How does QuickBooks use Artificial Intelligence and Machine Learning

How does QuickBooks use Artificial Intelligence and Machine Learning

Intuit’s approach to Artificial Intelligence and Machine Learning-powered technology and services enable small businesses to put AI and ML to work for them practically and powerfully.

Intuit is responsible for determining how to make these technologies usable and small businesses can then benefit. So, Intuit’s massive QuickBooks installed base provides it with a significant advantage in these attempts. 

QuickBooks leverages Artificial Intelligence and Machine Learning to decode anonymized data from millions of customers to assist businesses in managing revenue flow, tax payments, and more.

Small businesses account for 98% of all companies. Self-employed individuals account for 80% of new employment creation. However, it is a well-known fact that small businesses frequently fail.

Over half of all small businesses fail within the first five years. That is why QuickBooks is on a mission to tip the scales in small business’s favour.

QuickBooks aim to ensure their long-term success by providing the industry with access to artificial intelligence and machine learning capabilities throughout the QuickBooks platform.

With the world’s largest ecosystem for self-employed and small businesses, Intuit can feed its AI and prediction engine millions of clients and transactions.

A platform containing billions of anonymized revenue flow, spending, tax payment, and payroll patterns enables each small firm to operate more intelligently and efficiently.

The more informed their decisions result from global and local insights gleaned from the QuickBooks ecosystem, the better equipped to succeed and develop.

QuickBooks users can more easily manage their businesses and gain the information necessary to make the right business decisions. Intuit concentrates its efforts on three critical areas: Smart Money, Smart Decisions, and Smart Connections.

Smart Money

Smart Money solutions are designed to assist small businesses in managing their cash flow more easily and successfully. Several recent enhancements include the following:

  • QuickBooks Payments

Everyone wants to pay quickly—and these new Payments features assist small businesses in accomplishing that goal.

Instant deposit payments are being added to Intuit to provide users with fast access to funds received via bank transfers or credit cards.

Also, businesses can generate bills that include automatically entered hours, costs, and mileage from QuickBooks via integrated AI.

QuickBooks Payments can now complete money transfers even when users provide incorrect bank account information using a new AI and machine learning-driven ACH model.

  • QuickBooks Payroll

QuickBooks has fully integrated TSheets time management to automatically feed hours from TSheets into Payroll, to notify owners through email, and to give them the option of manually checking payroll before running it for same-day or next-day employee payouts.

Requirements engineering capabilities enable small businesses to deal with overtime laws and tax compliance by digitally encoding millions of federal, state, and local requirements.

  • QuickBooks Capital

QuickBooks Capital has funded over $500 million in small business loans. Intuit’s lending service leverages a direct feed from QuickBooks Online (QBO) to significantly shorten the lending process and associated paperwork.

Users can apply for the loan directly through QBO and will receive a decision immediately or between 2-3 business days at the latest.

Intuit announced at QuickBooks Connect that QuickBooks Capital loans would be available to QuickBooks Desktop and QuickBooks Online users.

Smart Decisions

QuickBooks users may use the Smart Decisions capabilities to automate bookkeeping, save time, and make more informed business decisions. Among the newly launched, newly added functions across the portfolio are the following:

  • QuickBooks Mobile Receipt

Receipt Capture allows users to upload, email, or snaps receipts for cost management, and   collects the essential data from the receipt and performs auto-categorization.

AI and machine learning capabilities recommend expense categories based on previous transactions, or users can build their own.

To date, Intuit has achieved an accuracy rate of 80% when categorizing more than one billion QuickBooks transactions.

  • QuickBooks Mileage Tracking

Intuit has integrated its mileage monitoring technology (which was previously only available in QuickBooks Self-Employed) into QuickBooks Online, allowing users to automatically track and divide business and personal mileage, maximizing tax savings.

  • QuickBooks Online Advanced

QuickBooks Online Advanced (QBOAV) intends to facilitate businesses that outgrow QuickBooks with the increased scalability, additional reporting functionality, and customized services they require to expand.

In addition, Intuit is expanding its transaction and process automation capabilities and its interfaces with third-party products ranging from spreadsheet applications to a top cloud-based CRM vendor.  

Smart Connections

Smart Connections designs to connect QuickBooks users to the skills they need to manage their finances effectively. Among the innovations here are the following:

  • QuickBooks Live Bookkeeping

This service uses artificial intelligence and data to connect QuickBooks customers with competent, QuickBooks Online certified bookkeepers.

When users require assistance, they may call their virtual bookkeeping team on-demand and receive service via chat, screen share, or Smart Look, a one-way video conferencing system.

QuickBooks Live provides small businesses with much-needed bookkeeping assistance on various topics, including customized setup, expense categorization, account reconciliation, and month-end close, backed by an accuracy guarantee.

This provides business owners to handle their books correctly and additional time to focus on pleasing their customers and growing their business.

  • QuickBooks Customer Care

Intuit is leveraging AI and machine learning to simplify the process of obtaining replies from customers. For example, when clients search, relevant help articles are automatically recommended, minimizing user calls.

Also, QuickBooks Assistant Chatbot may ascertain the nature of customer inquiries, respond to them, provide more detailed information, and direct the user to customer care employees if necessary.

Conclusion

While small businesses will always strive for development, the technologies available to assist them in accomplishing that aim are evolving.

Artificial intelligence and machine learning solutions enable small businesses to offload routine tasks to computers, freeing their employees to focus on more creative, value-added activities that help their businesses thrive.

Vendors that incorporate AI and machine learning into the fabric of their business solutions are gaining a competitive edge.

QuickBooks provides a readymade solution that enables small businesses to capitalize on these breakthroughs without incurring lengthy learning.

Indeed, SMB Group anticipates that AI and machine learning will become so fixed in application development that most customers will expect their business solutions to incorporate the capabilities provided by these technologies.

Intuit enables small business owners to work smarter, not harder, by leveraging artificial intelligence, faster money flow, and the strength of an online community of professionals.  

Leave a Reply

Your email address will not be published. Required fields are marked *