How Intuit is Uplifting Business Management With AI

Small business owners today find themselves drowning in administrative tasks, juggling an average of ten different digital solutions to manage their daily operations.

This fragmentation not only creates inefficiencies but also prevents entrepreneurs from focusing on what matters most: growing their business and serving their customers.

Addressing this challenge, Intuit Assist – a transformative AI-powered solution – is reimagining how small businesses handle their financial management.

Built on the company's proprietary GenOS technology, this is another digital tool as well as a comprehensive response to the growing complexity of business administration.

By automatically generating estimates from email conversations, transforming handwritten notes into professional invoices and accelerating payment collection through intelligent reminders, Intuit Assist is effectively giving business owners something previously reserved for larger enterprises: a virtual financial team working around the clock.

Intuit Assist: AI-driven automation for everyday tasks

Intuit Assist for QuickBooks is designed to provide seamless, 'done-for-you' experiences enabled by AI technology.

The system is integrated into Intuit's suite of products, offering personalised recommendations and streamlined tools to help businesses generate estimates, invoices, bills and payment reminders with minimal manual input.

According to Dave Talach, Senior Vice President of Product at Intuit QuickBooks: "With Intuit Assist, customers can leverage connected tools and services to manage and keep a business growing.

“It's a game changer that empowers business owners to work like they have a larger team behind them, with a holistic view of their business".

The new system addresses common challenges faced by small businesses, such as the time-consuming process of manually entering data, creating estimates and invoices and paying bills.

Intuit reports that on average, businesses use 10 different digital solutions to manage their operations, often leading to inefficiencies and a lack of a comprehensive overview of their financial situation.

Streamlining financial processes

One of the key features of Intuit Assist is its ability to turn conversations and documents into estimates, invoices or bills.

By forwarding an email from a customer or uploading a photo of a handwritten note, the system can automatically generate an estimate or invoice for review and sending.

The AI assistant also tackles the issue of overdue payments, which is crucial for maintaining healthy cash flow.

Intuit claims that overdue invoices are 10% more likely to be paid in full with Intuit Assist, as it detects past due invoices and automatically drafts personalised reminders.

This feature reportedly helps businesses get paid an average of five days sooner.

Dave emphasises the potential impact of these features: "These AI-powered automations, coupled with our trusted experts and key solutions across Intuit's platform, provide done-for-you experiences that will help customers grow their business while dramatically reducing manual work".

Enhancing bookkeeping accuracy

Beyond invoice generation and payment reminders, Intuit Assist aims to improve bookkeeping accuracy.

The system can extract details from receipts and automatically categorise expenses, match transactions made through other QuickBooks products to corresponding bank transactions, and provide access to live human experts for additional guidance.

Intuit Assist is also not limited to QuickBooks.

It is being integrated into other Intuit products such as TurboTax, Credit Karma and Mailchimp.

This integration allows for a more comprehensive approach to financial management, enabling businesses to optimise their sales pipeline, improve marketing strategies and streamline tax preparation.

The technology behind Intuit Assist is based on the company's proprietary GenOS, which powers their AI-driven expert platform.

This platform is designed to deliver personalised, intelligent recommendations that help customers make smart financial decisions with less work and complete confidence.

The future of AI in small business management

The company states that Intuit Assist adheres to responsible AI principles, addressing potential concerns about data privacy and security.

As Intuit continues to develop and refine its AI-powered tools, the company is focused on creating solutions that not only automate tasks but also provide valuable insights and recommendations.

This approach aims to give small businesses the tools they need to compete effectively in an increasingly complex and fast-paced business environment.

"I found that I was spending the majority of my time doing manual, administrative tasks that didn't allow me to do what I got in business to do — help people, develop new products and find new ways to grow", reflects Kim Cross, owner of Zhi Bath & Body and an Intuit Assist beta customer, highlighting the potential of AI-driven tools to free up time for core business activities.

“But now that workflow is significantly more streamlined thanks to Intuit Assist. Just last week, I was able to take a photo of notes from a meeting with a potential client, which Intuit Assist then translated into an estimate that I reviewed quickly and sent off for approval.

It was so easy and with a click of a button, I was able to translate that estimate into a sale.”

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