Brandy Olsen
Accounting Systems & Implementation Coordinator
Our friends at Intuit have been busy launching some new products this year! In case you missed it – here is the rundown of two exciting new Intuit Products: QuickBooks Money and QuickBooks Solopreneur.
QuickBooks Money, an innovative banking platform from Intuit, launched in January 2024. This new offering provides a no-fee business checking account integrated with invoicing and payment processing services, tailored specifically for small business owners and freelancers.
Key features:
- Invoicing and Payments: Supports both pay-enabled and non-pay-enabled invoicing, accepting various payment methods including cards, ACH, PayPal, Venmo, and Apple Pay.
- Banking Integration: Links business checking accounts with no minimum balance, free same-day deposits, free ACH transfers, and automated payroll envelopes.
- Expense Tracking: Records and tracks expenses, simplifying bill and vendor payment management.
- Insights and Reporting: Offers insights on cash flow history and trends, providing a clear financial overview.
Product Limitations:
- No Bill Payment feature: QuickBooks Money does not have a free bill payment solution like many other traditional business bank accounts, in order to access the bill payment features, users will need to have a paid QuickBooks Online account.
- Limited ATM Withdrawals: QuickBooks Money allows up to four free ATM withdrawals per month. Any additional withdrawals incur a fee of $3 each.
- Lack of Check Writing: The platform does not support check writing, which can be a significant drawback for businesses that need to issue checks regularly.
- No Cash Back Rewards: Unlike some other business banking services, QuickBooks Money does not offer cash back or other types of rewards for spending.
QuickBooks Solopreneur, designed for 1040 filers, launched in late February 2024. The platform is designed to simplify financial management for solopreneurs, making it easier to categorize transactions, track income and expenses, and create and send invoices.
Key features:
- Transaction Management: Automatically categorizes bank and credit card transactions.
- Schedule C Tax Filing: Supports Schedule C (Form 1040) for sole proprietors and single-member LLCs.
- Flexible Invoicing and Payments: Includes invoicing capabilities and supports various payment methods and recurring payments. Supports both pay-enabled and non-pay-enabled invoicing, accepting various payment methods including cards, ACH, PayPal, Venmo, and Apple Pay
Product Limitations:
- Limited Customization: The product does not allow for customization of the chart of accounts. This can be restrictive for users who need to tailor their accounting structure to fit specific business needs.
- Basic Expense Tracking: Solopreneur offers expense tracking but lacks more advanced features found in other QuickBooks products. It does not support bill payments or contractor payments.
- No Double-Entry Accounting: Solopreneur supports single-entry accounting, which might be sufficient for very small businesses but can be limiting for those needing the rigor and accuracy of double-entry accounting systems
We look forward to seeing what else Intuit has in store for us this year!
Brandy