Intuit has unveiled new automated accounting features for its QuickBooks product, aimed at enhancing the user experience through artificial intelligence (AI). The recent updates were announced in a press release on July 29, emphasizing the need for businesses to integrate advanced financial technology as they grow in complexity.
Ciarán Quilty, Intuit’s senior vice president of international, stated that as organizations expand, they require a customizable platform with improved automation and features to facilitate essential tasks. He reinforced Intuit’s commitment to listening to customer feedback to optimize workflow and empower both businesses and accountants with the financial knowledge necessary to thrive.
Notable among the advancements is the “QuickBooks Payments” feature, which allows users to link their bank accounts to a “pay now” button on invoices, thereby minimizing late payments. Additionally, an AI-driven bank feed has been introduced to help users accurately categorize bank transactions—often regarded as a repetitive and error-prone aspect of accounting. This tool learns from user behavior, suggesting categories based on past actions to enhance efficiency and accuracy.
These updates follow a recent incorporation of AI agents into Intuit’s Enterprise Suite, intended to automate routine accounting functions and facilitate easier management for small and medium-sized businesses (SMBs). Experts, including Ariege Misherghi from Bill, believe that AI is vital in leveling the playing field for SMBs, enabling access to tools previously available only to larger firms. The automation of mundane tasks, such as data extraction and invoice processing, is expected to free accountants to focus on higher-value advisory roles, providing guidance through complex financial situations and strategic insights.
Lisa Huang, from Xero, highlighted a critical moment in the accounting and bookkeeping industry, noting that many professionals are stretched thin amid growing client demands and ever-evolving regulatory requirements. The industry is at a crossroads where innovative tools can help mitigate these challenges.
This evolution in accounting technology signals a promising future for businesses seeking efficiency and growth, with tools designed to streamline processes and foster informed decision-making.