When we talk about technology and funding, small and medium-sized businesses have various types of funding options, but QuickBooks Capital is the most popular and effective tool for small businesses that utilize QuickBooks Online and QuickBooks Desktop. Intuit Financing Inc. provides a loan service called QuickBooks Capital. It is primarily designed for small businesses, and it helps over 628 million businesses with their funding needs. This is essential software that every small business owner must embrace.
What is QuickBooks Capital?
QuickBooks Capital provides eligible QuickBooks customers with a fast and flexible business loan of up to 100,000 dollars for small businesses. Easy access to various schemes. We take an integrated view of business to create a fund option that is suitable for you.
It actually accelerates the process by automatically entering your present details. QuickBooks Capital offers the sort of rates you’ll get from other online lenders but with no origination or closing costs, making it a better deal than most competitors. However, the financing itself is not cheap, and you will have a limited time frame for repayment. It may be a useful way to get immediate funds, especially for a seasonal or new firm that would not be accepted elsewhere.
How does QuickBooks Capital work?
Loan Product: QuickBooks Capital. Here’s how it works:
- Requires all transactions from your QuickBooks account to be current. After all your books are current, QuickBooks will soon share your permission to use your data with its broad online lender partners to help you find a business loan that fits the bill.
- Review available offers and compare the various repayment terms and conditions associated with financing offers that QuickBooks loan partners offer specifically for you.
- After you have selected an offer, performed your rate comparisons and you are ready to move forward with funding, the next logical step is to apply directly through a QuickBooks business loan partner.
- Funds are deposited on approval. It releases funds directly to your business bank account as soon as your funding application is approved.
QuickBooks Capital Provides Services
Installment Loans
An installment loan, also known as a term loan, is a similar unsecured loan, but it provides the borrower with an optimal amount of money at once. In exchange, the borrower will need to repay the amount in full, both principal and interest, within certain terms specified by a contract. Installment: This is what we call the standard payment plan.
Invoice Finance
If your cash flow is getting hit due to unpaid invoices, you can also opt for the invoice finance option available through QuickBooks Capital. The credit line is secured by all of your QuickBooks accounts receivable that are not associated with other landing products.
QuickBooks Capital Requirements
It is a requirement of every finance professional that your qualification for QuickBooks working capital funding is unclear. The requirements of QuickBooks are looking for:
- Your business records in QuickBooks
- Credit history of individual and business, min 620 credit score
- Transactions in your business bank accounts
- $50,000 or more in Sales over the last 12 months
- An account has existed for at least 6 months.
- That means you are agreeing to repay the loan with your own money if your business can’t pay it back, no matter how much or little your business borrows.
Pros of QuickBooks Capital
- The funding option is highly accessible.
- If your sales fluctuate, it will be a repayment.
- Fast decision-making provides responses within minutes.
- Incorporation with QuickBooks accounting software.
Cons of QuickBooks Capital
- Only Available to QuickBooks Users.
- Priority is the requirement of a personal guarantee.
- A long-term finance option is not available.
- Short-term funding.
FAQ’s of QuickBooks Capital
1. What is a Capital account in QuickBooks?
In QuickBooks, a Capital account shows the money of the business used for daily tasks, operations, and future growth. It is an important part of running and starting a successful business. It is the capital and program of a business to produce the goods or services that it sells. And one thing that we also realize is that working capital is the cash your business has to pay its expenses each day.
2. Where do we record capital in QuickBooks?
The Capital or Investment was recorded in the Owner’s equity account. Documenting the capital investments of your funds or those from a business partner is key for all parties involved in keeping your company accounts correct. This is a necessary work to keep the accounts up to date and represent the owner´s investment as a set of its own entrepreneurial capital.
