Managing loans and financing can be a complex task for any small business. QuickBooks Loan Manager integrates seamlessly with your QuickBooks Online account to help track, manage, and account for all aspects of your business loans in one centralized location.
In this comprehensive guide, we’ll explore how Loan Manager removes the complications of loan management and unlocks powerful insights into your debt portfolio. Whether applying for financing, tracking existing loans, or forecasting payoff timelines, Loan Manager has you covered.
Streamlining Loan Applications
Applying for financing for your business can be time-consuming and confusing. Loan Manager from QuickBooks simplifies the process by allowing you to complete loan applications right within QuickBooks Online.
Apply directly through Loan Manager’s extensive marketplace of lenders including banks, credit unions, online lenders, and more.
Pre-fill applications with your business and financial data from QuickBooks for faster applications.
Compare customized loan offers from multiple lenders in one dashboard to find the best rates and terms.
Complete application packages and securely upload required documents all in one place for easy end-to-end loan processing.
Syncs seamlessly with QuickBooks once approved so your financing is already set up and ready to reconcile.
With Loan Manager handling the application hassle on auto-pilot, you can go from the search for capital to fund faster than ever.
Centralizing Loan Tracking
Once financing is secured, QuickBooks Loan Manager provides effortless tracking and management from approval to payoff.
Add details on all your business loans large and small in one dashboard including amounts, terms, payments, interest rates, fees, collateral, and more.
Loan Manager automatically syncs with Bank Feeds in QuickBooks Online to import your latest loan transaction data.
Payment due dates, interest amounts, and principal balances are tracked and accessible in one simple snapshot for each loan.
Run consolidated reports on your entire lending portfolio to quickly assess statuses, upcoming payments, and total balances across all loans.
Never miss important milestones or payments again with customizable reminders and notifications.
With robust tracking tools, Loan Manager eliminates fragmented loan records so you can manage your debt holistically.
Forecasting Payoffs and Savings
Knowing when loans will be paid off, and how much you’ll save on interest by accelerating payments, are key insights QuickBooks Loan Manager provides.
Use the interactive payoff simulator to forecast the impact of additional principal payments on payoff timelines and interest cost savings.
See projected payoff dates based on your current payment schedule or explore “what-if” scenarios applying extra principal.
The simulator factors in all loan details including varying interest rates, odd payment intervals, balloons, and variable terms over the life of the loan.
Export customized forecasts to share with stakeholders when evaluating early debt retirement options.
With data-backed forecasts at your fingertips, you can strategically manage payoffs to unlock major interest savings and minimize financing costs.
Automating Complex Accounting
Loan Manager doesn’t just track loans - it automates all the complicated accounting too.
Interest accruals, principal reductions, and complex amortization schedules are handled completely behind-the-scenes.
Correct journal entries are automatically created into your QuickBooks Online account so your books stay up-to-date.
No more manual calculations or confusing accounting adjustments required as Loan Manager does the work for you.
Accounting automation applies to all types of loans - term, LOC, balloon, variable, and custom payment loans.
By taking your loan accounting and reconciliation off auto-pilot, Loan Manager saves you significant time while also ensuring accuracy.
Collaborating Across Teams
Managing loans involves input and collaboration from multiple stakeholders. Loan Manager enables seamless teamwork with:
Shared access allows you to add controllers, CPAs, and other finance staff to Loan Manager under customized permission levels.
Collaborators can review loan details, make updates, add new loans, generate reports and more based on access settings.
Robust activity logging tracks all changes, entries, notes, and updates by user for transparency and accountability.
Automatic data sync with QuickBooks Online means the entire team works from a single source of truth.
With modern collaborative tools built-in, Loan Manager breaks down silos for unified loan oversight across your organization.
Customizing with Advanced Settings
Tailor Loan Manager to fit your business needs with flexible user preferences and advanced settings.
Create custom loan fields like collateral types, guarantors, bank references, and other details unique to your loans.
Choose personalized date formats, export settings, and currency display options.
Configure automatic reminders for upcoming payments, due dates, interest accruals, and other important events.
Set user permissions granularly based on responsibilities for data access, editing, reporting, and more.
Utilize robust activity logs to monitor changes and loan portfolio analytics.
With robust customization options, Loan Manager can be fine-tuned to match your preferred workflows and business requirements.
Achieving Data Security & Reliability
Your financial data is critical - Loan Manager enables banking-grade security and accessibility.
QuickBooks Online follows industry-leading security practices including SOC 2 Type II certification and 256-bit SSL encryption.
No local software downloads - Loan Manager data is hosted securely on the QuickBooks Online cloud.
99.9% uptime guarantee provides reliable 24/7 web and mobile access.
Regular automatic backups and cloud data mirroring means your data stays protected.
With proven technology and security protocols in place, you can trust Loan Manager to keep your lending data protected yet accessible.
By unifying your loan hub on one cloud-based platform, QuickBooks Loan Manager gives you the tools and insights needed to master the complete loan lifecycle. Simplify everything from finding capital to forecasting payoff timelines while ensuring your books stay reconciled every step of the way. Contact us today to learn more about unleashing the power of Loan Manager for your growing small business.
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