New Innovations Show Why QuickBooks Is The Smarter Way To Do Business
November 17 2017 - 8:30AM
Business Wire
AI and Machine Learning Are Tipping The
World In Favor of Small Businesses
Intuit Inc. (Nasdaq:INTU) is launching a range of AI and machine
learning powered innovations at the fourth annual QuickBooks
Connect conference. Attendees were able to experience firsthand the
ways QuickBooks’ ever-expanding ecosystem continues to evolve,
delivering personalized experiences through a trusted open
platform, while creating indispensable connections between
customers, partners and products.
“QuickBooks is the world’s largest self-employed and small
business ecosystem, connecting more than 7 million people who work
for themselves to half a million accountants and 5,000 app
developers,” said Sasan Goodarzi, Executive Vice President, Small
Business Group at Intuit. “We’re leveraging the collective power of
all these customers, partners and developers to give small
businesses a smarter way to do business – smarter money, smarter
decisions, and smarter connections.”
Smart Money
Money is like oxygen to people who work for themselves. They
can’t survive without it. But every day, self-employed and small
businesses struggle to manage their cash flow. They struggle to get
paid on time, face friction obtaining loans they need to grow, and
often juggle managing payroll. Here are three innovations that make
QuickBooks the smarter way for small businesses and the
self-employed to manage their money:
- Access to capital: 70 percent of
new business -- those in the first 5 years of operation -- say they
need funding to grow, but only 23 percent of them are able to
access it. QuickBooks Capital was built to remove the friction from
the lending process. It delivers a breakthrough credit model built
on 26 billion QuickBooks data records to that will help new small
businesses overcome the barriers they have faced in accessing small
dollar loans.
- Getting paid: It takes a small
business an average of 45 days to get paid after sending an
invoice, and 64 percent of small businesses have an invoice that's
been outstanding for more than 60 days. Intuit’s new QuickBooks
Payments helps small businesses get paid more than two times
faster. Small businesses can create a “payments-enabled” invoice in
less than a minute, with their hours, expenses and mileage
populated automatically. Their customers then have the flexibility
to pay online by credit card or free bank transfers. QuickBooks
users will also soon have the option of accepting payments by
PayPal and Apple Pay. They can also use a new integration with
Google to send QuickBooks invoices from within Gmail, view the
status and get paid online.
- Paying employees: One of the
biggest cash-flow challenges for small businesses is managing
payroll. That’s why QuickBooks Full Service Payroll now offers
24-hour Direct Deposit. Small business can run now payroll up to 5
p.m. PT the day before payday. This gives small business the
ability to hold onto their cash longer, with peace of mind knowing
their employees will still get paid before the weekend.
Smart Decisions
Everyday, people who work for themselves make decisions for
their business, and often times they are guessing or deciding
without all the relevant insights or information. QuickBooks has
seen others make these decisions before, and can arm users with
insights based on billions of transactions and decades of
experience.
Leveraging machine learning and data driven insights, QuickBooks
is becoming predictive and proactive, intelligently anticipating
critical turning points, making customers smarter and more
confident in the decisions they need to make for their business.
Current examples of these features in action at QuickBooks Connect
include:
- Proactive and predictive help:
Announced on stage at QuickBooks Connect today, QuickBooks
Assistant is a new, virtual assistant that delivers financial
insights so businesses never need to run a report. It only takes a
few seconds for[QuickBooks Self-Employed customers to use
QuickBooks Assistant to share how much money they made last month,
how much tax they’ll owe at the end of the year, how long their
current cash flow will last, or even how profitable the most recent
customer was compared to the previous five. All they need to do is
ask a question, and QuickBooks Assistants uncovers the answer.
- Doing the work for you: People
who work for themselves waste precious hours every month trying to
organize their business, from getting data (income, expenses,
receipts, mileage, time cards, etc.) into QuickBooks to putting it
into the right categories or applying it to the right customer,
employee or project. Using machine learning that adapts in real
time to the constant flow of ecosystem data, we will automate all
of this work, saving time and money. For example, tax deductions
are complex and time consuming, costing the self-employed more than
10 percent of their potential income. QuickBooks now automatically
identifies tax write-offs based on a self-employed users individual
patterns and puts them in the correct Schedule-C category, saving
users over $4,300 per year.
Smart Connections
Intuit understands that people are at the center of small
business – from repeat customers to accountants, employees and
vendors – these people can make or break a business. As a network,
QuickBooks is connecting self-employed and small businesses to the
customers, employees, partners and tools they need to succeed and
thrive – improving awareness, access and control and making it
easier for teams to scale and grow. The network is already fueling
success by:
- Accountant collaboration: The
secret sauce behind the success of many people who work for
themselves is their accountant: 89 percent say they are more
successful when they work with an accountant. Intuit recently
reimagined the 'Find-A-ProAdvisor' platform, and today, the
algorithm connects almost 1,000 small businesses to accountants
every single day worldwide. In addition to helping accounting
professionals grow their practices, Intuit is also focused on
helping them manage all their clients and their entire firm from
one place: QuickBooks Online Accountant. More than 700,000
accountants globally use QuickBooks Online Accountant to manage
their clients and run their practice, and the Practice Management
workflow solution gives them one place to grow and manage all their
clients and run their entire practice, from books, to tax, payroll,
payments and third-party apps. It's making them more efficient than
ever before by helping them deliver insights to make their clients
more successful.
- Connecting to apps you use: On
average, people use more than 15 different apps to run their
business. Intuit’s App Store now has more than 500 apps, and they
all integrate seamlessly with QuickBooks. They're available through
either QuickBooks Online or QuickBooks Online Accountant so
accountants can discover, recommend, setup and manage the right
apps for their clients. Announced during the Accountant keynote
address at QuickBooks Connect, Intuit is making it even easier for
accounting professionals to integrate apps into their clients’
QuickBooks Online books. Available now in beta as an early-access
program, accounting professionals can provision, manage and offer
their small business clients special pricing on apps when purchased
through QuickBooks Online Accountant. Expensify, Method:CRM and
Tsheets are the three apps initially participating in this
early-access program.
- Lighter Capital Intuit Developer
Fund: Independent app developers play a vital role in small
business success on the Intuit QuickBooks Online platform. For
software developers, getting the resources they need to scale and
grow quickly can be a challenge. Together, Intuit and Lighter
Capital have partnered to create a $15 million-dollar fund for
developers designing apps for Intuit QuickBooks, giving them access
to $50,000 to up to $2 million to help them get to the next level,
without giving up equity or control of their company. Lighter
Capital can deliver funding to qualified companies in about 4-6
weeks, using a secure online application process. Developers can
learn more about the new Lighter Capital Intuit Developer Fund
here.
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Access CommunicationsJen Garcia,
415-844-6244jeng@accesstheagency.com
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