Last year during its QuickBooks Connect event, Intuit showcased for the first time how machine learning is making its way into its QuickBooks Online product on a very basic level. This year, it is expanding the use of AI in a few ways.
During the second full-day keynote presentation at QB Connect, Sasan Goodarzi EVP, GM Intuit QuickBooks introduced where Intuit is heading with machine learning overall.
“We have access to 50 billion data sources so we can now drive massive innovation and benefits to you,” said Goodarzi.
Leveraging machine learning and data driven insights, QuickBooks is becoming predictive and proactive; anticipating critical turning points. The goal, Goodarzi says, it to make 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:
QuickBooks Assistant, a new virtual assistant that delivers financial insights so businesses never need to run a report. Now, in a few seconds QuickBooks Self-Employed customers can 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.
In addition, for sole proprietors in particular, use of machine learning will adapt in real time to the constant flow of ecosystem data. Intuit will now automate tax deductions that if not done right, can cost 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.
Finally, Intuit officially launched QuickBooks Capital, enabled through machine learning to assist small business clients with getting appoved for loans. Goodarzi noted that 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 delivers a credit model built on 26 billion QuickBooks data records to that will help new small businesses get a working capital loan. Intuit has been testing QB Capital since February and they have provided capital to businesses access to capital who would not have otherwise.
Specifically, QB Capital will help provide access to loans that range from $15,000 loans up to $35,000. These will six-month working capital loans and available to businesses as young as 6 months, with a particular target of businesses in operation less than five years. These loans can be in a business client's account within two to four days from application.