Intuit, the developer of QuickBooks software launched QuickBooks Cash, a no-fee business bank account. QuickBooks cash determines the overall financial complexities in small businesses and reduces the necessary efforts of the small business owners. QuickBooks with the use of its fintech experience helped its customers to get more than around $1 billion in SBA-funded PPP loans. SBA loans are provided to small businesses impacted by COVID-19 to aid small business finance exploitations.

Rania Succar, Senior Vice-president, QuickBooks Capital, and Payments, Intuit stated The small businesses face unique daily challenges whether it is about finance management or transactional flows. This grants nothing but increased fees and time consumption. Small business owners need a compact banking platform to manage and plan their finances and to run their business efficiently. QuickBooks cash is the much-needed tool for small businesses as it delivers what the current small business needs- a banking experience that enables small businesses to accept payments, pays teams, and vendors — with automatic reconciliation for easy financial management. The companies that have better capital have better advantages and this is what QuickBooks Cash provides. QuickBooks Cash will help small businesses to manage cash with powerful insights and financial management to accelerate their growth”.

The major aim was to enable small business owners and self-employed workers to carb the use of AI in order to ease commerce, develop performance metrics, and automate back-office operations. The 2019 Intuit’s QuickBooks Connect conference announced some of the major QuickBooks AI integrations and QuickBooks Cash is one of them. QuickBooks Cash is a no-fee (no account opening fee, no maintenance fee, minimum balances, or overdraft fee) business bank account provided by Green Dot Bank that pays only 1% interest when it is used with QuickBooks software or mobile applications.

Quickbooks Cash Anatomy

QuickBooks Cash is created to falsify outdated transactional barriers while helping small businesses to boost their efficiency. With the help of Machine Learning, QB Cash helps to predict finances and update business requirements at the expense of least time consumption. Not restricting the advancements of small businesses, QuickBooks Cash allows high-yield interest rates, ML-based insights to predict cash flows, and a tool that can calculate the overall budget of the small businesses. A physical debit card is also available that helps businesses spend from their QuickBooks Cash balance and free instant deposits.

QuickBooks Cash along with its payment, payroll, and accounting services can also integrate with QuickBooks Online to remove transactional latencies in the businesses. The small businesses can calculate the cash flow, the total money, and expenses of the businesses with the help of the cash flow dashboard. QuickBooks Cash uses machine learning to analyze the financial data, predict business needs over the next three months, and also provides regular business alerts.

QuickBooks Cash includes:

1. QuickBooks Debit Card: A physical debit card that enables small businesses to pay using their QuickBooks Cash balance.

Quickbooks Debit card

2. Envelope: Using envelope the small businesses can directly partition funds into quarterly taxes, or employee bonuses.

Using Envelopes

3. Free instant deposit: Free instant deposit provides immediate access to payments of expenses in QuickBooks cash account.

4. High-Yield interest rate: This allows customers a high-yield interest rate of 1%, 1 — 25 times higher than the average rate of .04%3 on all balances.

5. Cash flow planner: This helps to create and have a look at the dashboard view of the overall business finances which clarifies the outgoing and incoming money.

Quickbooks Cash Flow

6. Integrations: QuickBooks Cash integrates across QuickBooks Online platform giving the overall money view which is automatically reconciled and accounted for in QuickBooks file.

7. Bill Pay: With bill pay, small businesses can manage their money, schedule vendor payments, and reconcile their finance books automatically.

In 2019, Intuit announced to infuse QuickBooks with AI to transform the small business functions which could further help small business owners to track expenses, manage cash flow, and improve performance ratio. Apart from QuickBooks Cash, here are a number of additions.

1. QuickBooks Capital: Using machine learning, QuickBooks Capital provides loans to small businesses as well as assess business risks.

quickbooks capital

2. Receipt Capture:  Receipt capture integrates with QuickBooks to take data from receipt, create new transactions, and perform receipt-entry in QuickBooks.

3. QuickBooks Online Accountant Business Performance Dashboard: This tool is specifically designed for accountants. It helps in providing metrics and trends in accounting as well as ensure exact accounting ratios for the accountants.

4. QuickBooks Payment: QuickBooks Payment uses Artificial Intelligence to create invoices and to customize them. It allows instant payments.

5. Advanced Reporting: QuickBooks Online Advanced also has certain updates that automate workflow and transactions, providing advanced reporting to ease the small business workload.

Advanced reporting

QuickBooks Cash is the savior amidst COVID-19

QuickBooks Cash is a real business booster when combined with powerful insights and management strategies by small businesses. At the time of COVID-19 when the businesses are beating around the bush to maintain stability, QuickBooks Cash is helping businesses to maintain their financial expenditures and remove business voids.

By removing the physical efforts to visit local banks or establishing an account, the business can easily set up an account with some digital clarifications instead of paperwork. The businesses can acquire online subscriptions and simplify their business needs using QuickBooks Cash.