Intuit Showcases the Smarter Way to Do Business at QuickBooks Connect
November 07 2018 - 4:05PM
Business Wire
Demonstrates the Power of Data, Machine
Learning and Artificial Intelligence to Tip the Odds in Favor of
Small Businesses and the Self-Employed
Intuit Inc. (Nasdaq:INTU) introduced product innovations at its
fifth annual QuickBooks Connect®, designed to give 3.4 million
online customers advantages through machine learning, artificial
intelligence (AI) and data innovation. Over five thousand attendees
are the first to see the much-anticipated new offerings that
deliver better money outcomes, smarter decisions and enhanced
connections to those leveraging the QuickBooks platform.
“It used to be that working for yourself meant that the odds of
success were stacked against you. With these innovations,
QuickBooks provides an advantage to every single customer on our
platform,” said Alex Chriss, Senior Vice President, Small Business
and Self-Employed Group at Intuit. “By combining the power of our
network with AI and machine learning, we are harnessing the data of
many to help each and every one of our customers, tipping the odds
of success in their favor.”
Smart Money
Cash flow is the lifeblood of success; however, more than 60
percent of small businesses and the self-employed struggle everyday
with managing money. QuickBooks removes the unnecessary friction in
running a small business. New features help small businesses get
access to more money when they need it, and keep more money in
their pockets longer.
- New: Next-Day Funding –
QuickBooks helps small businesses get access to their money sooner
with invoices enabled for next day payment. Today, small businesses
that invoice with QuickBooks Payments are three times more likely
to be paid on the same day. With QuickBooks Payments, merchants
will receive the benefit of next-day funding for both their credit
card and Automatic Clearing House (ACH), so money gets into their
accounts the next business day as compared to two to three days for
credit cards and more than five days for ACH.
- New: Progress Invoicing – For
many small businesses, they enter projects, jobs or services that
take weeks to complete. Waiting until the end of a long project to
get paid can be hard on their cash flow. With Progress Invoicing,
small businesses can now bill customers for ongoing projects and
get paid incrementally as they complete stages of a job.
- New: QuickBooks Capital Loans and
Credit Score – Leveraging the power of data, 60 percent of
small businesses previously denied a loan are now able to secure
the funding they need to survive. Since last year, QuickBooks
Capital has funded $140M in cumulative loans to qualified small
businesses. Also available are new lending limits and access to a
business’ credit score to help small businesses gain a better
understanding of their cash flow.
- New: Same-Day Payroll – Same-Day
Payroll allows all QuickBooks Payroll customers to hang onto their
money up to payday if payroll is complete by 10 a.m. local time vs.
having money pulled out of their bank account up to 14 days in
advance. As a result, small businesses hold onto an average of $9K
more per month. This means they can pay their teams faster than any
other comparable payroll service all with complete confidence. *
Additionally, QuickBooks Payroll is now available as a standalone
offering for those small businesses who may not need or use
QuickBooks accounting.
- New: Seamless Contractor
Payments – Getting workers paid is often one of the biggest
pain points for small businesses. More and more, both traditional
and contract workers expect to be paid quickly – an impact of the
on-demand economy and workers being paid on a continuous,
as-they-go basis. That’s why Intuit launched an easier way to pay
and manage 1099 contractors, as part of the QuickBooks Online
Payroll offering, helping employers pay contractors faster and
employees on the same day with Direct Deposit. Since launching in
QuickBooks Online, more than one million 1099s have been completed
via automatic e-file, up to two-times more year-over-year,
representing the continued opportunity QuickBooks has in connecting
contractors with small businesses. Launching soon, QuickBooks will
offer a full W-9 self-setup with e-signature, making the process
even more seamless and efficient for 1099 contractors and their
small business partners.
Smart Decisions
Every day small business owners and the self-employed must make
decisions about business. Too often, they are making these
decisions for the first time or without the right information.
