Etsy inks integration deal with Intuit
Etsy and Intuit are partnering up to give Etsy sellers the option of importing sales and expense data directly into Intuit's QuickBooks Self-Employed platform.
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"Using QuickBooks Self-Employed, sellers will be able to easily categorize fees, profits and business expenses, import sales and expense data from other channels like Square and PayPal, and estimate their quarterly taxes," Etsy said in a blog post. "These features will provide instant insights into cash flow and capture an accurate snapshot of the financial health of their business."
Intuit's software will cost US Etsy sellers $5 per month for 12 months, or $12 per month if bundled with TurboTax.
Intuit first launched the self-employed iteration of QuickBooks in January 2015, touting the platform for its tax-specific knowhow for freelancers and contract workers -- or what it calls the on-demand economy. The platform can be used to connect financial accounts, track deductions, and calculate taxes, in addition to organizing commingled business and personal finances.
So far, the platform has been a huge success for Intuit, with subscription numbers climbing significantly each quarter.
A year ago, Intuit inked deals with TaskRabbit, Fiverr, Uber, Lyft, and UpCounsel to provide discounted QuickBooks Self-Employed to those platforms' contract workers. Earlier this year, the company added eBay, FlexJobs, Incorporate.com, Kelly Services, Moonlighting, and NAHREP to its list of partner companies.
As for Etsy, the Brooklyn-based crafts vendor is working to rebound after a rough 2015. The company recently integrated with PayPal and rolled out promoted listings for a revenue boost.
Today's Intuit partnership is another way Etsy is trying to hold on to current sellers and keep new ones signing up. Intuit says QuickBooks Self-Employed has helped users identify an average of $4,340 in annual tax savings, which is likely to appeal to many of Etsy's small businesses artisans.