Intuit is scaling down its QuickBooks platform to create a new version of the accounting tool geared toward the self-employed.
Typically used by small business owners, QuickBooks offers a bevy of tools to control and monitor finances. With the aptly named QuickBooks Online Self-Employed iteration, all of the essential tools and services were rebuilt with the appropriate tax details and compliance requirements needed for the likes of freelancers and independent contractors.
For instance, the platform can be used to connect financial accounts, track deductions and calculate taxes. It can also be used to organize comingled business and personal finances.
"As the on-demand economy continues to expand, there will be unprecedented income opportunities for freelancers. But this work comes with a host of new challenges: confusing business expenses, quarterly and year-end tax headaches, and a general lack of visibility into their 'real income'," said Alex Chriss, VP and GM of Self-Employed Solutions at Intuit.
While the slice of the pie may seem small, Intuit is banking on the self-employed market to be a reliable driver of growth. According to data from its Intuit 2020 Report, the company predicts that 43 percent of the US workforce will operate as self-employed within five years.