Intuit rolls out QuickBooks Cash, a new money management account for SMBs

QuickBooks Cash also aims to remove outdated money movement barriers, and help small businesses better understand and predict finances with the help of machine learning.

Intuit on Wednesday announced the full rollout of a new business banking product called QuickBooks Cash. It combines a variety of services that fintechs currently provide small businesses into one core offering, Intuit said.

According to Intuit, QuickBooks Cash aims to remove outdated money movement barriers and help small businesses better understand and predict finances with the help of machine learning.

Intuit said the product offers a high-yield interest rate, a fund budgeting tool called Envelopes, and machine-learning powered insights that help predict cash flows. The business account includes free instant deposit and a physical debit card that lets businesses spend from their QuickBooks Cash balance. 

The product also includes a cash flow dashboard that shows how much money is flowing in and out of the business. Using machine learning, the system analyzes financial inputs to predict a business's cash flow needs over the next 90 days, and alerts business owners when cash flow concerns might come up. 

QuickBooks Cash integrates across the QuickBooks Online platform, including its payments, payroll and core accounting services. Overall the aim is to remove traditional money movement latencies and costs for businesses, Intuit said.

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"Small businesses need an all-in-one banking platform that helps them holistically manage and plan their finances, affordably and efficiently," said Rania Succar, SVP of QuickBooks Capital and Payments for Intuit. "QuickBooks Cash delivers what current business accounts don't -- a banking experience that enables small businesses to accept payments, pay teams and vendors -- with automatic reconciliation for easy financial management. Companies that have more working capital can take advantage of more opportunities."

In November Intuit introduced a range of new AI-powered features aimed at guiding small businesses through projecting cash flow, tracking expenses and mileage, and performance ratios. With those product updates, QuickBooks was aiming to help customers use AI to automate back-office work, ease commerce, and introduce performance metrics. QuickBook Cash is in many ways a followup to Intuit's AI push.

QuickBooks said QuickBooks Cash, including the Debit Card, Cash Flow Planner, and Envelopes, will be rolled out over the next several weeks.