QuickBooks launches brand new business account
QuickBooks, the tax (opens in a new tab) and accounting (opens in a new tab) software specialist is launching a new digital payment account aimed at small business owners.
The QuickBooks business account will be powered by Modulr fintech payment as a service, allowing QuickBooks (opens in a new tab) to offer a unique solution that benefits from the latter’s payment infrastructure and draws on its expertise in digital payments.
QuickBooks Business Account aims to help small business owners in four key areas. First, according to QuickBooks owner Intuit, small businesses waste 120 days a year on administration. Propose accounting and financial tools (opens in a new tab) inside a single app could help improve efficiency as using the new account will allow businesses to allocate funds to pay their taxes (opens in a new tab) and run payroll (opens in a new tab) easier.
Second, the QuickBooks Business account gives users access to the QuickBooks Cash Flow Planner tool, which uses artificial intelligence to predict the cash flowing in and out of a business. The new account can be used in tandem with the Cash Flow Planner to project cash flow up to 24 months ahead.
Third, the QuickBooks account could help reassure small businesses, of which only one in four are currently confident about their financial situation. Modulr is authorized and regulated by the Financial Conduct Authority in the UK, offers direct access to Faster Payments and Bacs and has the ability to hold and settle funds with the Bank of England.
Fourth, with around £50bn currently owed to small businesses in the UK, the launch of the Simplified Business Account which combines accounting and financial tools into one could help them recover overdue payments more efficiently.
Modulr will also add the option of a QuickBooks Business account card in due course, adding a physical touch to an otherwise all-digital bank account experience.
“Our direct access to the Bank of England will give small businesses the confidence, security and reliability they need to focus on what really matters – shaping and growing their business,” said Myles Stephenson, CEO of Modulr. .
“We want to make payments so easy and reliable that they become an invisible ‘behind the scenes’ operation, which means business owners across the country can get on with their business.”