Intuit QuickBooks introduced the discharge of a brand new device to assist handle funds to 1099 staff. Known as Contractor Funds, the brand new answer is offered as a standalone providing or mixed with a subscription of QuickBooks On-line or QuickBooks On-line Payroll.
It was developed with contractor-heavy companies in thoughts. Such companies sometimes must pay their contract staff rapidly and precisely. Additional, there may be additionally the necessity to gather W-9 data from contractors to remain compliant, and are available tax season, they should mixture all funds made to contractors to create 1099s and file with the IRS. The brand new Contractor Funds device is meant to deal with all of these items.
Utilizing the brand new answer, contractors can full their W-9s and supply financial institution deposit particulars themselves, and make the most of built-in format validation powered by the QuickBooks ecosystem, which automates and pre-populates content material. The device additionally allows contractors to arrange and activate direct deposit themselves, permitting them to obtain cost for his or her work as quickly as the following day. All contractor funds routinely sync with QuickBooks On-line. Additional, Contractor Funds also can full 1099s for enterprise house owners routinely and ship them to contractors to allow them to report their revenue.
Contractor Funds is offered beginning at $15 a month.