Intuit Inc. has released a new version of its small-business accounting software that connects users directly to banks.
Intuit officials said the latest release of QuickBooks, version 5.0, is the first software of its type to enable small businesses to transact with banks on-line.
The software company said 28 banks have already signed up to offer the electronic banking connection. They are a subset of the 37 banks that offer services in conjunction with Intuit's Quicken personal financial management software.
QuickBooks users at participating banks will be able to pay bills, transfer money among accounts, check balances, and see which checks have cleared.
Before the on-line feature was added, "you would have had to record your checks in one software and go somewhere else to send them," said Ted Patton, a product manager at Intuit.
QuickBooks, he said, "will be the only accounting software that offers on-line banking on it."
Mr. Patton said the typical QuickBooks user is a small-business owner who may not have much accounting knowledge. According to Intuit's focus groups, customers were most interested in the product's ease of use and connectivity to banks.
Banks, too, had input into the development of the product, Intuit executives said. Among the larger institutions that will offer it are Chase Manhattan Corp.; Union Bank of California, a unit of Bank of Tokyo- Mitsubishi Ltd.; and Home Savings of America, owned by H.F. Ahmanson & Co., Irwindale, Calif.
"For the most part they see this as a customer acquisition tool," said Jeff Larson, a manager in Intuit's business products group. The two banks in California "are planning to be very aggressive."
