My favorite QuickBooks Online Feature is the QuickBooks Business Bank Account with Envelopes. Here are five top features available with the QuickBooks Business Bank Account.
- QuickBooks Business Bank Account Envelopes: Tuck away cash and earn interest with envelopes inside your QuickBooks Checking account. Each envelope is a bucket you can use to save for expenses and reach your business goals faster. Currently as of the date of this post, you earn 1.75% APY on balances saved in envelopes. Envelopes are simple to set up. I have six envelopes set up in my pool care business… Tax Envelope, Sales Tax Envelope, Owners Pay Envelope, Profit Envelope, Emergency Fund Envelope and a Chemical Envelope. I follow the Profit First Method in my business. If you have not read Profit First by Mike Michalowicz, I highly recommend getting a copy or buying the audiobook. I will post more about how I use my envelopes including what percentages I use to transfer money into my envelopes following the Profit First Method.
- Instant Deposit: See your money within 30 minutes—nights, weekends, even holidays. Enjoy access to Instant Deposit, without the extra fee.
- Free to Open, No Monthly Fees, or Account Minimums: Banks love to charge fees. Especially Account Minimums and Monthly Maintenance Fees. The QuickBooks Business Bank Account does not have any fees.
- Business Debit Card: The QuickBooks Debit Card means more spending power for your business. Get paid digitally, keep tabs on your cash, and use your debit card at over 19,000 no-fee AllPoint ATMs.
- Custom Cash Flow Forecasting: The QuickBooks Business Account allows you to plan ahead and stay ahead. View your account balances so you know where you stand and forecast cash flow 30 and 90 days out to make smarter decisions for your business.
Of course, every business bank account comes with its downsides. So far, I have one issue with my QuickBooks Business Account. QuickBooks does not offer mobile check deposits. Prior to switching to QuickBooks, I banked at Chase Bank. My Chase Business Account remains open to deposit checks received by customers. Even though I can easily transfer money back and forth between Chase and My QuickBooks Account, I have to keep a minimum of $2000 in my Chase Checking to avoid a $15.00 monthly maintenance fee.
I’ve been told by Intuit an algorithm determines if & when I am eligible for mobile check deposits. It is a feature that might be available at some point in the future.
If you aren’t utilizing QuickBooks Online in your business, I highly recommend signing up. If you have questions, please reach out in the comments. I am happy to set up a free call to answer any questions you may have.
To help you get started, Black Friday and Cyber Monday are here! Save 30% on QuickBooks Online for 6 months with this discount. Set your business up for success in 2023 with QuickBooks Online.