Based on AI, QuickBooks has seen millions of similar decisions
across its ecosystem, helping provide insights to help businesses
be smarter.
- New: QuickBooks Online Advanced
– Intuit is addressing the needs of the 1.5 million mid-market
customers with 10 to 100 employees with the new scalable
cloud-based product, QuickBooks Online Advanced. Today, Intuit
added smart reporting powered by Fathom. This new feature helps
customers transform their data into dynamic reports, allowing them
to track their business results.
- New: QuickBooks Sales Tax –
Small businesses spend 20-30 hours a month calculating sales tax.
Compliance is complicated with more than 60,000 tax laws across the
U.S. – not to mention rates changing based on where one lives, what
they sell, and where they ship. QuickBooks has taken a huge step in
solving this problem by automatically doing the math for small
businesses by calculating the exact amount of tax needed to
collect. With tax laws constantly in flux, the product is
automatically updated to let small businesses know when and how
much to pay their tax agency in real-time. It also helps them
e-file and stay compliant – all within one product.
- Coming Soon: Profitability
Insights – Project-based businesses need to understand as they
work on a project how income and costs impact the profitability of
an overall job. With the power of the QuickBooks ecosystem behind
them, small businesses will have insights into how profitable their
jobs are as we deliver a seamless, integrated experience connecting
QuickBooks Online, QuickBooks Payroll and TSheets® by QuickBooks.
With this integration, small businesses have an end-to-end view of
a job’s income in comparison to its payroll and other costs to
ensure their pricing is accurate and profitable.
- Improved: QuickBooks Assistant –
Since launching QuickBooks Assistant last year at QuickBooks
Connect, the conversational chat experience has answered more than
1.5 million queries to QuickBooks Self-Employed users. The
interactive chatbot is now available via QuickBooks Self-Employed
for iOS, Android, and the web as well as in QuickBooks Online
Labs.
Smart Connections
No business exists without its people. QuickBooks helps small
businesses connect to the right partner at the right time. Examples
of how QuickBooks brings the right connection at the right time
include:
- New: Developer App Ecosystem –
More than 600 apps are now available on the QuickBooks App Store,
enabling small businesses to create a personalized, tailored
experience to meet their specific needs. The Intuit Developer Group
announced new and improved integrations with leading companies such
as ADP, PayPal, and Square. Also announced was the winner of its
annual $100,000 App Showdown, G1VE, an app that allows small
businesses to donate a percentage of monthly revenue to charities.
Intuit Developer Group unveiled several new programs and a new
developer portal experience designed to help developers achieve
success on the QuickBooks platform.
- New: QuickBooks Online Accountant
(QBOA) Functionality – From the mainstage on Accountant Day,
Intuit unveiled several program and product enhancements designed
to help accounting professionals grow their skills, expand their
practice and better meet the needs of their small business clients.
A new training portal is now available through the QuickBooks
ProAdvisor® Program that gives ProAdvisors access to a wider
variety of QuickBooks and specialized education to enhance their
accounting and bookkeeping expertise. Also new are features within
QBOA, including several new capabilities integrated into Practice
Management. The Client Overview feature provides accountants with
insights into the state of a prospective client’s books, which
helps them win business and price their services more
accurately.Intuit also announced Cloud Bookkeeping Services as the
Global Firm of the Future winner, receiving a prize of $30,000 USD.
Based in Canada, Cloud Bookkeeping Services was selected as the
Global Firm of the Future because of the innovative ways they
leverage technology and new business processes to market their firm
and work with their clients to help them succeed.
About Intuit
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 purchasing decision.
*Disclaimer: Claim based on reported payroll times for monthly
subscription products offered by comparable U.S. online payroll
provider
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version on businesswire.com: https://www.businesswire.com/news/home/20181107005841/en/
Intuit Inc.Danielle Ernst,
650-944-2391Danielle_Ernst@intuit.comorAccess CommunicationsJen
Garcia, 415-828-2514jeng@accesstheagency.com
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