Small Business FinanceWorks
Encyclopedia
Small Business FinanceWorks is a suite of online business solutions developed by Intuit Financial Services, and is offered by participating bank
s or credit union
s as part of their online business banking services. Small Business FinanceWorks provides a suite of applications that help small businesses manage financial workflows such as customer invoicing, payroll
, remote deposit
, and legal filings.
owners can subscribe to one or more of the following applications.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s or credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
s as part of their online business banking services. Small Business FinanceWorks provides a suite of applications that help small businesses manage financial workflows such as customer invoicing, payroll
Payroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons...
, remote deposit
Remote deposit
Remote deposit refers to the ability to deposit a check into a bank account from a remote location, such as an office or home, without having to physically deliver the check to the bank...
, and legal filings.
Applications
Small Business FinanceWorks comprises five applications. Each adopting bank or credit union has the option of choosing the specific application(s) they wish to offer. If the institution offers the full suite, small businessSmall business
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships...
owners can subscribe to one or more of the following applications.
- Billing Manager: Creates and sends invoiceInvoiceAn invoice or bill is a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer. An invoice indicates the buyer must pay the seller, according to the payment terms...
s, calculates sales taxSales taxA sales tax is a tax, usually paid by the consumer at the point of purchase, itemized separately from the base price, for certain goods and services. The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale....
, tracks receivablesReceivablesReceivables may refer to the amount due from individuals and companies. Receivables are claims that are expected to be collected in cash. These are frequently classified as:...
, helps manage customer information. - Merchant Services: Allows a business to accept credit cardCredit cardA credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
and other payments by phone or online. - Online Payroll: Creates paycheckPaycheckPaycheck can also refer to:* Paycheck , short story by science fiction author Philip K. Dick* Paycheck , film adaptation of the Philip K. Dick short story starring Ben Affleck...
s, automatically calculates earnings, payroll taxPayroll taxPayroll tax generally refers to two different kinds of similar taxes. The first kind is a tax that employers are required to withhold from employees' wages, also known as withholding tax, pay-as-you-earn tax , or pay-as-you-go tax...
es, and deductions; facilitates payment of payroll taxes; and prepares federal and state tax forms. - My Deposit: Allows a business to deposit checks into an online banking account via a standard scannerScannerScanner may refer to:* WikiScanner, a tool that provides a searchable database of anonymous Wikipedia edits* A personality type described by self-help author Barbara Sher-Technology:* Scanner , for searching for and receiving radio broadcasts...
linked to a computerComputerA computer is a programmable machine designed to sequentially and automatically carry out a sequence of arithmetic or logical operations. The particular sequence of operations can be changed readily, allowing the computer to solve more than one kind of problem...
and the InternetInternetThe Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
. - My Corporation: Online legal document filing service that provides guidance for creating a corporationCorporationA corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
or limited liability companyLimited liability companyA limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions...
(LLC), registering a company name, filing annual business maintenance and compliance forms, and securing copyrightCopyrightCopyright is a legal concept, enacted by most governments, giving the creator of an original work exclusive rights to it, usually for a limited time...
s and trademarkTrademarkA trademark, trade mark, or trade-mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or...
s.
Benefits for small business owners
- Organization: Streamlines and organizes tasks that many small business owners dislike doing and tend to handle in a less-organized fashion.
- Cash flow: Helps a user easily track and manage cash flowCash flowCash flow is the movement of money into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used for calculating other parameters that give information on a company's value and situation.Cash flow...
. The suite can also help a business improve its cash flow by speeding up invoicing and expanding receivable options. - Security: Small Business FinanceWorks is hosted within the online banking Websites of participating financial institutions and is protected by the security and privacy measures required of the banking industry by governmental regulations. (Applications are not downloaded onto an individual user’s computer.)
Benefits for financial institutions
- “Stickier” customers: Small Business FinanceWorks is designed to help financial institutionFinancial institutionIn financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s attract new small business customers and strengthen existing relationships with 79% of small businesses preferring to manage their finances at their bank or credit union. - Generate fee income: Financial institutions can generate feeFeeA fee is the price one pays as remuneration for services. Fees usually allow for overhead, wages, costs, and markup.Traditionally, professionals in Great Britain received a fee in contradistinction to a payment, salary, or wage, and would often use guineas rather than pounds as units of account...
income from the various ongoing and one time fees associated with the individual applications. - Security: Intuit Financial Services is held to the same strict security requirements as a financial institution, giving both bankers and users peace of mind.
Awards and accolades
- Javelin Strategy & Research: “Best in class” for online financial managementFinancial managementFinancial management may refer to:* Managerial finance, a branch of finance that concerns itself with the managerial significance of finance techniques....
“[Small Business FinanceWorks] offers unparalleled services for microbusinesses, which Digital Insight defines as a market of 23 million entities with less than $100,000 in annual revenue.” - Barlow Research Inc.: “Overall Most Innovative Award” in 2009 Monarch Innovation Awards.
- Melina Schoonover, Assistant Vice President of Alliance Credit Union, San Jose, CA: “This offering is an incredibly important differentiator and gives us a competitive advantage.”