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Intuit and Stella & Dot to Simplify Finances for Over 40,000 Stylists and Designers Across North America
QuickBooks Self-Employed Helps Thousands of Direct Sellers Manage Business Expenses and Tax Obligations Throughout the Year
Intuit Inc. (Nasdaq: INTU), and Stella & Dot, a global fashion accessories brand and social selling company, today announced that they are working together to offer Stella & Dot Independent Business Owners in the United States and Canada the ability to manage their finances and tax obligations with QuickBooks Self-Employed (QBSE). The agreement between Intuit and Stella & Dot also applies to KEEP Collective, a Stella & Dot sister brand focused on personalized accessories. Today, more than 360,000 self-employed individuals worldwide use QuickBooks Self-Employed to track their business finances and understand their tax obligations throughout the year.
Stella & Dot Independent Stylists and KEEP Collective Independent Designers are a part of the booming direct sales industry, contributing to the larger, overall trend of self-employment globally. Intuit forecasts that independent workers, which include direct sellers like Stella & Dot Stylists and KEEP Collective Designers, will make up 43 percent of the American workforce and 45 percent of the Canadian workforce by the year 2020. Additionally, according to the Direct Selling Association, 5.3 million people were building independent businesses as direct sellers in the United States alone last year. Similarly, in Canada, the Direct Sellers Association states there are 882,000 direct sellers who drive $792 million in revenue.
“I’m always concerned about my taxable income and making sure that I can keep as much of my money that I work so hard for,” explained Erin Reckner, Stella & Dot Stylist and user of QuickBooks Self-Employed through the Stella & Dot partnership. “QuickBooks Self-Employed is perfect because it helps me be more efficient and is super user friendly. The mileage tracking feature alone is worth it compared to how I used to track mileage. It’s become a part of my daily routine, whereas I used to wait until tax time and look back through planner notes, calendars and mapped miles – a horrendous and time consuming process. QBSE has been a huge time saver, and my accountant is happier with me too, because it’s not such a frenzy at tax time now.”
QuickBooks Self-Employed helps untangle business and personal expenses, uncover potential deductions and provide insight into tax obligations through the following features:
- Expense Tracking: Business and personal expenses are easily categorized by swiping left or right on in the mobile app, making it easy and fast to track every potential deduction. Users find on average $4,340 in potential tax savings per year, cutting their tax bill by up to 36 percent. In total, QuickBooks Self-Employed has uncovered over $1.1 billion in potential deductions.
- Mileage Tracking: Track mileage automatically with a mobile phone and categorize trips with a swipe. QuickBooks Self-Employed helps users identify potential vehicle deductions and prepare for tax time. Users log an average of $7,393 in potential mileage deductions per year, finding an average 45 percent more potential deductions by logging miles.
- Receipt Snap: Snap a photo of a receipt with the mobile phone app and automatically create a transaction with the receipt attached. If a transaction already exists, Receipt Snap will automatically attach the receipt to that transaction.
“While being self-employed means different things to different people, one thing holds true for all: the opportunity to create a business that suits your individual needs,” said Cassie Divine, vice president and business leader of Self-Employed Solutions at Intuit. “But we also know the freedom and opportunity that comes with being self-employed can bring uncertainty around financial management and tax compliance. QuickBooks Self-Employed offers the tools direct sellers need to effectively manage their businesses, provide line of sight into their financials and also potentially uncover thousands of dollars in tax deductions.”
For more information about QuickBooks Self-Employed, please visit https://quickbooks.intuit.com/self-employed/.
About Stella & Dot
Stella & Dot is a boutique-style jewelry and accessories company reinventing the home-based, flexible entrepreneurship opportunity for the modern woman through its social-shopping business platform. Stella & Dot offers its on-trend, celebrity and editorial-coveted product line exclusively through a growing network of trained independent consultants (“Stella & Dot Independent Stylists”) across North America, the United Kingdom, Germany, Ireland and France. With a mission to give every woman the means to style her own life, Stella & Dot celebrates the collective spirit and recognizes its leaders through executive training, exclusive sales rewards, and a community that gives back at home and abroad. Stylists earn sales commissions by selling at private in-home Trunk Shows and online with a best-in-class and innovative technology platform. For more information, visit www.stelladot.com.
About KEEP Collective
KEEP Collective is an innovative charm concept on leather wrap bracelets, metallic bangles and necklaces exclusively sold by KEEP independent consultants (“KEEP Collective Independent Designers”) online and at in-person Design Sessions where friends can gather to create their personalized piece and share what each charm means to them. The concept was inspired by the desire to help people celebrate their one of a kind life and keep what they love close at hand. The extensive collection of charms includes inspirational phrases, Greek letters, sports, hobbies, birthstones and expressions of faith. The exclusive and chic charms are designed in Sausalito, California by an award-winning design team with prestige jewelry experience. Each charm is keepsake quality and prices start at just $7. The range of fashionable bands and charms create a broad set of styles that appeal to everyone from a young college-aged woman ready to sell a neon wrap bracelet to her sorority sisters, to a new grandmother interested in helping her friends create a keepsake to represent their growing families. For more information, visit www.keepcollective.com.
About Intuit Inc.
Intuit Inc. is committed to powering prosperity around the world for consumers, small businesses and the self-employed through its ecosystem of innovative financial management solutions.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. QuickBooks Self-Employed provides freelancers and independent contractors with an easy and affordable way to manage their finances and save money at tax time, while Mint delivers financial tools and insights to help people make smart choices about their money.
Founded in 1983, Intuit serves 42 million customers in North America, Europe, Australia and Brazil, with revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.