Right when we think QuickBooks can’t possibly get any better, Intuit throws a new update at us that makes us realize how wrong we are! QB continues to evolve with the modern times and its users. This month they are introducing their very own QB business bank account called QuickBooks Cash. Here’s what we know…
QuickBooks Cash drops mid this month and is available to all. Intuit took all your banking needs - payroll, paying bills, accepting payments, sending invoices, cash analysis, and more - and put them all into one convenient place. QB Cash takes care of your money movement from point A to point Z and everywhere in-between, while also synching automatically with your QuickBooks account.
Speaking of moving money…QB Cash has free instant deposit available to eligible QB users. No more waiting for your money to hit your account before removing forward! Typically deposits take 1 to 2 days to hit the account prior to QB Cash. Now, the entire undertaking of receiving and processing payments, transferring to your account, running payroll, processing payroll payments, and finally hitting your employees’ accounts can be done in the same day. This is usually an action that requires over a week of waiting and processing and QB Cash cuts it down to one day. No more waiting on your money to hit your account in order to make decisions, pay bills, or move forward on purchases. It’s all right there when you need it!
On top of that, QuickBooks Cash offers a Cash Flow Planner that forecasts your finances for the next 90 days. This requires prediction software that looks at the movements of your cash in and out to anticipate the flow of your money in the coming weeks and months. Use this as a guide, but do not rely solely on the prediction.
Want to set money aside for a future expense? No worries. QB Cash offers Envelopes, which allows you to allocate a specific amount of money for a certain expense. No more accidentally spending the money you’re saving! This feature will help tremendously when it comes to budgeting.
It’s free to open your QuickBooks Cash business bank account and there is no required minimum balance, as well as zero annual service fees. There is a high-yield interest rate of 1% APY. You must apply and be approved to create an account. You must also have a QuickBooks Payments account in order to use QuickBooks Cash.
If you need help maneuvering this exciting new feature or run into questions along the way, don’t hesitate to reach out to Skynar Bookkeeping.