As businesses grow and become more complex, small business owners can find that managing their business finances starts to get in the way of doing the job they love — running their business. We’ve heard from our customers that the complexity of cash flow management creates too much stress. Making sure they get paid on time and having enough money in their accounts to pay bills and prevent fees is a constant concern. Juggling bank accounts and payments systems across several different platforms takes time and energy that should be devoted to their craft.
There are not many reliable, free places for small business owners to do everything they need for their business finances — until now. QuickBooks Checking is doing for small business finances what QuickBooks did for accounting — and it’s now offered without a subscription in QuickBooks Money.
QuickBooks Checking is now in QuickBooks Money
QuickBooks Checking is a free-to-open business bank account with FDIC insurance (up to $5m), a debit card, no minimum balance or required daily balance, and no monthly service fee. Plus, your money goes further with 5.00% APY on funds you save in envelopes. Eligible QuickBooks Online subscribers have access to QuickBooks Checking through QuickBooks Online. And now, you can open a QuickBooks Checking account in QuickBooks Money, no subscription required.
QuickBooks Money is a new all-in-one payments and banking solution that’s free to open, giving small businesses access to QuickBooks Checking and QuickBooks Payments, with no monthly fees or minimum balance requirements.
QuickBooks Checking accounts in QuickBooks Money seamlessly work with built-in invoicing and quick payment requests to get you paid faster. With payment deposits that go straight to the bank at no extra cost for eligible users, there’s no more long waits for funds from payments processing, which means you can easily take care of your obligations, pay bills, or restock supplies. Not only does the money hit your bank account quickly, but you also earn a high-yield interest. With QuickBooks Money, small businesses can manage their finances, save cash, and accept payments — all within one simple tool.
QuickBooks Checking Account: A business bank account that allows small businesses to manage transactions, access their cash, and earn interest in savings envelopes. QuickBooks Checking is free to open, and it has no minimum opening deposit or daily balance requirements or monthly service fees. It can be accessed without a subscription through QuickBooks Money or with a QuickBooks Online subscription where you’ll need to sign up for QuickBooks Payments.
Payment deposits that go straight to the bank at no extra cost: With fast deposits at no extra cost, small businesses no longer need to wait a long time for incoming funds from payments to clear when they’re processed through QuickBooks Payments. For eligible QuickBooks Money transactions, same day deposits will provide fast access to funds.
When you use QuickBooks Online, instant deposit will provide immediate access to funds from QuickBooks Payments in the QuickBooks Checking account — at no extra cost. The instant deposit feature works in tandem with QuickBooks Payroll — which can set up and run payroll on the same day — so you can run your business in a timely fashion.
High-Yield Interest: Many small business bank accounts today offer lower interest rates, yet come with fees and minimum balance requirements. QuickBooks Checking, on the other hand, offers customers 5.00% APY on all balances in envelopes.
Envelopes: Envelopes allow business owners to set aside money for specific planned or unexpected expenditures, helping to ensure that their future spend is not accidentally used. This means that small businesses can easily budget and directly partition funds into categories they will need to pay — for example, for quarterly taxes, owner’s salary, or supplies and materials.
With QuickBooks Online, you have the ability to automatically calculate what you owe in sales taxes and set it aside in an envelope so ready for tax time.
QuickBooks Debit Card: The debit card is linked directly to your QuickBooks Checking account, providing immediate access to your funds. It comes with the added benefit of a virtual card, allowing you to start making transactions right away, even before your physical card arrives. And with access to over 19,000 AllPoint ATMs, your business banking needs are always within reach. Plus, with a QuickBooks Online subscription, the debit card transactions are reconciled seamlessly and you have the option to attach receipts for easier bookkeeping. When you use your debit card, you’re able to easily attach a receipt to the transaction so you can keep your books organized.
$5 Million FDIC Insurance Limit: Know your money is safe sitting in QuickBooks Checking with FDIC insurance limits that are higher than what big banks offer.
Google Pay™ and Apple Pay®: Connect your QuickBooks debit card to Google Pay and Apple Pay to skip lengthy online checkout forms or pay in person with just a touch. With your QuickBooks debit card in your digital wallet, you can make payments and contactless purchases from anywhere.
Mobile Check Deposit: Mobile check deposit gives small businesses the ability to accept checks from customers or vendors and deposit those funds into their account seamlessly.
Cash Flow Planner: Powered by machine learning, the Cash Flow Planner provides a view of a business’s finances via a dashboard that indicates how much money is coming into the business and how much money is going out.
The version in QuickBooks Online does even more; it analyzes all financial inputs to predict a business’s cash flow over the next 90 days, proactively alerting business owners when a cash flow concern might arise and providing recommendations for navigating the challenge.
Bill Pay: With Bill Pay available in QuickBooks Online, small businesses are able to schedule vendor payments and manage all their money out transactions in one place. Bill Pay users have the option to send a bank transfer (ACH) or check payment to their vendor. The transactions are recorded in QuickBooks, so their books are automatically reconciled.
Seamless QuickBooks Integrations: If you already use QuickBooks Online, you already have access to QuickBooks Checking and QuickBooks Payments features. If you’re starting with QuickBooks Money and decide to upgrade to QuickBooks Online in the future, your QuickBooks Checking account and money data moves with you.
In QuickBooks Online, your QuickBooks Checking account seamlessly integrates across the accounting platform. All your transactions are automatically reconciled and accounted for in QuickBooks for a complete money-in and money-out view. Through your QuickBooks Online subscription, you can match checks to invoices in two simple steps, grant your accountant read-only access to your QuickBooks account, and more.
With a QuickBooks Checking account in QuickBooks Online, small businesses can utilize the power of the QuickBooks platform to manage their business finances while also benefiting from an all-in-one business checking account that provides access to their cash whenever they need it.
QuickBooks Checking offers fast access to funds from payments
In traditional systems, money takes too much time to get where it needs to be. Here’s an example: normally, a business can’t accept a payment and immediately have access to that money to spend the money or withdraw cash. Some systems can tack on a 1 to 2-day waiting period before a payment is deposited, and then customers need up to a week or more to spend the money.
With access to fast deposits in their QuickBooks Checking account, businesses can access their cash sooner. When cash moves faster, businesses can grow faster. And with their full money picture in one place, businesses are better informed and can make better financial decisions.
QuickBooks Checking powers fast money movement at a vital moment for small businesses: In the current environment where so many things are bought and sold online, they need as much help as possible to gain faster access to — and keep track of — their money. Unlike the traditional small business bank account model, small business owners can sign up for a QuickBooks Checking account online from mobile or desktop, without ever having to go to a bank. Approval can take only a few minutes. For money management features without bookkeeping, QuickBooks Money offers a QuickBooks Checking account without a subscription.
Get powerful money insights for smarter financial decisions
Because machine-learning prediction is built into QuickBooks Online, small businesses can get predictive analysis of their upcoming 90-day cash flow, including when an invoice is likely to be paid. This provides critical information to help make decisions like whether to work on drumming up new business or collecting outstanding payments.
Using one platform that performs so many functions is more than just convenient, it can even save small businesses money in the end. By allowing small businesses to manage all the services that impact cash flow at once — from payments, cash flow, and banking — there is the potential to eliminate fees and allow businesses to better understand, manage and predict their cash flow trajectory. QuickBooks Money combines the capabilities of varying services — from payments to cash flow planning to banking — into one core service, potentially saving customers money by eliminating service fees and increasing efficiency when managing their business.
Learn more about QuickBooks Checking and get started with a better business bank account here.