B2B Payments

QuickBooks Cash To Help SMBs Manage, Predict Cash Flow

With Intuit's QuickBooks Cash, a new business bank account feature, small- to medium-sized business (SMB) owners will have an easier time managing finances, the company said in a press release.

QuickBooks Cash has a finance planning application that the company said will help SMBs plan for the future, with 90-day cash flow predictions, including guesses on when invoices will likely be paid.

In addition, the service offers a new debit card linked to the company's QuickBooks account that can let users spend from their QuickBooks cash balances. There will be an Envelopes feature letting businesses set aside money for a specific purpose to make sure they don't spend what they should be saving and letting them section off funds into categories for how money needs to be spent.

QuickBooks Cash will offer a 1 percent interest rate, higher than the usual rate of .04 percent, the release stated, and there will be free instant deposits allowing users to skip the wait for incoming funds to clear.

Rania Succar, senior vice president with QuickBooks Capital and Payments, said SMBs "face unique challenges in the management of their finances — too often, they have to track and manage their money inflows and outflows through multiple solutions, which can lead to increased fees and wasted time," according to the release.

"Small businesses need an all-in-one banking platform that helps them holistically manage and plan their finances, affordably and efficiently," she said in the release. "QuickBooks Cash delivers what current business accounts don’t — a banking experience that enables small businesses to accept payments, pay teams and vendors — with automatic reconciliation for easy financial management."

In the release, QuickBooks touted the ability to combine its various features, including ones for payments, payroll and accounting, to help create a seamless, one-stop shop for businesses.

Intuit, the maker of QuickBooks and other programs like TurboTax and Mint, posted an 8 percent decline in revenue for the third quarter, which ended April 30. The decline was because of the pandemic's effects on worldwide revenues and business, according to the company.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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