QuickBooks is a cloud-based accounting software package designed by IntuitInc. for small and medium-sized businesses to offer on-site accounting applications that accept business payments, manage payroll functions and payment of bills.

How QuickBooks is turning out to be a smarter business tool for small and medium-sized businesses

Accounting on QuickBooks has made life easier for small business owners who had no formal accounting training. QuickBooks is one of the most advanced AI-driven accounting software specially created to give small businesses the advantage they need to succeed. It has eliminated the tedious exercise of tracking a huge amount of business transactions by automating repetitive back-office work and improved forecasts of cash flow.

QuickBooks is giving small businesses access to data and has improved payment capabilities

By giving small businesses access to data, QuickBooks is helping them to make more data-driven decisions and identifying mistakes that would cost them time and money. QuickBooks has invented a smart feature to add payment capabilities to its invoices and as a result of this innovation, QuickBooks customers on an average get paid within five days of sending an invoice, three times faster than those who don’t use QuickBooks payments. Employers using the QuickBooks online payroll products can now hold on to their money until payday.

QuickBooks offers smart money management

QuickBooks is coming up with innovations to help small businesses get paid faster, get access to the capital they need and better understand their cash flow, allowing them to stay ahead of challenges. QuickBooks AI-powered Cash Flow Planner enables small businesses to predict their daily cash flow over the next 90 days and proactively alert business owners about a negative situation and provide recommendations to prevent such situations. QuickBooks will soon enable instant deposit payments, giving small businesses access to funds after getting paid, whether through bank transfers or credit card, rather than waiting several business days. Businesses can create a payment-enabled invoice in less than one minute automatically through AI and they can also customize their invoice, take a deposit or structure installments and allow customers to pay in a variety of formats, enhancing their customer service while improving their cash flow. With the GoPayment feature of QuickBooks, business owners can set roles and permissions for staff that enable the ability to accept and get paid at a job site. As a result of these new capabilities, small businesses that use QuickBooks Payments get paid three times faster than those not using them.

How small businesses can make smarter decisions using QuickBooks smart features

Small business owners often make business decisions without the right information or expertise. Using the power of Artificial Intelligence, QuickBooks through its ecosystem provides insights to help small businesses make smarter decisions for better results. The new QuickBooks mobile app now includes a new feature known as Receipt Capture, which allows small businesses to upload, email or snap receipts for improved expense management. Receipt Capture extracts relevant data from the receipt so small businesses can either create a new transaction or find a match between the receipt and an existing expense transaction in QuickBooks.

QuickBooks Mileage Tracking automatically recognizes frequent trip routes, allows users to mark locations as “favourites” and can proactively recommend rules to ensure trips are consistently marked as business or personal. QuickBooks Online Accountant Business Performance Dashboard provides key metrics, trends, and ratios with the click of a button. Specifically designed for accountants, the powerful technology inside QuickBooks automatically calculates ratios and displays key trends from their client’s data that can help accountants identify areas their clients should focus on to improve business performance.