Intuit QuickBooks announces agreement with Modulr to power the new QuickBooks Business Account
3 March 2021: Intuit QuickBooks, the small business platform, today announces it has entered into an agreement with Payments-as-a-Service FinTech, Modulr. Modulr will power the new QuickBooks Business Account, a new digital payment account[1] designed specifically for small businesses.
By providing payments infrastructure and digital payments expertise, the collaboration will allow QuickBooks to combine an industry leading business account with its suite of bookkeeping, accounting and tax tools, building on its vision to be ‘The One Source of Truth for a Small Business’.
The QuickBooks Business Account was the marquee launch at today’s QuickBooks Connect, Intuit QuickBooks’ flagship event for small businesses and accounting professionals. Launched during the ‘Innovation Spotlights’ section of the virtual show, small businesses were shown how the QuickBooks Business Account seamlessly integrates with QuickBooks’ suite of financial management tools to solve four of the most common problems faced by small businesses - The Burden of Admin, Cash flow, Confidence, and Late Payments In and Out.
The Burden of Admin: Small businesses waste on average 120 days a year on admin. The QuickBooks Business Account shoulders some of this burden by seamlessly reconciling with the rest of QuickBooks’ accounting software. Accounting and finances are in one place which means it’s easy to pay bills on time and budget for major expenses, like taxes or payroll.
Cash Flow: 80% of small business failures are because of cash flow and QuickBooks is committed to solving this problem. Cash Flow Planner, a tool within QuickBooks, uses artificial intelligence to predict money coming in and going out. The QuickBooks Business Account connects seamlessly with Cash Flow Planner so small businesses can have a view into cash flow 24 months in advance, while customers can also run scenarios through the Account. If a cash flow shortfall is projected, users can take proactive measures like rescheduling a bill or moving up a due date.
Confidence: Only one in four small businesses are confident in their finances. The QuickBooks collaboration with Modulr was driven by a shared vision in the power of FinTech to make finances easy and safe for small businesses. Modulr is authorised and regulated by the Financial Conduct Authority in the UK and it acts as a principal member of Visa with direct access to Faster Payments and Bacs and the ability to hold and settle funds with the Bank of England. As a result, QuickBooks customers can be confident in a best-in-class contractual relationship with Modulr to power their QuickBooks Business Account.
Late Payments In and Out: There is currently approximately £50bn owed to small businesses in the UK. Adding the power of payments to financial management software allows small businesses to embed payments into points along the customer journey when they’re needed most. This helps to pay and get paid on time and creates a seamless experience when paying bills directly from QuickBooks.
Modulr will also allow QuickBooks to make the digital physical by providing a personal QuickBooks Business Account card when it becomes generally available. This means as soon as a small business is paid into its QuickBooks Business Account, funds are available to spend immediately with the card.
Chris Evans, VP and Country Manager, Intuit QuickBooks said: “Our mission at Intuit is to Power Prosperity around the world and one of our goals to achieve this mission is to help our small businesses thrive. They power our economy and we need to do everything we can to support them. We believe we can achieve this by putting digital technology at the heart of their operation.
"It can automate bookkeeping, accounting and tax, help manage staff, be the centre of growth, and facilitate money coming in and going out of a business to make cash flow easy. That’s where the partnership with Modulr comes in. This combination of leading FinTechs will supercharge how small businesses use QuickBooks to manage their finances, and we’re so excited to get this capability in front of our customers to help them pay and get paid.”
Myles Stephenson, CEO at Modulr said: “We are proud to power the new QuickBooks Business Account, and to support Intuit’s vision of reducing the burden of admin imposed on small businesses and their financial lives. We are committed to delivering the superior and digital payments experience that small businesses desperately need in this digital world.
“Our direct access to the Bank of England will give small businesses the confidence, security and reliability they need to focus on what really matters - shaping and growing their business. We want to make payments so easy and reliable it becomes an invisible ‘behind the scenes’ operation, which means business owners up and down the country can get on with business.”
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For more information about Modulr, please visit https://www.modulrfinance.com/
ENDS
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Intuit Limited UK is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573).
ABOUT MODULR: Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (638002) is authorised by the Central Bank of Ireland as an Electronic Money Institution.
Find out more at www.modulrfinance.com