QuickBooks provides small businesses with AI-driven technologies
Intuit Inc. (Nasdaq: INTU) today announced new product developments aimed at applying the latest artificial intelligence (AI) software, typically reserved for the largest companies in the world, directly for small businesses. Being part of QuickBooks now means being part of growing one of the world’s most innovative AI-driven, professional small business financial systems, offering the edge small businesses need to thrive.
More than five thousand attendees were the first to see the advanced capabilities of QuickBooks ‘ AI-driven expert system, revealed at the sixth annual QuickBooks Connect conference. New innovations help simplify and automate work while reducing drudgery and repetitive activities by finding trends in the trillions of transactions that flow through the QuickBooks system.
QuickBooks takes the guesswork out of being a small business owner or self-employed by being their business’s only source of truth. QuickBooks Online now uses AI to automate some routine back-office work, reduce pay-out pressure, and boost cash flow forecasts. It makes it easier, more competitive and freer for small businesses to concentrate on the important work of delighting customers.
“The truth of running a small business is daunting and it is often left to entrepreneurs to work out how to exploit and take advantage of AI on their own. QuickBooks is changing this by leveling the playing field, giving small businesses access to data and knowledge they’ve never had before, “said Alex Chriss, Small Business Self-Employed Group’s Executive Vice President and General Manager at Intuit. “By making information meaningful and useful insights, QuickBooks can help small businesses make more data-driven decisions, finding errors that would otherwise cost time and money.”
QuickBooks has brought innovations to a small business in all aspects. QuickBooks offered its first look at better ways to add payment features to invoices at last year’s QuickBooks Connect. QuickBooks customers are paid on average within five days of submitting an invoice as a result of these developments, three times faster than those who do not use QuickBooks payments.
In terms of payroll, employees using the electronic payroll services of the QuickBooks subsidiary can now hang on to their cash until payday, rather than tying up funds a few days ahead. It helps business owners to hang on to more than $22 billion in funds each year for days. Finally, $1.7 billion in financing was allocated to small businesses through QuickBooks Capital, including $1.3 billion in auction funds and $441 million in direct loans.