This app will give you a clearer picture of your finances

I used to wait weeks for payments to clear. This is a total game-changer.

There are so many lessons I've learned over the last 5 years being an entrepreneur. Running a company, even in the best of times, can be intimidating, daunting, exhausting and the list goes on. Now add in the ongoing global pandemic, and it's anything but business as usual. 

With QuickBooks, I have been able to have a clear vision of the fiscal health of my business. Now with QuickBooks Cash, I have an even clearer picture. From tracking my progress to setting money aside with the Envelopes tool, QuickBooks Cash is a must have for any small business owners and entrepreneurs.

For many entrepreneurs, having a safety net is a luxury. But these are unprecedented times. Cash is king, and cash flow is critical for any business, big or small. My husband and I live off of payments that are not on a regular schedule and that are based on the completion of a project. Saving for rainy days is very important.

Reaching my goals for financial independence has been important for me since Day One. I grew up in a Middle Eastern home where my father was the breadwinner and my mom depended on him. I learned how to become financially independent over time. Whether I'm planning for my future, trying to keep my business afloat or just trying to get my hands on something shiny (hellooo new laptop), it's only possible when you actively manage your cash flow. 

MY RECOMMENDATION? Tech that saves the headache, saves time and works hard for me. There’s no tested playbook for these unprecedented times, but there is support — and there's QuickBooks Cash. So how can you improve your own cash flow management and stay afloat? 

If you are new to QuickBooks, it’s a great way to get the full picture of your business finances. With QuickBooks Online, you are able to apply for QuickBooks Cash. QuickBooks Cash integrates across the QuickBooks Online platform, including its payments, payroll and core accounting services. This saves me time and headaches from crunching numbers with reliable data that shows me where I stand. 

Automating your invoicing and seeing clearly the money that is coming in and out is a lifesaver. It combines a variety of services that big financial tech companies provide, but for small businesses like me, into one core offering. I've been a QuickBooks customer for 5 years now, so having everything in one place with a trusted source I've relied on for years is a no-brainer for me. Plus, it helps me understand my expenses and keeps me on track for my future — whatever the future may be.

In the past, I would manage my money inflows and outflows through multiple solutions, which, let’s just say was a complete time-suck (dread) and somehow would lead to fees. In my mind, I always thought this was just part of being a business owner, but that isn’t the case. With all the mental math, different processing times and a mixed picture of cash flow, business owners struggle to get an accurate, holistic view of their finances.

QuickBooks Cash is a business bank account with a debit card that’s free to open, has no minimum balance or required daily balance, and no monthly service fee. It also can include instant deposit for QuickBooks Payments transactions with no extra fees, so I don’t need to wait for a payment to clear. 

Remember that note at the top: I used to wait weeks for payments to clear. This is a total game-changer.

Like many right now, every penny counts. The fact that I am able to handle payments remotely is a huge benefit when my employees are working from home and in a different state. Not only can I pay my team and my freelancers on my own schedule, but I also don’t need to waste my time calculating latency math based on bank wait times. No one starts a small business because they want to manage multiple spreadsheets, move money from one account to another, track expenses and spend hours each week figuring out how they’re going to pay employees or cover invoices.  This is exactly the headache that QuickBooks solves for me. Since all of my finances are now in one place, I always have a clear view on where I stand with my business.

QuickBooks Cash also includes a cash flow dashboard that shows how much money is flowing in and out of my business. Using machine learning, the system analyzes financial inputs to predict a business's cash flow needs over the next 90 days, and it alerts me when cash flow concerns might come up. The scenario planner in QuickBooks Cash helped me figure out when I can make my next big purchase due to the cash flow deficit after buying new furniture. 

I can use the funds in my QuickBooks Cash account to run payroll, pay bills and send invoices — all of which are automatically reconciled and accounted for in QuickBooks. It gives me a complete money-in and money-out view across the business.

QuickBooks Cash also offers a high-yield interest rate of 1.00% APY* — 25 times higher than the industry average, which means that I’m literally making money by opening up a QuickBooks bank account. $$$.

On top of the high-yield bank account, I get to set up Envelopes, which allow me to set aside money for specific planned or unexpected expenses. I recently moved into a bigger office and home, which is exciting, but also very scary. Envelopes gave me peace of mind when making the decision to move and allowed me to set aside money for expenses, helping to ensure that my future spend (hello, corporate taxes) is not accidentally used. HUGE! 

The Envelopes feature is also a really good way for me to keep my money protected during these unprecedented times. So now I can easily budget and directly partition funds into categories I will need to pay — including quarterly taxes, employee bonuses, the latest smartphone and new office furniture. What is great is that I can create, categorize and save for essentials one envelope at a time and set aside that money. Perfect for ensuring that I don’t dip into those funds. It's a no-brainer for a small business like mine. 

How does it work? Sign up for the QuickBooks Cash Bank Account. If you're approved, you'll get your QuickBooks Debit Card in the mail within 5-10 business days, and you're set from there!

______________________________________________________________________________________________QuickBooks Cash account opening is subject to identity verification by Green Dot Bank. Banking services provided by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Other fees and limits apply. *Annual Percentage Yield (APY) is accurate as of 9/28/20 and may change at any time. Money in Envelopes must be moved to the available balance in your primary deposit account before it can be used. See Deposit Account Agreement at QuickBooks.com for terms and conditions.