QuickBooks has rolled out new products to aid with small- to medium-sized businesses’ (SMBs’) recovery from the pandemic, which will include new payroll options and automated cash flow tools, according to a press release.
Cash flow, the U.K.-based financial management software said, had already been an issue for SMBs even before the pandemic, but now it is extra important, the release stated.
The new Cash Flow Planner from QuickBooks will work with artificial intelligence (AI) and open banking to pull data from numerous sources to give companies a real-time insight into their funds and help them make more informed decisions. SMBs, the release stated, can see their cash flow predictions up to three months away, and see how some decisions like adding or removing employees or removing rental costs would change outlooks.
There’s also an employee portal that can help let employees have control over accepting and declining shifts digitally, viewing their bank information and submitting expense reports, the release stated. By using that feature, SMBs will be able to keep track of payroll, sick days and other employee-related necessities in a digital manner.
To combat late payments, which have become an even bigger problem than usual during the pandemic when many businesses are cash-strapped, QuickBooks has introduced a new collaboration with PayPal to allow easy and quick payments. According to the release, this partnership will also come with special rates for QuickBooks users.
QuickBooks has collaborated with PayPal before, including new integrations to make paying via the service easier, as PYMNTS reported in March.
Another collaboration allows TransferWise customers to seamlessly shift their transactions to a QuickBooks account, which will aid in reconciling accounts quicker, according to the release.
In addition, accountants will be able to access new advisory services with a new Month End Review tool, which will help them close clients’ books and do away with manual payments, the release stated.
In other QuickBooks news, the company strengthened reporting functions for QuickBooks Online and QuickBooks Online Accountant last month and added an Enterprise Diamond level with flexible pricing policies.
Selected by Fintech Tube