{"id":112,"date":"2021-06-05T14:24:27","date_gmt":"2021-06-05T14:24:27","guid":{"rendered":"https:\/\/www.forwardai.com\/blog\/?p=112"},"modified":"2022-10-06T10:09:46","modified_gmt":"2022-10-06T10:09:46","slug":"forwardais-quickbooks-integration-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.forwardai.com\/knowledge-center\/blog\/forwardais-quickbooks-integration-what-you-need-to-know\/","title":{"rendered":"ForwardAI\u2019s QuickBooks Integration \u2013 What You Need to Know"},"content":{"rendered":"\r\n

\"elements<\/p>\r\n

They\u2019re not media darlings or mythical unicorns, they\u2019re the hard-working people giving everything they\u2019ve got to make their businesses a success. In fact,\u00a099% of all the businesses<\/a>\u00a0in the world are small businesses.<\/strong><\/em><\/p>\r\n\r\n\r\n\r\n

In spite of their diligent efforts,\u00a060% of\u00a0small to medium-sized enterprises (SMEs) that fail point to cash flow.<\/strong><\/em>\u00a0There\u2019s also lack of funding to bolster cash flow with\u00a01 in 5\u00a0SMEs being turned down by banks and traditional lenders.\u00a0What\u2019s worse, is that many SMEs don\u2019t know the reasons why or even how to improve their chances.<\/p>\r\n\r\n\r\n\r\n

The power of a one-click risk assessment \u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n

There\u2019s no question that QuickBooks Online is a smarter business tool for the world\u2019s hardest workers \u2014 small business owners. That\u2019s why ForwardAI is excited to integrate with\u00a0QuickBooks Online<\/a>\u00a0to offer these businesses powerful, intuitive, one-click risk assessment \u2014 based on a business\u2019 own first-hand accounting data.<\/p>\r\n\r\n\r\n\r\n

While expense tracking, payments and other day-to-day business functions can be easily automated, if an SME wants to know their\u00a0business credit rating<\/a>, they have to rely on an outdated system based on second-hand information. That is, until now.<\/p>\r\n\r\n\r\n\r\n

With ForwardAI Predict connect your QuickBooks Online account. It\u2019s that simple and your near-real-time credit score will be generated in seconds.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

Hundreds of variables, one concise indicator<\/strong><\/h2>\r\n\r\n\r\n\r\n

ForwardAI Predict analyzes the financial data in the business\u2019 QuickBooks Online account. Our application sorts the data into key variables and indicators, which are then further divided into two main categories \u2014 risk assessment and cash flow analysis.<\/p>\r\n\r\n\r\n\r\n

The risk score, the focal point of the dashboard, is a capstone or synthesis of all the risk assessment variables. Like a car odometer, the risk score shows if the business is accelerating, resting at a comfortable cruising speed or losing momentum.<\/p>\r\n\r\n\r\n\r\n

The table below breaks down some of the variables and indicators that ForwardAI Predict uses to assess risk \u2014 factors that small business lenders often use their own assessments:<\/p>\r\n\r\n\r\n\r\n\r\n\r\n

The added value of cash flow forecasting\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n

Risk assessment is to cash flow as a chicken is to an egg. You can\u2019t have one without the other. Businesses need\u00a0cash flow<\/a>\u00a0to survive. As such, they need to be aware of exactly how and when the cash flows in and out of their business.\u00a0Cash flow forecasting\u00a0also helps businesses predict when they\u2019ll need funding \u2014 letting them plan and prepare to apply for these funds more effectively.<\/p>\r\n\r\n\r\n\r\n

ForwardAI helps SMEs monitor cash flow by:<\/strong><\/h3>\r\n\r\n\r\n\r\n