Powering Prosperity: The future of AI-driven financial management systems

London, UK - 28 October 2024

Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today previewed Intuit Assist for QuickBooks, a generative AI-powered financial assistant, giving UK business customers the opportunity to sign up for early access to the Beta programme. Intuit Assist uses contextual data sets spanning small business finance and tax to deliver personalized recommendations that help QuickBooks customers, and their accountants, make smart financial decisions with less work.

Intuit Assist is already having an incredible impact for QuickBooks customers participating in the US Beta, giving business owners a built-in advantage by helping them to transform their efficiency and improve their cash flow. 

Intuit’s early investments in AI and data have accelerated the company’s transformation from a tax and accounting platform - where consumers and small businesses have to do the work - to a global financial technology platform, where Intuit does the hard work for them. Today, Intuit uses machine learning, knowledge engineering, natural language processing, and generative AI to deliver personalised experiences for approximately 100 million customers worldwide, protected by over 1000 patents. 

Over the past year, Intuit has increased the pace of innovation by enabling product teams to turn new ideas into live customer experiments, and built out its proprietary Generative AI Operating System (GenOS). With GenOS, Intuit’s software developers, product managers, data scientists, machine learning engineers, and data analysts have experimented with hundreds of GenAI use cases, which has led to new experiences being delivered into the hands of customers with Intuit Assist.

Intuit Assist is embedded across Intuit’s platform and products and will put the power of next-generation AI in the hands of customers, to help improve their financial lives.  From surfacing cash flow hot spots to identifying top selling products and spending anomalies, Intuit Assist interprets unstructured data, such as receipts, bills, and other money in and money out transactions, and unearths insights relating to business performance and customer behavior. It is particularly powerful when paired with accountancy or bookkeeping experts who deliver AI-driven insights and support clients’ needs.

Intuit Assist builds on the continued AI momentum that QuickBooks UK customers already have access to: 

• Payee Automation: Automating the population of the payee (supplier) for money out transactions as well as auto creating the supplier in the customers’ supplier list.

• Transaction Categorisation: Offering Chart of Account suggestions and transaction categorisation in banking, powered by a new improved ML model, giving accurate category recommendations for each transaction.

• Train QB: A workflow designed to help customers save time by accurately automating the categorisation of transactions when they first connect their bank account.

Intuit Assist will launch in beta to QuickBooks Online UK customers, who sign up for the Beta programme, in the coming months.

Intuit is uniquely positioned to lead the next wave of transformation and disruption given the company’s rich data platform, established AI foundation, commitment to data stewardship and responsible AI, and the introduction of its proprietary GenOS.

This is a giant step forward in Intuit’s vision of powering prosperity for all by doing the hard work for sole traders, micro, small and mid-market businesses, and their accountants and bookkeepers, to fuel their financial success. It provides a connected end to end, AI-first platform that customers rely on every day to run and grow their business.

Data/Privacy: 

Intuit’s robust data and AI capabilities are foundational to the company’s success as an industry leader in the financial technology sector. Our platform generates 65 billion machine learning predictions per day and processes more than 25 million conversations with natural language processing per year.

All Intuit products are built in keeping with our strong commitment to data privacy, security, and responsible AI governance. Intuit safeguards customer data and protects privacy using industry-leading technology and practices, and adheres to responsible AI Principles that guide how the company operates and scales its AI-driven expert platform, with its customers' best interests in mind. 

Disclaimer

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. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, and functionality are subject to change without notice.

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For more information, contact quickbooks@edelman.com 

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Intuit Limited registered in England (Company No.: 2679414) Registered address and principal place of business: 5th Floor Cardinal Place, 80 Victoria Street, London, SW1E 5JL, England.