I had the privilege of learning about product innovations from Intuit Inc. by attending the fifth annual QuickBooks Connect® in San Jose, California, designed to give 3.4 million online customers advantages through machine learning, artificial intelligence (AI) and data innovation.
I have to be brutally honest and also somewhat embarrassed to admit that I was unaware of the annual QuickBooks Connect until Carolyn Linck, Account Director at Access Brand Communications introduced me to this Small Business Conference. I am now eternally grateful to Linck for that invitation.
I attend numerous conferences and from the conferences I learn a great deal, I am able to then share my gained knowledge with my readers. However, the QuickBooks Connect was different for me and I would like to elaborate. I learned a tremendous amount about the Quickbooks platform and the new offerings from Intuit that deliver better money outcomes, smarter decisions and enhanced connections. I also learned what an incredible company culture Intuit has; the excitement and positivity from the Intuit employees and throughout the conference was palpable. Not only was I taking in all the valuable information from the keynotes and workshops, but I was thinking about how being a part of the Intuit family must be such a pleasure. I was trying to figure out how I could become a part of the Intuit family….yes, that was how much of an impact the company and culture was making on me!
Enthusiasm exuded from every Intuit employee I came in contact with… from entry level to CEO. Outstanding customer service is priority and productivity and performance are at an all-time high!
Enthusiasm, customer priority, high productivity, top performance….Intuit Inc. has business success figured out….period.
I highly recommend attending the yearly Quickbooks Connect conference, it is worth every penny and knowledge gained from it is invaluable. I would like to now share some of the highlights from the conference. Also, along the way I would like to share information from two exceptional individuals from Intuit whom I was fortunate to be able to meet and interview: Alex Chriss, SVP and Chief Product Officer, Small Business and Rania MSuccar, Business Leader, QuickBooks Payments and Capital.
Quickbooks Connect is a must attend for small business owners. One of the many topics discussed was money management and the struggle it can be in running a small business. Alex Chriss, SVP and Chief Product Officer, Small Business described it perfectly when he said, “When you dig into small business challenges, one of the biggest is around money-cash flow, when we talk to small businesses and self-employed, it is the thing that keeps them up at night. It is the most likely thing that is going to put them out of business and it is the thing they have the least control over.” Intuit is offering new features to help small business owners to be smart about their money and have the access to get it when they need it and keep the money in their pocket for a longer period of time.
Quickbooks Payments offers Next-Day Funding so small businesses can invoice and receive payment the next day. “For all Quickbooks customers, they will have money in their accounts the next business day after getting paid and that is not only for credit cards, but also for ACH. We let our small businesses get paid by ACH as well which is a much more cost efficient option for them and we are the only one to offer ACH for small businesses,” stated Rania Succar, Business Leader, QuickBooks Payments and Capital.
Progress Invoicing is also new. Projects can be a challenge for a small business as they can last for an extended period of time and in the past this has meant no payment. Progress Invoicing offers small business owners the opportunities to bill and receive payment incrementally during stages of the job.
Same-Day Payroll allows small businesses to hold onto their money longer. Same day payroll can be completed if payroll is completed by 7 a.m. PT/10 a.m ET. On average, small businesses can hold on to $9K more per month by using same day payroll.
For those small business owners interested in taking out a loan, the new Quickbooks Capital Loans and Credit Score may be of interest. “We hear from small businesses all the time that they will hit an emergency situation where they will not be able to make payroll and money is not coming in. They need 2 or 3 extra weeks or they have a huge opportunity where a business is ready to give them their sort of break thru opportunity and yet they do not have the money in their account to be able to front the expenses to get the opportunity done so they turn them down. With Quickbooks Capital we are putting money in small businesses hands and we are leveraging machine learning to be able to see a 360 degree view of the small business. Our risk profile can be dramatically different than anyone else, for example, as compared to a traditional bank. We put 140 million dollars into small businesses hands in the last year and 60 percent of those individuals would have been denied by a bank or were denied by a bank. That to me is when I talk about getting excited to come to work…. that is a real impact, we are making a big impact,” said Alex Chriss, SVP and Chief Product Officer, Small Business.
Rania Succar, Business Leader, QuickBooks Payments and Capital stated, “If you are a small business (especially in the first 5 years), we know that more than half of small businesses go out of business and one of the top reasons they go out of business is because they ran out of funds. 70% of small businesses say they need a loan to grow, but only 1 in 5 of them get a loan and more than 50% who get a loan are dissatisfied with the process. That is why access and lending is so important to small business; opening up capital will completely change the odds of success for small businesses.”
Succar also went on to state, “We also help small businesses build their credit, it is a huge problem if you are a small business, most small business owners do not know what their small business credit score is. They have never built it and that is a huge inhibitor for them to get a loan and also a bigger loan when they need it. Quickbooks Capital helps them build their credit and as they pay off their loan, we report it to the bureas and the small business can establish credit.”
Yes, Intuit completely gets it in regards to helping small businesses succeed! The Quickbooks platform has numerous new offerings, be sure to check out their website and the products. Intuit is dedicated to tipping the odds in favor of small businesses and the self-employed.