Intuit Inc. is a global financial technology company that boasts products like TurboTax, Credit Karma, QuickBooks, and Mailchimp under its belt. There is a deal where Intuit is in partnership with Dutch payments leader Adyen to revolutionize the way small to medium-sized businesses (SMBs) in the UK approach payment management. With millions of users using Intuit’s QuickBooks Online, Adyen’s leading-edge payment solutions make financial management for SMBs smoother.
The solution to the Payment Problems of Small and Medium Enterprises
People in the UK incur a loss yearly from late payments is £22,000 per year, resulting in major cash flow problems. Cash flow problems close down nearly 50,000 businesses each year. The Federation of Small Businesses and the UK Government bring out the urgent need for solving this problem.
The Adyen payment service’s integration into QuickBooks Online enables SMBs to enjoy increased settlement speed of payments and more convenient ways of making payments. Businesses can maximize the efficiency of cash flow and reduce the pressure of financial strains arising from late payments through the UK banking license and direct access to Faster Payments Services of Adyen.
According to the Office of the Small Business Commissioner, all these innovations have the potential of unlocking £2.5 billion into the UK economy each and every year, hence transforming this partnership into a goldmine for SMBs.
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Key Benefits of the Partnership
The integration of the Adyen payment platform with QuickBooks Online provides SMBs with numerous benefits:
1. Automation
It automates financial processes, such as syncing invoices and tracking payments. This allows for a real-time view of revenues and cash flow, saving businesses time and less likely to make errors.
2. Payment Flexibility
Customers can pay through bank transfers or cards, providing comfort and flexibility to the clients. Easy payment mechanisms help in faster settlement.
3. Minimized Errors
It reduces manual data entry and, therefore, reduces transaction and bookkeeping errors to ensure that the financial records and reconciliation are accurate.
4. Improved Invoice Management
QuickBooks Online now tracks paid and unpaid invoices for small and medium businesses to track outstanding payments easily.
These innovations matter most, says Nick Williams, product director at Intuit QuickBooks.
Embedded Finance: The Future of Financial Management
It is also a stride toward the eventual mass adoption of embedded finance, where financial tools are integrated directly into software platforms, bypassing third-party banks or processors.
The global market for embedded finance is projected to increase to $7 trillion by 2026. With Adyen’s deep payment solutions embedded within QuickBooks, it would be a good start to take advantage of this trend and provide SMBs with more robust financial tools.
Enabling Small Businesses in the Digital Economy
For Small Business enterprises competing in a fast-changing, digitally-based economy, speed and agility have become the only survival strategy. This collaboration focuses on paying inefficiencies to deliver a streamlined solution toward cash flow management while reducing administrative tasks with great effects.
Over 100 million customers worldwide use Intuit, with QuickBooks helping almost 6.5 million small business owners and sole traders.
By doing such innovation and customer centricity, it’s one of those examples that really stands to represent Intuit’s capacity to deliver.
This is important because the SMB, in combination with Adyen, means more barriers to collecting payments, better insight into finances, and improved operational efficiency, each of which is core to a modern-day business problem.
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About Intuit and Adyen
Intuit
Intuit is a company that provides financial software solutions focusing on accounting and tax solutions for businesses and the broader market. The applications include its flagship QuickBooks, plus TurboTax, Credit Karma, QuickBooks, Mailchimp, and The Turbo.
Adyen
Adyen is a pay platform headquartered in the Netherlands and is trusted with some of the world’s leading companies, offering end-to-end payment solutions, insights, and financial products all in one. Innovation reliability is one of the most successful points of Adyen at the forefront of revamping the ways of running payments.
Conclusion:
This partnership by Intuit and Adyen goes a long way for UK SMBs. The sophisticated payment solutions of Adyen, in turn, allow QuickBooks Online to provide tools that ease payments, boost cash flow, and maximize benefits with minimal administrative pains. It addresses the pending problem of late payment while paving the way to a future of embedded finance.
As SMBs move forward in an ever-changing digital economy, it is such collaborations that empower them with the wherewithal they require to succeed. The collaboration between Intuit and Adyen is a peek into a future where financial management seems made easy by technology.
