Intuit launches ecommerce solutions for QuickBooks Online

The additional capabilities intend to help small businesses manage their inventory across sales channels from one, central platform. QuickBooks’ ecommerce features are designed to replace traditional methods for tracking inventory, including spreadsheets, to enable businesses to have more confidence and less manual work. The company’s decision to introduce the new capabilities before the holiday season is based on data that shows customers plan to spend 35% more compared to the previous holiday season. Also, 50% of this year’s holiday budget is expected to be spent on small businesses.

US-based Intuit has announced the launch of new ecommerce capabilities for QuickBooks Online aiming to improve inventory management for small businesses.

QuickBooks’ additional capabilities

By automating inventory accounting processes and connecting sales channels, QuickBooks Online provides a single source for product, stock, and bookkeeping information, offering business owners the visibility that they require to make business decisions. Some of the additional features include:

Automatic sync of product, orders, inventory, and payout data without manual entry work and automate invoicing when orders are placed across Shopify, Amazon, and eBay to QuickBooks Online;
Identification of top-performing products by syncing commerce data to QuickBooks online and learning how sales are trending across channels;
Management of stock adjustments individually or in bulk to ensure inventory quantity is accurate;
Automatic notifications when inventory is low and the ability to create purchase orders to replace stock;
Cost tracking for goods and business expenses, as well as accurate reports for understanding profitability.

According to officials, by automating functions across the commerce process and integrating commerce data into books to simplify accounting, Intuit intends to provide product-based businesses with the insights they require to prosper in the holiday season and beyond.

Intuit’s latest developments

As a global financial technology platform, Intuit currently has 100 million customers globally using its solutions, including TurboTax, Credit Karma, QuickBooks, and Mailchimp. Recently, the company announced the launch of QuickBooks Bill Pay, aiming to expand its money platform and deliver B2B payments with AP automation for SMEs. The solution was developed as a suite of financial and accounting tools that focus on delivering simplicity, speed, and accuracy, optimising how businesses manage their funds.

During the same period, Intuit Mailchimp partnered with Wix to offer users a more solid functionality and ease of use of marketing activities by connecting CRM data between the platforms. This aimed to improve their marketing capabilities and increase customer engagement and sales growth. By combining Intuit’s tailored solutions for SMEs and Wix’s online platform, users can access both platforms with their respective tools to manage and grow businesses.

At the beginning of September 2023, Intuit launched QuickBooks Money, a subscription-free payments and banking solution for small businesses. The company introduced the all-in-one payments and banking solution to provide small businesses with full control over their money from anywhere. QuickBooks Money operates on QuickBooks’ prior fintech capabilities to offer the platform’s payment and money management features to small businesses in a simplified mobile and web-enabled experience.