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Etsy and Intuit Form Partnership to Benefit Online Merchants

New tech partnership is changing the way users maneuver through the ecommerce industry.

Etsy and Intuit just formed a new partnership to enable online merchants the option of exporting their own sales expense data directly into Intuit’s platform. ZDNet reports that users can now easily track their profits and losses, differentiate between person and business expenses, and take a closer look at the bookkeeping side of their online business.

“Using Quickbooks Self-Employed, sellers will be able to easily categorize fees, profits and business expenses, import sales and expense data from other channels like Square and Paypal,” said an Etsy spokesperson. “These features will provide instant insights into cash flow and capture an accurate snapshot for the financial health of their business.”

According to BizJournals, the software will run U.S. merchants about five dollars each month for 12 months or $12 each month if they use TurboTax’s service.

This is one of many Easy-Related announcements about new services. Pattern is a service that lets users design their own custom websites that are different from other Etsy shop sites. Another program called Shop Homes was also unveiled, which makes it much easier for merchants to upload items and merchandise directly to their mobile sites.

Etsy, founded in Brooklyn in 2005, now has over 55 million registered users. At any given time, there are over 250,000 active merchants on Etsy and there are over 2 million new items listed each month.

According to The Motley Fool, Etsy’s shares increased a significant 34% this past August. Etsy’s overall revenue grew to $85 million, which was fueled by a 58% increase in revenue generated from seller services.

Intuit has been busy signing deals and partnerships over the last year as well. Intuit now deals with Uber, Lyft, eBay, TaskRabbit, and many others.

This partnership between Intuit and Etsy has already helped users save approximately $4,340 in annual taxes.