QuickBooks Brings AI-Driven Innovations to Small Businesses
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov 7, 2019--
Intuit Inc. (Nasdaq: INTU) today announced new product innovations designed to leverage the latest in artificial intelligence (AI), bringing technology typically reserved for the world’s biggest companies directly to small businesses. Being part of QuickBooks now means being part of the growth of one of the most advanced AI-driven, expert small business financial platforms in the world, giving small businesses the advantage they need to succeed.
Announced at Intuit’s sixth annual QuickBooks Connect conference, more than five thousand attendees were the first to see the advanced capabilities of QuickBooks’ AI-driven expert platform. New innovations help simplify and automate work, while eliminating drudgery and tedious tasks by identifying patterns in the billions of transactions that flow through the QuickBooks platform. QuickBooks takes the guesswork out of being a small business owner or self-employed by being the single source of truth for their business. QuickBooks Online now uses AI to automate certain repetitive back-office work, reduce friction in getting paid, and improve forecasts of cash flow. This makes small businesses smarter, more successful and free to focus on the important work of delighting customers.
“The reality of running a small business is hard, and often owners are left to figure out how to leverage and take advantage of AI by themselves. QuickBooks is changing this by leveling the playing field, giving small businesses access to data and insights they’ve never had before,” said Alex Chriss, Executive Vice President and General Manager of Small Business Self-Employed Group at Intuit. “By turning data into meaningful and useful insights, QuickBooks will be able to help small businesses make more data-driven decisions, spotting mistakes that would otherwise cost time and money.”
QuickBooks has delivered innovations in all areas of running a small business. At last year’s QuickBooks Connect, QuickBooks showcased its first look at smarter ways to add payment capabilities to invoices. As a result of those innovations, QuickBooks customers on average get paid within five days of sending an invoice, three times faster than those who don’t use QuickBooks payments. In regards to payroll, employers using the QuickBooks flagship online payroll products can now hold onto their money until payday, instead of tying up funds several days in advance. This allows business owners to hold onto $22 billion in funds for days longer each year. Finally, with QuickBooks Capital, $1.7 billion in funding has been distributed to small businesses, including $1.3 billion in marketplace funds and $441 million in direct lending.
This year, QuickBooks builds on this momentum with three key areas to accelerate the benefits for our customers: Smart Money, Smart Decisions, and Smart Connections.
Money is like oxygen to small business owners. They can’t survive without it. In fact, in 82 percent of small business failures, cash flow problems are a contributing factor. QuickBooks is unveiling new innovations to help small businesses get paid faster, get access to the capital they need and better understand their cash flow, allowing them to stay ahead of challenges.
Too often, small businesses and the self-employed are making decisions about their business without the right information or expertise. QuickBooks has seen millions of similar decisions across its ecosystem and through the power of AI, QuickBooks provides insights to help businesses be smarter.
As the world’s leading small business ecosystem, QuickBooks now intelligently matches small businesses to experts to help them grow and prosper with the launch of QuickBooks Live Bookkeeping.
For more information visit smarter.quickbooks.com.
Intuit’s mission is to Power Prosperity Around the World. Our global products and platforms, including TurboTax ®, QuickBooks ®, Mint ® and Turbo ®, are designed to empower consumers, self-employed and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves 50 million customers worldwide, unleashing the power of many for the prosperity of one. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.
Intuit, QuickBooks, QuickBooks Connect, QuickBooks ProAdvisor, TurboTax, and Mint are trademarks of Intuit Inc. Other parties’ marks are property of their respective owners.
This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchase decision.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191107006151/en/
CONTACT: Kim Amsbaugh
Access Brand Communications
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY HUMAN RESOURCES FINANCE PROFESSIONAL SERVICES SMALL BUSINESS SOFTWARE NETWORKS INTERNET DATA MANAGEMENT
SOURCE: Intuit Inc.
Copyright Business Wire 2019.
PUB: 11/07/2019 09:00 PM/DISC: 11/07/2019 09:01 PM