I will admit that my head is still swimming from the conference in New Orleans. There were about 100 exhibitors and most booths were products that integrated with QuickBooks. I wanted to share 3, all revolving around cash flow, I thought could be helpful in your business.
Simplify payroll with prepaid visa cards: I know many of you have employees who don’t have bank accounts. I recommend taking a really close look at NetSpend. With Netspend, you give your employee a prepaid visa card instead of a check. You still process payroll and use the Intuit direct deposit link, but instead of going to the bank accounts (which some wouldn’t have), there’s an account associated the prepaid card so the “direct deposit” loads their paycheck onto their card. Your employee then has a card they can use at ATM machines (with no fees), to pay bills and they can track their balance on the card. For you, no more printing checks, stuffing envelopes, AND you minimize your risk for check fraud (which is actually higher than credit card fraud). NetSpend also worked out a special deal for you since you use QuickBooks – no fee for the card and no direct deposit fee! Here’s the NetSpend/Intuit website with more information. If you decide you want to sign up, the fastest way is to send a spreadsheet listing your employees to email@example.com. I highly recommend taking a look at it!
Need a loan – and quickly? One of the really popular apps is FundBox. It works off of your open invoices. Let’s say you have an invoice for $5000 that hasn’t been paid yet. You can ask FundBox to pay you the $5000. They will deposit the $5000 into your bank account the next business day (that’s fast!!) – and NO loan application. Then over a period of 12 weeks (or faster if you want – and with NO prepayment penalty), they will take the $5000 back plus their interest. It syncs with your QuickBooks and is simple to use. You can set up FundBox any time – it’s free until you need to borrow money so you just pay the interest on what you borrow and for the length of time you borrow (can’t be longer than 12 weeks). It’s great for those who sometimes get into cash flow crunches (as so many businesses do). 93% of businesses who try FundBox use it again.
Want to restrict how much of your money an employee can spend? Check out PexCard. You load up the prepaid visa card with a dollar amount of your choice and they can’t overspend. It’s reusable so you can put more back on the card. So if you have someone who runs to the office supply stores or certain suppliers or even someone who travels, this could be their corporate card if you want.
If you try any of these, I’d love to hear which one(s) and how it works out for you!