According to a QuickBooks report reflected in the QuickBooks Blog, "Small Business Cash Flow: The State of Payroll 2020," cash flow remains one of the key issues impacting small business success, with 80% feeling stressed because of their company's cash flow.
Previously, QuickBooks rolled out a Cash Flow Planner (which Liz wrote about several times prior) in limited functionality to help small businesses predict their cash flow. Now, QuickBooks has introduced a more powerful Cash Flow Planner powered by enhanced machine-learning which aims to tackle the financial challenges SMBs face in starting and growing their companies.
While the improved Cash Flow Planner already has rolled out to a majority of QBO users, if you have not yet received this functionality, it should be available in the near future.
The Cash Flow Center provides SMBs with a place to plan, save and get paid. It s where you can open a checking account right inside of QuickBooks, sync all of your accounts and forecast your finances. A QuickBooks Checking Account means your banking can get done correctly right inside of QuickBooks with the benefits of a 1.00% APY and Instant Deposit at no extra fee for eligible SMBs*.
And QuickBooks Checking's SMB banking services, enhanced mobile payment offerings and capital-powered products like Get Paid Upfront are transforming the speed at which businesses can access needed funds.
The Cash Flow Planner's Centralized Dashboard enables you to bring all your business balances together and see everything you need from all your financial resources. That means you gain greater control over all your financial resources by having them centrally accessible within QuickBooks.
The power of QuickBooks machine-learning has made forecasting up to 90 days of your money-in and money-out, so you can see what's on and over the horizon. A company no longer needs to guess if it will be struggling or successful by the end of the quarter—the new tool provides a foundation built on its financial facts.
Cash Flow Planner analyzes your data inside QuickBooks Online. Based on the data, QuickBooks utilizes machine learning to predict up to the next 90 days. The greater the quantity and higher the quality of your data, the better the results. This is why clients who track accounts receivable and accounts payable in QuickBooks will have more accurate cash flow forecasts than clients who do not track A/R or A/P.
Clearly, the improvements in the ability to analyze and visualize your company's Cash Flow is the Gold Medal winner in my way of thinking when it comes to these new feature enhancements.
Acknowledgements, Disclosures & Footnotes:
* — See Intuit's official disclosure found here. QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, Green Dot Bank. QuickBooks Payments and QuickBooks Checking Accounts: Users must apply for both QuickBooks Payments and QuickBooks Checking accounts when bundled. QuickBooks Payments’ Merchant Agreement and QuickBooks Checking account’s Deposit Account Agreement apply.
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