Sunday, October 12, 2014

Intuit Paints a Quickbooks Online Vision....

Bob Scott for the Progressive Accountant writes: Intuit has not publicly stated what will be revealed at the upcoming QuickBooks Connect conference this month. But at last month's Investor's Day CEO Brad Smith outlined areas that we are likely to see addressed, if not this month, then over the next year, including the development of QuickBooks Online as a platform that connects all applications used by small businesses.

Among the several ambitious ideas discussed at Investor's Day is Intuit's test of a program to help small businesses get financing. "It's a huge opportunity for us and we are just getting started," Smith said.

The executive did not give details. However, he said Intuit's plan utilizes the ability to see into a QuickBooks user's data. While many small businesses fail to get financing because of the owner's personal credit rating, the test aims to have lenders look at the business's operations—invoice, accountants receivable and cash flow. Using internally developed algorithms, Intuit has matched small business with lenders. Smith said there has been 70 percent acceptance of these applications with $45 million in financing committee. No details were given about participating lenders. [snip].   The article continues @ the Progressive Accountant, click here to continue reading....

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