Intuit QuickBooks has unveiled a collection of new accounting software tools aimed at offering support for small business in the wake of the coronavirus pandemic.
QuickBooks users will be able to make use of an updated cash flow planner along with PayPal integration directly inside the software. As part of its Summer Product Release there’s also an updated payroll function that can be used to manage furloughed workers. Key additional tweaks have been made to offer better functionality for accountancy firms and construction SMBs.
According to ONS Business Demography data, over half (58%) of small businesses fail within the first five years before Covid-19 hit. Intuit claims the new features within QuickBooks are therefore aimed at helping reduce the SMB failure rate by putting digital at the heart of their business.
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Intuit found that poor cash flow is the number one reason why small businesses fail, with 60% having experienced cash flow issues even before Covid-19 hit. Previously only available on iOS, QuickBooks now gets Cash Flow Planner across all editions, including those using web operating systems, to combat the problem.
AI and Open Banking
The feature uses a blend of Artificial Intelligence and Open Banking to automatically pull data from a range of sources, including business transactions and manually entered events to produce real-time cash flow insights and help businesses make more informed decisions.
While the tool can be employed to provide a retrospective view of business activity, small businesses can also use the feature to make forecasts of cash flow up to three months into the future. Users will also be able to create different scenarios in order to work out how best to make adjustments in order to optimise cash flow, such as removing rental rates and other everyday costs.
Elsewhere, the issue of late payments is affecting SME business badly, with research from QuickBooks revealing a fifth (21%) of owners saying the problem of late payments is at an all-time high since Covid-19. Intuit says that the built-in option to add ‘Pay with PayPal’ and ‘Pay by debit or credit card’ on invoices should help small businesses get their invoices paid more swiftly.
QuickBooks customers will enjoy special rates for accepting credit and debit cards via PayPal. And, as part of the integrated partnership between QuickBooks and iZettle, which is owned by PayPal, customers will get discounted card readers and competitive rates on all major credit and debit card, contactless and device payments.
Rounding out the key developments, QuickBooks gets integration with tech company TransferWise. Collaborating via Open Banking, TransferWise business customers will be able to feed transactions into their QuickBooks account. This bypasses the task of manually uploading statements making accounting processes more efficient.
Accountants also get the benefit of a forthcoming Month End Review tool, aimed at optimising the process for Intuit’s QuickBooks Online Accountant software. Meanwhile, small businesses operating in the construction industry will now be able to submit Construction Information Services (CIS) reports directly to HMRC through a new e-filing feature.
Shaun Shirazian, Director of Project Management, Europe at Intuit QuickBooks said: “Small businesses have faced extraordinary challenges since the coronavirus hit, with many of the longstanding issues facing these businesses, such as cash flow and late payments becoming even more severe.
We are dedicated to helping small businesses overcome these hurdles and improve their chances of survival and have developed these product innovations to support them in their recovery. We truly believe that by putting digital at the heart of their business, small businesses can survive and thrive; even in today’s challenging environment.”
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