Intuit has introduced updated automatic accounting capabilities to QuickBooks products.
The new enhancements are designed to provide businesses with the use of artificial intelligence (AI) automation that helps eliminate the use of “multiple disconnected tools.”
“As the size and complexity of companies grows, we know that we need a financial technology platform that offers deeper customization, enhanced automation and capabilities to get the most important work done.”
“We are committed to helping businesses and accountants work smarter and smarter, while gaining the financial expertise and confidence needed to succeed.”
Updates include “QuickBooks Payments” which allows users to connect their bank account to the “Now” button on their invoice to reduce late payments.
Additionally, Intuit currently offers AI-powered bank feeds. It aims to address issues related to the classification of bank transactions. The company calls it “one of the most repetitive and error-prone tasks in accounting.”
This tool can learn from user actions and propose categories based on historical patterns, allowing businesses to streamline workflows and improve accuracy.
These updates come a week after INUIT adds AI agents to the enterprise suite, allowing you to handle daily accounting tasks and other obligations.
As PYMNTS wrote shortly after its launch, such tools help small and medium-sized business (SMB) owners use AI to level the arenas of accounting services and provide these small operational access to tools that were once only in large enterprise domains.
“AI amplifies the value of SMBS's accounting services,” said Ariege Misherghi, vice president and general manager of accounting at Bill, in an interview with Pymnts.
“When routine tasks like data extraction and invoice processing are automated, accountants are freed and focused on higher value advisory tasks that only humans can provide. They apply judgements, guide SMBs through complex financial decisions and provide strategic insights,” added Misherghi.
Lisa Huang, Xero's Senior Vice President of Product Management, told PYMNT that many accounting systems remain manual despite increasing external pressure on the industry.
“The accounting and bookkeeping industry is at a turning point,” Huang says. “Many experts are overworked and resource-lacked, facing increased demand for clients and increased pressure due to evolving regulatory and compliance requirements.”
