QuickBooks Online Innovations Fuel New Era of Global Small Business Success
October 25 2016 - 8:30AM
Business Wire
Intuit Helps Small Businesses Get Paid More
Quickly, Boost Cash Flow and Save Time Organizing Finances
Intuit Inc. (Nasdaq:INTU) is rolling out a suite of product
innovations designed to fuel the next wave of worldwide small
business success at the third annual QuickBooks Connect
conference.
Small business owners used to have to know how accounting worked
in order to get the most out of accounting software. Intuit has
flipped the equation. Today, QuickBooks Online does the work,
configuring itself to meet the unique needs of each individual
small business, making it easy to do the books – even for those
with no accounting experience. Small businesses using QuickBooks
Online can instantly see how their business is performing, get paid
on average 15 days faster and free up on average 11 hours a
month.
“In today’s rapidly changing world, small business success
depends on having the confidence to quickly adapt to take advantage
of new opportunities,” said Sasan Goodarzi, executive vice
president of Intuit’s Small Business Group. “Small businesses that
run on QuickBooks Online are more confident they will succeed next
year, in five years and ten years from now. That’s because
QuickBooks Online helps them get paid more quickly, boost their
cash flow and save time organizing their finances. At Intuit, we’re
continuing to innovate so that we can fuel the next generation of
small business success.”
Getting Paid More Quickly
It takes 28 days for the average small business to get paid, and
64 percent of small businesses have invoices that go unpaid for 60
days or more. However, small business owners who use QuickBooks
Online get paid twice as fast as those who don’t. To take things to
the next level, Intuit is planning to deliver:
- Apple Pay Integration –
QuickBooks Online will be the first small business accounting
solution to integrate Apple Pay, giving small business owners a
fast, secure way of accepting payment from their customers.
Customers will be able to view and pay an invoice with a single
touch without having to spend time searching for their wallet and
finding the right card. Every transaction on a customer’s iPhone or
iPad will require Touch ID – Apple’s fingerprint identity sensor –
authentication or passcode, helping small businesses avoid fraud
and decrease chargebacks.
- Expansion of PayPal Partnership
– Intuit and PayPal are building on the success of an existing
partnership by delivering deeper functionality to small businesses.
A new feature will allow small businesses to send an invoice from
QuickBooks Online and seamlessly accept payment from their
customers through PayPal.
- Follow The Money With SmartInvoice
– This new feature is all about helping people get paid in
days, not weeks. SmartInvoice will notify small businesses about
what’s happening with their invoices every step of the way, so that
they know immediately when a customer views an invoice, and when a
deposit is made.
Tackling the Cash Flow Crunch
Small business owners understand the importance of managing
their cash flow. In fact, 87 percent say that managing cash flow is
critical to long-term success. However, factors such as
seasonality, unpredictable customer demand, or a desire to invest
in new growth opportunities make it tough for small businesses to
access the cash they need when they need it.
By leveraging the power of their QuickBooks data, small
businesses can tackle the cash flow crunch. The QuickBooks
Financing platform allows small businesses to use the power of
their QuickBooks data to demonstrate their credit worthiness,
streamline the application process, and significantly shorten the
loan processing time, from weeks to as little as one business day.
To date, small businesses have secured more than $500 million in
credit through QuickBooks Financing.
Intuit is helping small businesses leverage the power of their
own data to make decisions:
- AMEX Working Capital Integration
– Small businesses who need a short-term loan to pay a vendor
will benefit from a deep integration with AMEX Working Capital,
which will provide short-term loans directly within QuickBooks
Online. Small businesses will be able to access loans between
$1,000 and $750,000 to pay vendors and get more time to even out
cash flow. One single fee will be associated with each loan term,
including: 30-day: 0.5 percent; 60-day: 1.0 percent; 90-day: 1.5
percent.
- A Reimagined QuickBooks Financing
Platform – QuickBooks Financing gives small businesses the
ability to use their QuickBooks data to apply for the full spectrum
of credit offerings including, short and long term loans, lines of
credit, invoice financing and Small Business Administration loans.
In addition to AMEX Working Capital, Intuit is adding BlueVine’s
Flex Credit to the platform. Flex Credit is particularly well
suited to new small businesses. To be eligible for financing,
businesses only need to have been in business for six months and
have minimum annual revenue of $60,000.
Saving Time and Staying Organized
Small business owners want to know where they stand, but many
are too busy juggling competing demands to devote time to analyzing
their business. In fact, 81 percent of small business owners say
they are too busy with other tasks to take the steps to improve
their money management, and 78 percent say they can’t grow their
business as fast as they would like because of cash flow management
issues.
QuickBooks Online makes it easy to get insights into business
performance because it automates much of the time-consuming data
entry once associated with bookkeeping. In fact, customers save on
average 11 hours a month by using QuickBooks Online, 83 percent are
more confident about their financial data, and 72 percent say they
are more efficient.
To make it even easier for small businesses to seamlessly sync
their data and understand their business performance, Intuit will
be delivering:
- Google Integration – 56 percent
of QuickBooks Online users also use Google Calendar. A new
integration imports data seamlessly from Google into QuickBooks
Online, making time-tracking and billing a breeze. Small businesses
can also now access QuickBooks Online through G Suite (formerly
Google Apps for Work) and sign on using their Google
credentials.
- Stay Organized With AutoExpense
– QuickBooks automatically balances the books by matching
income and expenses with the correct category so users don’t have
to. In fact, by learning how a user runs their business, QuickBooks
categorizes over 70 percent of a small business’ transactions,
saving users time and making it easier to prepare for tax
season.
- Money Insights At The Click Of A
Button – QuickBooks seamlessly connects all of a small
businesses’ accounts in one place, automating the flow of data so
that business owners have a simple, integrated view of how money
flows in and out of their business. With QuickBooks Online, small
business owners can see if they are making money in one tap.
“Our strategy is paying off when you look at the fundamental
improvements to the offerings, the addition of QuickBooks
Self-Employed in the UK and Australia, and year two of a QuickBooks
Self-Employed and TurboTax Online bundle. These will fuel our small
business customer growth especially through the second half of the
year,” said Goodarzi.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions
that simplify the business of life for small businesses, consumers
and accounting professionals.
Its flagship products and services
include QuickBooks® and TurboTax®, which make it
easier to manage small businesses and tax preparation and
filing. Mint provides a fresh, easy and intelligent way
for people to manage their money, while Intuit's
ProConnect brand portfolio includes ProConnect
Online, ProSeries® and Lacerte®, the company's leading
tax preparation offerings for professional accountants.
Founded in 1983, Intuit had 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.
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Intuit Inc.Steve Sharpe, 650-224-2362Stephen_Sharpe@intuit.comorAccess Emanate
CommunicationsJen Garcia, 415-844-6244jgarcia@accesspr.com
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