This past week Intuit made two announcements that are of interest to ProAdvisors and other users of QuickBooks.
Two New QuickBooks Capital-Focused Fintech Solutions
Last week, Intuit QuickBooks launched two new solutions within QuickBooks Capital that enable small businesses and their employees faster access to their money, allowing them to grow and prosper by increasing cash flow flexibility.
“Faster access to money is a universal need among small businesses and the people they employ,” said Alex Chriss, EVP and General Manager of Intuit QuickBooks Small Business and Self-Employed Group. “By making financial services available across the QuickBooks platform when and how small business owners and their employees need them most, we unlock even more benefit and value for our customers and greater opportunities for them to achieve prosperity.”
These two innovations contribute to the growing QuickBooks Money portfolio.
QuickBooks Get Paid Upfront
According to Intuit, small businesses have an average wait of 29 days to get paid. And 64% of businesses have outstanding unpaid invoices after 60 days. Intuit created QuickBooks Get Paid Upfront to help these businesses get their money quicker. Eligible QuickBooks Online customers can eliminate the wait to be paid on outstanding invoices and put their earned money to work faster.
QuickBooks Get Paid Upfront features include:
- Upfront advance of funds from one or more qualifying invoices, up to a total of $30,000
- Flat fee of 3% per financed invoice
- Invoices are financed interest-free for the first 30 days. Note: if the customer or client pays the invoice through QuickBooks Payments within the first 30 days, there are no additional processing fees on ACH or credit card transactions.
You or your small business clients can easily apply for Get Paid Upfront. Simply choose the qualifying invoice to be funded, apply right in QuickBooks. If approved, the money will be accessible in 1-2 business days.
QuickBooks Early Pay
According to Intuit, nearly 40% of Americans would struggle to pay a $400 emergency expense. QuickBooks Early Pay is the newest feature inside QuickBooks Online Payroll and would provide eligible employees access to money between paydays.
Eligible employees will be able to apply for funds based on their pay history with just a few simple steps and be able to choose between instant access to the funds or within 1-2 business days. When selecting instant access, loans funded via instant transfer are typically deposited within 30 minutes.
Early Pay will be included in QuickBooks Online Payroll at no additional cost to employers and will not impact their books or their payroll.
QuickBooks ProAdvisor Nayo Carter-Gray Participates in Roundtable
Intuit QuickBooks is hosting its first-ever North American Black History Month Roundtable to shed light on the challenges faced by Black-owned businesses.
Nayo Carter-Gray, CEO and Founder at 1st Step Accounting and previously named to Forbes' "Top 100 Must-Follow Tax Twitter Accounts", will be a panelist on the roundtable to be held Tuesday, February 1st, at 10 am PT (1 pm ET). The roundtable discussion will be focused on why it is critical for small business owners to prioritize their own health and wellness in order to thrive.
Attendees will gain practical advice based on a QuickBooks recent survey of Black business owners that provided insights into their mental, physical social and financial well-being in the U.S. and Canada. Attendees will also come away with a free directory of Black-owned health-and-wellness small businesses.