SMALL BUSINESS ADVICE

Intuit Unveils QuickBooks Money Redefining Small Business Finance

Focused_Product_Launches
  • Intuit has introduced QuickBooks Money, an all-in-one payments and banking solution tailored for small businesses.
  • QuickBooks Money is a refined version of the "Money by QuickBooks" service launched in 2021.
  • A report by PYMNTS Intelligence reveals that 65% of medium-sized businesses spend 14 hours per week on administrative tasks, emphasizing the need for automation and digital tools.

Intuit, a leading global technology platform, has recently introduced QuickBooks Money, an all-in-one payment and banking solution that comes with no monthly fees or minimum balance requirements. This innovative offering empowers small businesses by providing them with complete control over their finances from anywhere.

While QuickBooks Money may seem like a new addition, it's actually a refined version of the previously launched "Money by QuickBooks" service from 2021. The revamped solution comes with enhanced features, including a web experience and additional banking and invoicing capabilities. Intuit's future plans for QuickBooks Money include granting subscription-free access to other QuickBooks small business solutions such as bill payment, in-person payments, and lending.

With QuickBooks Money, small and medium-sized businesses (SMBs) can offer their customers a variety of payment options, including Google Pay, Apple Pay, or Venmo, in addition to traditional methods. Transactions can be settled on the same day, ensuring fast access to cash while also allowing businesses to track their income and expenses. This updated solution consolidates two other Intuit-owned financial services, QuickBooks Checking and QuickBooks Payments, into one seamless offering.

David Talach, Senior Vice President of the QuickBooks Money Platform at Intuit, commented,

QuickBooks Money represents an incredible opportunity to expand the reach of our fintech platform and give more small businesses access to powerful cash flow management tools.

[Source: PYMNTS]

A recent report titled "Tapping the Payments Opportunity in SMB Retail," by PYMNTS Intelligence, underscores the significance of digital payment adoption and the use of modern solutions for SMBs survival and meeting evolving customer expectations. The report highlights that a substantial 65% of medium-sized businesses spend 14 hours per week on administrative tasks related to payment collection. Automation and digital solutions are poised to make an immediate impact in streamlining these processes.

Intuit has long been recognized for its suite of products, including Quickbooks, TurboTax, Credit Karma, and Mailchimp. On September 6, 2023, the company also introduced Intuit Assist, a generative artificial intelligence (AI) tool designed to assist its small business customers.

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