Intuit is adding a new invoicing functionality to its QuickBooks online product for independent contractors.
The cloud accounting software provider said users of QuickBooks Self-Employed can now track unpaid invoices on the platform's web and mobile apps -- a feature previously available only on QuickBooks Online.
Intuit first launched the self-employed version 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 comingled business and personal finances.
Intuit continued to sharpen its focus on independent contractors throughout 2015. Last February Intuit inked deals with TaskRabbit, Fiverr, Uber, Lyft and UpCounsel to provide discounted QuickBooks Self-Employed to those platforms' contract workers. The company later added eBay, FlexJobs, Incorporate.com, Kelly Services, Moonlighting and NAHREP to its list of partner companies.
Then last September Intuit announced the launch of Workforce, a product designed to help companies find, manage and scale their on-demand talent.
All signs indicate that Intuit has chosen the on-demand economy as its primary new frontier. The company has cited data that suggests 7.6 million Americans will work regularly in the on-demand economy by 2020, accounting for roughly 11 percent of US contractors.
So far the platform has been a huge success for Intuit. In its most recent earnings report, Intuit said QuickBooks Self-Employed ended the fiscal year with 85,000 subscriptions, versus just 25,000 the previous year.