It’s no news that the ongoing pandemic has taken a huge toll on businesses worldwide, with SMBs bearing the brunt more than ever.
Putting this into consideration, Intuit QuickBooks has come up with a new set of accounting software tools to support and keep small businesses afloat.
The key new add-ons include:
In addition to this, a few bells and whistles have been added to give construction SMBs and accounting firms stellar functionality.
For better understanding, according to a research conducted by ONS Businesses Demographic, more than half of SMBs—specifically 58%— failed within their first five years of inception; that was before the ongoing pandemic. Intuit claims that the newly added features will help reduce this greatly.
How is this viable? Intuit says by making digital the heart of each's business.
Also, according to Intuit, poor cash flow is the paramount reason why small businesses tend to fail prematurely. To further buttress this point, Intuit says that about 60% of SMBs experienced the issue of cash flow before the pandemic.
It is in the wake of all these that Intuit decides to support small businesses by making the cash flow planner available on all editions of QuickBooks and on all platforms— something which used to be available on only the iOS version.
AI and Open Banking
This feature helps businesses to automatically source extract data from various sources, as well as manually-entered events and business transactions; these help businesses to get real-time insights into their cash flow and will ultimately help them to gain more control and make more informed decisions.
Furthermore, while this feature is targeted at helping SMBs get a retrospective view of business activities, they can also harness it to make adjustments and optimize cash flow. For example, they can use it to test how the removal of rental costs and other expenses that come with running their business can impact cash flow. In addition, this feature allows businesses to make a forecast of their cash flow three months ahead.
On the flip side, Intuit further states that small businesses are suffering from late or delayed payment. According to them, the research they conducted revealed that 21% of business owners have lamented that the issue of delayed payment has unprecedentedly skyrocketed since the inception of the pandemic.
In response to this, Intuit says that the new inbuilt option to include either of “Pay with PayPal” or “Pay with Debit/Credit Card” on invoices should streamline the occurrence of such issues and ultimately aid quick transactions.
In alignment with the integrated partnership between PayPal’s iZettle and QuickBooks, users of the software will also get competitive rates and discounted card readers on all major debit cards and credit cards, as well as contactless and payment devices.
Also included in the key developments, QuickBooks is now in partnership with the tech company, TransferWise. What does this mean for users of QuickBooks? Those who have accounts with TransferWise will be able to initiate transactions directly into their QuickBooks accounts; with this, users won’t have to go through the stress of uploading statements manually, thereby aiding quicker and more efficient accounting process.
A Month End Review tool, which is targeted at accounts, will also make the cut. Another is an all-new e-filing feature, which will enable SMBs in the construction industry to submit CIS reports directly to HRMC.
Rounding up the reveal, Director of Project Management, Intuit, Shaun Shirazian, expresses thus:
“ Small businesses have had to deal with challenges since the Pandemic, some of which are late payment and poor cash flow which have become even more serious.
It is our greatest pleasure to help small businesses overcome these issues and ultimately keep them surviving— which is why we have developed these product innovations to back them in their recovery.
By putting digital at the heart of their businesses, we strongly believe that they can thrive against all odds.”