Intuit QuickBooks customers now have a new place to park their cash.
On Wednesday, the accounting and payroll software provider announced QuickBooks Cash, a business bank account for existing QuickBooks customers that doesn’t charge monthly or overdraft fees or require a minimum balance.
It yields 1% on all balances and lets customers segment money into “envelopes” that are safe from being spent on the debit card or from the main balance. Funds are held with Green Dot Bank in Pasadena, Calif.
The product joins a competitive array of digital bank accounts aimed at small-business owners that promise low or no fees and often tie to a suite of services that can help entrepreneurs run their businesses.
QuickBooks Cash folds in several tools that integrate with other QuickBooks products. For example, the free instant deposit feature allows small businesses to receive their incoming funds immediately via an onscreen Get It Now button when processed through QuickBooks Payments. Bill payments, invoices and other transactions are all automatically reconciled in QuickBooks.
The Cash Flow Planner feature captures a business’s finances on a dashboard to illustrate how much money is coming in and going out and predicts the business’s cash flow needs over the next 90 days. It will track bill due dates, including those from connected third-party accounts, and flag potential payment delays. A graph will chart the ebbs and flows of an owner’s projected balances.
To make these predictions, QuickBooks draws from its data around how and when small businesses get paid to train models, then fits those models to individual businesses. It also looks at transaction history between businesses and their customers to predict the likelihood of on-time payments.
“With this launch, we’re working to create much more clarity for small businesses about their current financial picture and simplifying all the work associated with that through one system that connects it all,” said Rania Succar, senior vice president at QuickBooks Capital and Payments.
QuickBooks has 5 million small-business customers.
