Intuit, maker of the popular QuickBooks platform, estimates that nearly one-third of small businesses in the United States pay at least one freelancer.
To make life easier for small and medium sized businesses, the company added two new features to its 1099 preparation in QuickBooks Online (QBO). All QuickBook Online customers will now have access to an updated data entry system, and will be able to send contractor tax forms directly to the IRS electronically.
“We realized that collecting necessary tax information from independent contractors or freelancers was becoming an increasing pain point for our small business customers,” said Tad Milbourn, Intuit’s contractor ecosystem leader. “So now, we’ve added two new features: one is adding a way small business owners can collect necessary tax information from their contractors. And the second one is that we’ve taken on the task of electronically delivering tax documents to both the IRS and those contractors.”
Users of QuickBooks Online can now send contractors an email with a link to the QuickBooks platform. The contractor enters their personal information through a secure form, and the system updates the freelancer’s profile. This system ensures that everyone’s data is in sync.
Freelancers who work with other people that use QuickBooks Online can share their information without having to enter it again.
Once a user prepares a 1099 in QuickBooks, the form is filed with the IRS through Intuit. The company will even print and deliver a copy of the forms to independent contractors, saving businesses a trip to the post office.
The QuickBooks dashboard will have a separate tab that allows business owners to manage each employee as well as their payroll information.
Those who will need training related to the new feature and QuickBooks in general can attend the Fox Cities SCORE QuickBooks training program. The program will last four sessions, and be presented on Wednesdays at 6pm from February 7-28. The training program will be hosted at New Horizons on Grande Market Drive.
News of the new feature comes just one day after Parlevel announced integration with QuickBooks accounting software. The company’s vending management software can now transfer data directly into QuickBooks.
The new feature eliminates the need to export financial data from the platform’s VMS into the QuickBooks accounting package.
Parlevel’s VMS monitors micro markets, vending machines and office coffee invoices, and generates precise numbers regarding taxes, revenues, costs of the goods sold, commissions and more.
Ashley Reno, director of software at Parlevel, says QuickBooks integration was one of the most requested features the company received.
“This release will help ease a common pain felt by vending, coffee, and micro market operators,” she said. “Simplifying accounting and bookkeeping processes is yet another checkpoint in the Parlevel mission to help operators accomplish their goals and run successful businesses.”
The integration feature works with both the cloud and desktop versions of the QuickBooks software. The company plans to add new integrations in the future, with hopes of giving users more control over their operations and helping them save time.