Intuit announced that the Intuit QuickBooks Business Network has now been expanded to include millions of potentially eligible small and midsized businesses.
Users are able to connect with each other on the network in order to enact business-to-business transaction's, sending and receiving invoices and payment of bills over Intuit's network. A business can send an invoice directly to their customer's or vendor's QuickBooks account, and QuickBooks will instantly create a bill for the customer or vendor using auto-populated information from the invoice. Customers or vendors can then simply review, save and pay that bill through the variety of payment options available within QuickBooks.
Users can also manage their connections by making it so any future updates made by customers or vendors will automatically be reflected across their network connections. Further, payment information will be saved in users' network profiles, which should eliminate the need to share this information between connections. Payment information will not be displayed to network connections.
Intuit noted that more than half of small businesses are currently paid late, which can cause significant cash flow issues.
"With the QuickBooks Business Network, we're innovating to address age-old challenges small businesses face when it comes to B2B payments, 70% of which are still paper- or check-based in the U.S.," said Rania Succar, senior vice president of Intuit QuickBooks Money Platform, and CEO of Mailchimp. "Our fintech expertise and payment industry leadership enable us to bring new, powerful automation to small-business B2B payments. By reducing manual work and accelerating the time it takes to get paid, we can help small-business owners better predict and manage cash flow."
