Amid the COVID-19 pandemic, Intuit has added a ton of new features to help small-sized and medium-sized businesses (SMBs) recover from the pandemic. According to their recent press release, the newly released features include PayPal integration with QuickBooks, an updated cash flow tool, and an updated payroll function which employers can harness to manage furloughed workers during the pandemic.
In the press release, Intuit states that cash flow had always been a thing of worry for SMBs before the pandemic and that the issue has even intensified with the ongoing pandemic. According to them, more than half of small businesses failed within their first five years of inception before the ongoing pandemic came into play, and the number-one reason for small businesses having this porous tendency to fail is large because of poor cash flow.
To see that the issue of cash flow is resolved, Intuit has added an all-new cash flow planner, which is powered by AI and Open Banking.
How does the entire system work? The new system will automatically pull data from different sources in order to help SMBs gain insights into their cash flow, thus equipping them with enough information that will guide them into making more informed decisions. Furthermore, Intuit states that the new system will give SMBs a prediction of their cash flow three months into the future. One of these will be seeing how decisions like reducing or increasing the workforce, as well as removing the cost of rents, can influence their business. With all this information in hand, the issue of SMBs failing prematurely will be greatly reduced.
In addition, Intuit has added an employee portal which employers of various firms can deploy and harness to digitally gain more swift control over staff shifts; even more, employees will be able to get an overview of bank information, as well as submit expense reports— all from the stable of their internet-enabled devices.
Furthermore, with the features available on the employee portal, SMBs will be able to keep a close watch on employee-related facets such as leaves, payroll, sick days, to mention three.
There is also a feature that allows construction industries to submit Construction Industry Schemes (CIS) reports directly to HMRC via newly-launched e-filing services.
As suggested earlier, in response to late and delayed payments which have become prominent since the unprecedented outbreak of the Coronavirus—primarily because businesses are cash-strapped—Intuit has released new payment service, courtesy of their new collaboration with PayPal; That is, QuickBooks users will be able to integrate Papal and make quick and easier transactions. All this comes at an even juicier rate. Intuit says that the rates will encourage customers to use the “Pay with PayPal” option, thus streamlining the burden placed on the commonly used “Pay by Debit Card or Credit Card” option.
Although this QuickBooks collaboration with PayPal isn’t particularly its first, it is better integrated this time, and payments will be made more swiftly than ever, according to the press release.
It all seems like QuickBooks is not only collaborating with PayPal here, they are also collaborating with a tech company, TransferWise, with this new release.
What does the collaboration with TransferWise bring to the table? QuickBooks customers who also have accounts with TransferWise will be able to load their TransferWise transaction directly into their QuickBooks accounts. In the press release by Intuit, this will aid quicker accounts reconciling for SMBs.
Another point of importance in the press release is that SMB accounts will be able to gain access to more robust services with the new Month End Review tool. This tool, according to Intuit, will help SMB accounts greatly in closing clients. It will also help streamline the need for manual payments, as key aspects will be initiated automatically, depending on pre-set terms. Asked when customers should expect this new feature, Intuit didn’t give a precise date, but says that it will soon be made available on QuickBooks Online Accountant.
In other news, IntuitsIntuit is making improvements to the reporting tool on QuickBooks Online Accountant and QuickBooks Online. They have also added an enterprise Diamond level, and the pricing for it is more flexible than ever.