Intuit has introduced updated automated accounting features for its QuickBooks product.
The new enhancements are designed to offer companies the use of artificial intelligence (AI) automation to help eliminate the use of “multiple disconnected tools,” Intuit said in a news release Tuesday (July 29).
“As businesses grow in size and complexity, we know that they need a financial technology platform that provides deeper customisation, enhanced automation and features to get critical jobs done,” Ciarán Quilty, Intuit’s senior vice president of international, said in the release.
“We’re committed to listening to our customers to help businesses and accountants work smarter, not harder, whilst gaining the financial expertise and confidence they need to succeed.”
Among the updates is “QuickBooks Payments,” letting users connect their bank accounts to a “pay now” button on invoices to reduce late payments.
In addition, Intuit now offers an AI-powered bank feed, aimed at addressing issues related to categorizing bank transactions, which the company calls “one of the most repetitive and error-prone tasks in accounting.”
This tool can learn from users’ actions and suggest categories based on historical patterns, letting businesses streamline workflows and improve accuracy.
These updates come one week after Inuit added AI agents to its Enterprise Suite, which can handle routine accounting tasks and other duties.
As PYMNTS wrote soon after that launch, tools like these are helping small medium-sized business (SMB) owners use AI to level the accounting services playing field, offering these smaller operations access to tools that were once solely the domain of large enterprises.
“AI will amplify the value of accounting services for SMBs,” Ariege Misherghi, senior vice president and general manager of accounts payable, accounts receivable and accountant channel at Bill, said in an interview with PYMNTS.
“Once routine tasks like data extraction and invoice processing are automated, accountants will be freed up to focus on higher value advisory work that only humans can provide: applying judgement, guiding SMBs through complex financial decisions and delivering strategic insights,” Misherghi added.
Lisa Huang, senior vice president of product management at Xero, told PYMNTS that many accounting systems remain manual despite mounting external pressures for the industry.
“The accounting and bookkeeping industry is at a turning point,” Huang said. “Many professionals are overworked and under-resourced, facing increasi
Source: https://www.pymnts.com/
