Member Exclusive, New banks

Tracking $1.2 trillion of invoices, Intuit’s plans for small business banking are bigger than QuickBooks Cash

  • QuickBooks Cash is Intuit's entry into small business banking.
  • But the accounts represent a much more strategic financial services vision for the software company.

Email a Friend

Tracking $1.2 trillion of invoices, Intuit’s plans for small business banking are bigger than QuickBooks Cash

With all the new challengers banks entering commercial banking, there are few firms positioned to service small businesses like Intuit.

Intuit's various software products like QuickBooks and TurboTax are used by 5 million SMBs to invoice clients, receive payments, reconcile transactions, and file taxes. Through its invoicing capabilities, Intuit processes nearly $60 billion worth of payment transactions every year, said Rob Daniel, the firm's head of product for QuickBooks Cash at Tearsheet's Challengers conference yesterday. That's part of the $1.2 trillion worth of invoices the firm tracks and manages for its customers and the $115 billion yearly of payroll that moves through Intuit's software.

But when it comes to banking options, small businesses still struggle to get service at traditional banks. Intuit introduced QuickBooks Cash in July of this year. It's the firm's small business banking offering that helps Intuit clients track, store and move money around.


The new bank account also uses envelopes, a concept that stores money in a sub account so small businesses don't inadvertently spend that cash. With envelopes, small businesses can better plan to pay payroll and taxes.

QuickBooks Cash also has a cash planner that gives SMBs a view of their liquidity over 30, 60, and 90 day periods. Cash accounts can do this because Intuit users religiously plug in all their outstanding bill payments, upcoming invoices, expenses, payroll -- it's already in QuickBooks. Using machine learning and historical data, Cash users can plan out different scenarios based on their cash positions.

"Everything that we've looked at has been around how we help manage cash flow," said Daniel. "We didn't launch a bank account -- a bank account is a means to an end of launching a cash flow solution."

But QuickBooks Cash isn't just about capturing QuickBooks' customers money in motion. It's a strategic move for the financial software company that serves as the "connective tissue" between all of Intuit's products, including its Capital division that's lent out nearly $2 billion.

"Being able to bridge that ecosystem together means that across 5 million businesses in the US, we can roll out a solution that helps them move their money faster, because whenever you're moving money between these institutions, it's all happening with QuickBooks," said Daniel. "It happens instantly and seamlessly, and also for free."

Before he took this role at Intuit, Daniel headed up financial products at Uber. That experience informs his work at the financial software company. Uber had credit cards, what it called the Uber cash product, which was a stored value account. On the driver side, the on demand transportation company offered financial access, providing digital banking and financial services to micro entrepreneurs, particularly in markets like Brazil and Mexico where financial access and inclusion is substantially lower than it is in the US or Europe.

One takeaway Daniel draws on from Uber is that speed of access to money matters and is absolutely critical when it comes to small business.

"It's like if a driver earned money, they literally can't keep driving unless they can fill up gas -- they need that money instantly," he said.

"For small business, they can't hire another employee. They can't make payroll. They can't invest in that next capital expense if they have money that they've earned, but they haven't been able to pull into their business."

0 comments on “Tracking $1.2 trillion of invoices, Intuit’s plans for small business banking are bigger than QuickBooks Cash”

New banks

Rebundling banking services: Are fintechs trying to be more like banks?

  • Why are fintechs that have grown to a certain size continuing to pursue a banking license?
  • Luis Trujillo, CCO at Alviere sheds light on whether acquiring a license guarantees a successful banking business model for fintechs and if it constitutes a threat to banks.
Sara Khairi | January 09, 2023
Banking as a service, New banks

The Big Bank Theory Conference 2022: All session videos

  • Tearsheet's Big Bank Theory Conference brings together the most innovative players changing the face of the financial institution.
  • Here are the videos from this year's conference, held in December online.
Shabih Rao | December 21, 2022
Modern Marketing, New banks

Embracing ‘side bank’ status: 5 questions with Aaron Wollner, CMO of Quontic

  • As a community bank turned digital bank, Quontic has its own unique challenges in sticking out of the crowd.
  • In this Q&A, CMO Aaron Wollner talks about what’s new in the digital bank’s campaign work and how it’s been shifting its messaging to fit the current financial climate.
Rivka Abramson | October 19, 2022
New banks, Sponsored

Creating a winning neobank strategy through differentiation

  • There is a notable opportunity for neobanks to fill gaps that currently exist in traditional financial services, especially since they are free of the restraints of dated technology.
  • However, to be effective, they must identify a primary differentiator or central mission and then build the user experience around that north star.
Praxent | October 18, 2022
Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
More Articles