At financial software giant Intuit's sixth annual QuickBooks Connect conference earlier this month, the company introduced several new artificial intelligence driven features for QuickBooks Online products that are aimed at simplifying and automating tasks that have historically been tedious and time-consuming. All of these new improvements are either currently available or will soon be introduced for QuickBooks Online, Mobile and Accountant products.
How exactly are these new AI-driven features designed to work? According to Intuit, the online financial software suite utilizes AI to automate a range of repetitive back-office tasks, lower barriers to getting paid and improve cash flow forecasts.
Specifically, one of the new features coming soon to QuickBooks Online is an AI-powered Cash Flow Planner. This upgrade will provide small business clients with a broader and more complete view of their cash flow by allowing them to more accurately predict daily cash flow over a forward-looking 90 day period, thereby empowering them to make better planning decisions.
The related QuickBooks Payments feature will soon allow instant deposit payments. This feature will let small businesses have immediate access to funds after receiving both bank transfer and credit card payments rather than having to wait several business days. Payment-enabled invoices will also be quick and simple to create as well as easily customizable.
For the recently introduced QuickBooks Mobile app, Receipt Capture will enable better expense management for small businesses by allowing them to quickly and easily input and track receipts. This new feature will automatically extract the relevant data to allow users to either create a new transaction or match a receipt with an existing expense transaction.
Intuit's mid-sized business-focused product QuickBooks Online Advanced is also getting new AI-driven features. These include the ability to automate new and existing transactions and workflows as well as providing integration with a leading cloud-based organization and customer relationship management tool. Other new features for high-growth businesses include advance reporting, higher transaction volume abilities, improved in-product support and additional integration with a wide range of 700 apps.
Lastly, QuickBooks Online Accountant will soon introduce a Business Performance feature that can help users track key trends, metrics and ratios with a single click. Aimed at accountants, this technology will help accountant users sift through client data to allow easy identification of areas that should be focused on to boost business performance.