Intuit Enhances QuickBooks with AI-Powered Features for Small Business Accounting

Intuit Upgrades QuickBooks as Small Businesses Tap AI for Accounting | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. The new enhancements are designed to offer companies the use of artificial intelligence (AI) automation to help eliminate the use of "multiple disconnected tools," Intuit said in a news release Tuesday (July 29). "As businesses grow in size and complexity, we know that they need a financial technology platform that provides deeper customisation, enhanced automation and features to get critical jobs done," Ciarán Quilty, Intuit's senior vice president of international, said in the release. "We're committed to listening to our customers to help businesses and accountants work smarter, not harder, whilst gaining the financial expertise and confidence they need to succeed." Among the updates is "QuickBooks Payments," letting users connect their bank accounts to a "pay now" button on invoices to reduce late payments. In addition, Intuit now offers an AI-powered bank feed, aimed at addressing issues related to categorizing bank transactions, which the company calls "one of the most repetitive and error-prone tasks in accounting." This tool can learn from users' actions and suggest categories based on historical patterns, letting businesses streamline workflows and improve accuracy. These updates come one week after Inuit added AI agents to its Enterprise Suite, which can handle routine accounting tasks and other duties. As PYMNTS wrote soon after that launch, tools like these are helping small medium-sized business (SMB) owners use AI to level the accounting services playing field, offering these smaller operations access to tools that were once solely the domain of large enterprises. "AI will amplify the value of accounting services for SMBs," Ariege Misherghi, senior vice president and general manager of accounts payable, accounts receivable and accountant channel at Bill, said in an interview with PYMNTS. "Once routine tasks like data extraction and invoice processing are automated, accountants will be freed up to focus on higher value advisory work that only humans can provide: applying judgement, guiding SMBs through complex financial decisions and delivering strategic insights," Misherghi added. Lisa Huang, senior vice president of product management at Xero, told PYMNTS that many accounting systems remain manual despite mounting external pressures for the industry. "The accounting and bookkeeping industry is at a turning point," Huang said. "Many professionals are overworked and under-resourced, facing increasing client demand and rising pressure from evolving regulatory and compliance requirements."

Intuit Launches Intelligent Automations to Simplify Accounting for Businesses

Latest QuickBooks updates bring faster payments and improved financial compliance to businesses and their accountants Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced today the launch of a series of new product innovations in Intuit QuickBooks, that deliver a more intelligent and automated accounting experience for businesses and their accountants across international markets. These enhancements reflect Intuit's commitment to continuous innovation -- delivering both everyday efficiencies and breakthrough capabilities that redefine how businesses run and grow, and how accounting is done. They also mark the ongoing evolution of the Intuit platform, offering all-in-one-place business solutions that leverage AI to automate everyday tasks and manage complex workflows, bringing together the data they need, and eliminating the use of multiple disconnected tools. The full suite of innovations can be explored in detail at Intuit's new QuickBooks Launchpad; a central resource supporting users in staying up-to-date with what's new and what's next, in terms of product features and innovations. 1. QuickBooks Payments Late payments remain a significant challenge for businesses, with 73% of UK SMBs impacted by delayed payments, and 31% spending 20-30 hours per month chasing customers. Intuit has introduced a faster, more secure way to enable invoices to be settled*. QuickBooks Payments, now available in beta, allows QuickBooks users to connect their bank account to a pay now button on invoices, so that their customers can complete a direct payment in just a few clicks. Payments are automatically reconciled, keeping books up to date with minimal manual effort. This new functionality is fully integrated with QuickBooks Online and works across all devices, supporting quicker settlement times, and with competitive transaction fees. 2. AI-Powered Bank Feed Categorising bank transactions is one of the most repetitive and error-prone tasks in accounting. Intuit's new AI-powered bank feed in QuickBooks addresses this by learning from users' previous actions and suggesting categories based on historical patterns. Each suggestion is accompanied by a clear explanation, allowing users to review, approve, or amend with confidence -- streamlining workflows and improving accuracy. This enhanced feed offers more accurate categorisation suggestions, allows for inline editing of fields (like category, supplier, class, location, and product/service), and provides payee suggestions with the ability to add new payees directly from the bank feed. This significantly boosts efficiency and provides full transparency on why each suggestion was made, allowing users to maintain control, whilst leveraging AI as much or as little as is needed. 3. Out-of-the-box support for depreciation methods Calculating depreciation on business assets can be complex, particularly for mid-sized businesses managing extensive or ageing asset portfolios. Intuit has streamlined and automated how its customers track the depreciation of fixed assets in QuickBooks Online Advanced, which now supports reducing balance depreciation, expanding its fixed asset capabilities to better meet the needs of finance teams. Previously limited to straight-line depreciation, users can now apply the reducing balance method by entering a rate, with QuickBooks automatically handling the calculations and updating reports. This approach provides a more accurate reflection of asset value over time. By automating this popular depreciation calculation and providing new filtering options of categories in the asset register, Intuit helps customers reduce manual errors, maintain compliance with accounting standards, and supports real-time reporting. 4. Construction Industry Scheme (CIS) enhancements Managing CIS obligations can be complex for contractors and their advisors. QuickBooks Advanced, Plus, Essentials and Simple Start plans now allow users to automatically bulk-send monthly CIS statements to subcontractors directly after filing. This update cuts hours of repetitive work each month, helping users stay organised and audit-ready. To further support compliance, new CIS reminders enable users to schedule email alerts ahead of each month's deadline. Admin users within QuickBooks can set up reminders and receive the alerts via email, making it easier to submit returns on time and avoid late filing penalties. QuickBooks also now supports direct subcontractor verification with HMRC. Users can check subcontractor status within the platform, store Government Gateway credentials securely, and view the date of verification, to help users know when re-verification is due. By reducing manual steps and consolidating key CIS tasks, these features offer a more efficient, compliant way to manage construction industry obligations. Ciarán Quilty, Senior Vice President of International at Intuit said: "As businesses grow in size and complexity, we know that they need a financial technology platform that provides deeper customisation, enhanced automation and features to get critical jobs done. We're committed to listening to our customers to help businesses and accountants work smarter, not harder, whilst gaining the financial expertise and confidence they need to succeed. Driven by direct feedback from our customers, these latest innovations are powerful examples of how we're using AI to simplify financial workflows, improve accuracy, and give our customers more time to focus on what matters most. We're re-imagining our entire connected business platform and I couldn't be more excited about what's coming." Aaron Patrick, ACA, FMAAT, and Head of Accounting at Boffix Ltd said: "I jumped at the chance to switch to the new QuickBooks experience, and the AI-powered bank feed alone has already saved hours of manual review and given my clients greater confidence in their records. As an accountant, I'm especially looking forward to the roll out of the enhancements to CIS. This will help us deliver compliance more quickly and free up time to focus on providing more support for our clients." 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. *Based on a 2023 survey commissioned by Intuit QuickBooks of 2,008 small-medium business owners. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20250729172197/en/