According to New York Business Journal, the partnership will affect U.S. and U.K. Etsy merchants. Members will now be able to export their sales data, business expenses and other financial information into Intuit’s QuickBooks Self-Employed platform to better handle their finances. Etsy members will also be able to easily track their revenue streams including losses and other bookkeeping data.
At any given moment, there are more than 250,000 active sellers on Etsy, with more than 2 million new items listed each month. This new partnership will allow users to keep better track of their finances and focus more on other important aspects of business.
“Using QuickBooks Self-Employed [platform], 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. “These features will provide instant insights into cash flow and capture an accurate snapshot of the financial health of their business.”
Business Wire reports that in a recent survey of Etsy sellers, 45% said accounting and tax preparation for their business were “very challenging.” Intuit’s program will lend a hand to those users and should make the entire process easier.
“At Intuit, we’re on a mission to change the financial lives of self-employed people around the world,” said Alex Chriss, Intuit vice president and general manager of Self-Employed Solution. “Etsy empowers creative entrepreneurs to discover new and exciting ways to pursue their passions and earn income in the global marketplace. We’re port to help Etsy sellers keep more of that hard-earned income in their pocket, with a tailor-made solution that maximizes their deductions, simplifies tax time and provides clear visibility into their cash-flow throughout the year.”
Over the last few months, Etsy has continually improved their product, adding a new service, Pattern, which enables users to create their own custom websites, as well as Shop Homes, a program that allows members to seamlessly upload items to their mobile sites.