New QuickBooks function looks to tackle ‘BAS surprise’

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Intuit QuickBooks has launched an interactive cash flow planning tool, aimed at ensuring small businesses avoid the “BAS surprise”.

By Reporter•28 January 2021•2 minute read

The cash flow planner will include new functions such as an invoice prediction tool and a new BAS predictor feature aimed at forecasting obligations for the upcoming quarter.

Intuit QuickBooks director of product management Mindy Eiermann said the new features were meant to help small businesses more accurately plan their cash flow for the next 90 days and beyond.

“For small businesses with high cash volatility, it can be really challenging to project how much money they have coming in and out and ensure that they’ve set aside enough for BAS payments,” Ms Eiermann said.

“QuickBooks uses machine learning to predict the GST amounts owed for the upcoming quarter, which means that, for the first time, our customers have real-time visibility into how much money they need to cover critical expenses and the confidence to make smarter business decisions, and taking away the ‘BAS surprise’ that happens when BAS is due.”

According to the software provider, the new tool feeds off a user’s previous incoming and outgoing expenses and patterns found in their financial history to provide cash flow insights.