Payments startup Stripe is partnering with accounting and tax software firm Intuit to help small businesses and self-employed people keep better track of their finances.
The partnership will allow those working for on-demand platforms that use Stripe to make payments to connect with Intuit’s QuickBooks Online Self-Employed software. The product instantly recognises a worker’s earnings and helps them optimize their taxes with write-offs for work-related expenses, TechCrunch reported.
A lot of self-employed workers in an on-demand set up receive irregular payments from the platforms they work for, rather than the same income statements as salaried employees, and therefore find it difficult to keep track of their monthly, quarterly, or annual income. Intuit hopes that its QuickBooks software will help in this regard, and ultimately prevent people receiving surprise tax bills or fines for not keeping up with their quarterly taxes.
Stripe is offering companies like Lyft, Sidecar, Summon, Flywheel, Handy, Homejoy, and Washio, who use it as a payments processor, a free full version of Quickbooks, which usually costs $7.99. But other companies and workers can still pay for the income tracking service separately.
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