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.
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.
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