QuickBooks Self-Employed, the latest iteration of cloud accounting software from Intuit, now integrates with the payment processing service Stripe.
Intuit first introduced QuickBooks Self-Employedtwo weeks ago, with a great deal of emphasis placed on the market potential for US workers that consider themselves self-employed. 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.
As for the Stripe integration, the partnership will mostly benefit on-demand marketplaces, where independent contractors are connected to clients via a marketplace (think Lyft and Airbnb). It enables the marketplace to seamlessly flow a contract worker's income data gleaned via Stripe into QuickBooks Self-Employed, giving them free access to the appropriate tax details and compliance requirements.
Cristina Cordova, head of strategic partnerships at Stripe, said the integration reflects the company's focus on its marketplaces division, which she said has been one of its core targets throughout the company's four-year history.
While certainly not a new component to the e-commerce ecosystem, marketplaces have evolved in stride with social networking and consumer shopping habits.
Cordova added that companies such as Facebook and Twitter, which are not considered marketplaces in the traditional sense, are now integrating e-commerce and payment features that nudge them into the marketplaces arena.
"Social networking platforms are now handling payments on the front end and pay outs on the back end," she said. "So a lot of companies that didn't define themselves in that marketplace bucket are finding themselves there."
The integration is available today to all marketplaces using the Stripe platform.