of QuickBooks.
Then right through tax season, firms can briefly check out via their Workers phase to make sure they’ve all the required knowledge for their 1099 bureaucracy, which should be sent out to contractors by way of January 31 once a year. You may additionally e-deliver those to contractors inside of QuickBooks and document them instantly with the IRS.
All of this removes the desire for corporations and contractors to send paper bureaucracy once more and forth or scan bureaucracy to send by means of email correspondence when they’ve refined knowledge like Social Security numbers built-in. It can also simply make the process switch quite faster for every occasions. And since time is this sort of precious asset for every small firms and the contractors they artwork with, this straightforward new feature might almost certainly make a big difference for all occasions involved.
More in: Breaking News