In the News - April 8, 2022

Recent news - including how Intuit is encouraging migration from QuickBooks Desktop to QuickBooks Online, a new QuickBooks Online network and information about Green Dot, the bank behind corporate giants ranging from Amazon to Walmart. 

Intuit is encouraging QuickBooks Desktop users to migrate to QuickBooks Online, and the company is doing it with a special offer. Intuit is offering free assistance with QuickBooks Desktop migrations. To qualify, sign-up by April 30, 2022. The migration must be started by June 30, 2022. For more information and to get started, call Intuit Accountant Sales: 800-988-5173, Monday thru Friday, 8 a.m. to 8 p.m. ET.

Intuit is launching a new network with the goal of streamlining and simplifying procedures. The Business Network is a new service for QuickBooks Online clients that is aimed to simplify and expedite administrative processes while also providing an effective business management experience with improved connectivity and collaboration with other members of the QuickBooks Online community. Some QBO users will be able to see a pilot of the network starting this month.

Merchants on Shopify, a leading global e-commerce platform, will soon be able to accept Bitcoin off-chain payments. Strike, a digital payments platform built on Bitcoin’s Lightning Network, will allow Shopify merchants to accept Bitcoin payments as dollars. Given that Bitcoin payments would be promptly converted to dollars, the partnership is a first step toward eliminating the complications retailers confront while holding BTC.

Docyt, a bundled, integrated, AI-powered accounting automation software platform, has raised $11.5M in a Series A funding round. Docyt's platform started out as a document-sharing platform but has now evolved into an end-to-end platform for accounting workflows. Docyt currently integrates with QuickBooks Online, and QuickBooks Desktop and Xero integration are coming soon. 

Green Dot Bank may already be familiar to you as it is the bank behind corporate giants such as Amazon, Apple and Walmart. Intuit also uses its services for QuickBooks Checking and Money by QuickBooks (including QuickBooks Capital, QuickBooks Cash and QuickBooks Money). What you may be familiar with is Green Dot's entirely different business model when compared to traditional banks. According to Dan Henry, CEO, "The reality is that traditional banks and other financial institutions were designed to serve consumers and businesses with money, those with excess funds.” Green Dot, on the other hand, is part fintech and part banking-as-a-service provider as well as a more traditional bank.

Green Dot serves two primary groups - individual consumers who primarily live paycheck to paycheck and small start-up businesses. Personal banking includes what the company calls the "ultimate mobile bank account" - the basic GO2bank account. Small businesses also need basic banking services, such as QuickBooks Checking. The number of Green Dot accounts through Intuit programs has quadrupled since January 2021, and one-third of those accounts are for small businesses in operation for less than a year.