My Look at QuickBooks Connect 2017

QuickBooks Capital

Another service that I said we would see coming up, in my article on QuickBooks Online Is the Future for Intuit earlier this year, was the integration of small business financing with QuickBooks Online. This is an area that Intuit has been very interested in. As I discussed before, Intuit generates more revenue from attachments than they do from the basic accounting software itself. Attachments are things like payroll, merchant services, and — in this case — small business loans.

QuickBooks Capital is launching in QuickBooks Online, providing the small business with easy access to business funding. This can be accessed via your web browser or your mobile device. I’m going to show examples from both kinds of access.

Applying for short-term capital through a bank or other lender can be a major hassle. It takes time, the process can be complex, the information you receive from lenders can be confusing, and if you are approved it still takes time to get the funding. Many small businesses don’t even bother to apply.

If you are running your business with QuickBooks Online, Intuit has detailed access to your data. They know how well your business is doing. In addition, they know the kind of business you are in and they can compare your data to the aggregated data of all other businesses that are similar to yours, that also use QuickBooks Online. With all of this data, Intuit can provide you with access to business capital with just a few clicks, and deliver the funds to you in just a few days. You don’t have to fill out lengthy loan applications or wait weeks for a decision.

From within your QuickBooks Online account you can look into what kind of funding is available to you.

 QuickBooks Capital

Click the Apply Now button and within a few minutes QuickBooks Capital has analyzed your data and makes you an offer.

 QuickBooks Capital

You haven’t made a commitment yet, you are just seeing the offer. There is a slider that lets you choose how much capital to borrow, and you can see all the details of what the commitment is. You see the total loan cost, your payment schedule, the term, and the rate. The details are important, and Intuit has done a great job in making them clear.

If you like the terms, with just a few additional clicks you will be approved. The funds will be automatically deposited in your back account in just a few days.

 QuickBooks Capital

Then you can manage the loan right from QuickBooks Online.

 QuickBooks Connect 2017

This is very interesting, but I’m a bit concerned on several counts here.

Perhaps I’m old fashioned, but I find this to be a bit creepy. Heck, I am old, but that can’t be the only explanation for this feeling? Just by using QuickBooks Online, Intuit knows all my inner, dark secrets. At least as far as my business dealings. I know that other people can’t see my detailed data, and I’m not worried about security in this case, but it still bugs me a bit. It’s funny, though, that this bugs me, while the QuickBooks Assistant (which is seeing the same data) doesn’t.

In a press conference at the show, one media person asked Intuit if people were expressing this same feeling. I wish I had recorded the Intuit representative’s response so that I could relay it accurately, because it was very funny. He essentially said that they didn’t believe that they had hit people’s limit on feeling creepy, yet. The point was, no, people are not being creeped out by this, in general.

The other area of concern that I have is that this is providing people with a loan, a liability, perhaps a bit too easily? There isn’t a person involved in this, in counseling the businessperson as to whether it makes good business sense to take on this loan. I wish there was a way to have the businesses accountant involved with this some way? Of course, Intuit is not in the business of predatory financing, it is in their best interest to only make good loans, and they have detailed access to your financial health.

All in all, once I get over my initial qualms, I think that this has a lot of potential to be a good program. It certainly takes a lot of pain out of the process. We’ll have to see how it works out, though.

About the author

Charlie Russell

Charlie Russell has been involved with the small business software industry since the mid 70's, and remembers releasing his first commercial accounting software product when you had an 8-bit microcomputer with one 8 inch floppy disk drive. He has a special interest in inventory and manufacturing software for small businesses. Charlie is a Certified Advanced QuickBooks ProAdvisor with additional certifications for QuickBooks Online and QuickBooks Enterprise, as well as being a Xero Certified Partner. Charlie started blogging about QuickBooks in 2008 (Practical QuickBooks) and has been writing for the Accountex Report (formerly the Sleeter Report) since 2011. He retired from accounting and QuickBooks activities in early 2018.

Visit his CCRSoftware web site for information about his QuickBooks add-on products. He is also the author of the California Wildflower Hikes blog.


  • So funny you said ‘desktop’, when I asked a question of some of the higher-ups, about ‘desktop’ their response was “what’s that…”.


    • Depends on who you talk to there. But, communication between folks at Intuit isn’t always good. I was telling one QBO manager about something in the product, he said it didn’t work that way, until I showed him the screen shots.

  • Appreciate your thought and knowledge of the QuickBooks and other accounting software, You really help us to be updated with the accounting software.

    Thank you so much for sharing this article

  • Thanks Charlie for your take on QBCC 17, especially because I was recovering from minor surgery and couldn’t make it.

    so a couple thoughts/questions:
    1) Will a person be able to get a loan if the data is inaccurate:
    a) un-reconciled bank accounts
    b) large number of unprocessed items in bank feeds
    c) any of the typical errors in a file

    2) will being a “tax expert” affect my ranking in FAP?

    3) I wonder if the Assistant can answer the question, “how accurate are my books?”

    Thanks again

    • Jonathan, I can’t really answer these in detail, because Intuit hasn’t provided details. Also, this is just available (at this time) in QuickBooks Self Employed, which I don’t work with. But I can speculate….

      1) The loan is based on the history of your usage, amongst other factors. What kind of inaccurate information? I would guess that if you don’t process your bank feeds (etc.) then it might lower the odds of approval. However, processing is just a reconciliation move. They are going to be looking at things like what your sales are, bank balances, things like this, which don’t necessarily require processing. They can see your transactions as they go through your connected banks and credit cards.

      2) Intuit’s ranking algorithm is secret, AND it changes all the time. So while it might not help your ranking now, it might later on. Who knows? Certainly it is important to be listed as a tax expert if someone is looking for a tax expert…

      3) I’m guessing that QuickBooks Assistant will have an answer for that. It might not be the answer that you are looking for, though. It could be a comeback like “they are as accurate as the info you enter” or something like that. These kinds of assistant bots take time to develop, so you are going to see it respond to a few questions initially, and more as time goes on and they learn what kinds of questions that people ask. Don’t expect the assistant to answer all questions, just the ones that most people ask, and as time goes on the breadth of subjects will expand. Just as we saw with Siri on Apple devices, initially.

  • I have a new client, I am a professional adviser, looking to upgrade from Desktop 2015 Pro to QuickBooks Premier 2018 Desktop to work with Inventory and the “expanded inventory reports” this is supposed to have. Is there a way to get a print out of already designed reports in Premier 2018? These can be customized as well correct? This client has Restocks.com as well.

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