Intuit has introduced QuickBooks Cash, a business bank account with a high-yield interest rate. There are no account opening fees, maintenance fees, minimum balances, overdraft fees or other recurring fees associated with the account.
QuickBooks Cash, accessible from the QuickBooks suite of business services, includes a machine-learning powered finance planner, 90-day cash flow projections and predictions on when invoices are likely to be paid. The account comes with a debit card. The goal of the product is to assemble cash flow management in one place, eliminating the need to switch back and forth between banks and other solution providers.
“Small businesses 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,” said Rania Succar, senior vice president of QuickBooks Capital and Payments at Intuit, in a statement. "Small businesses need an all-in-one banking platform that helps them holistically manage and plan their finances, affordably and efficiently.”
Features include:
● The business bank account allows small businesses to manage their finances, access their cash and earn interest. QuickBooks Cash is free to open and has no minimum opening deposit, daily balance requirements or monthly service fees.
● The QuickBooks debit card enables a small business to spend from its QuickBooks Cash balance. It reconciles with QuickBooks and is linked to the QuickBooks Cash business bank account.
● Envelopes allow business owners to set aside money for specific planned or unexpected expenditures, helping ensure their future spend is not accidentally used. This means small businesses can budget and directly partition funds into categories they will need to pay — for example, for quarterly taxes, employee bonuses or supplies or materials.
● QuickBooks Cash will offer customers a high-yield interest rate of 1 percent, 25 times higher than the average rate of 0.04 percent on all balances, according to Intuit.
● Eligible small business users do not have to wait for incoming funds to clear when they’re processed through QuickBooks Payments. The instant deposit will provide immediate access to payments or money in the QuickBooks Cash account, free of charge.
● Powered by machine learning, the Cash Flow Planner within QuickBooks Cash provides a view of a business’s finances via a dashboard that indicates how much money is coming into the business and how much money is going out. The end-to-end look analyzes financial inputs to predict a business’s cash flow needs over the next 90 days, proactively alerting business owners when a cash flow concern might arise and providing recommendations for navigating the challenge.
● With bill pay available in QuickBooks Online, small businesses will be able to schedule vendor payments and manage all their money-out transactions in one place. The transactions are recorded in QuickBooks, so their books are automatically reconciled.
● QuickBooks Cash integrates across the QuickBooks Online platform, so small businesses can use the funds in their QuickBooks Cash account to accept payments and send invoices, all of which are reconciled and accounted for in their QuickBooks file for a money-in and money-out view.
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