Intuit is one of the growing numbers of financial product and service providers already using AI in their product lines.
In Intuit’s case, that means plugging artificial intelligence into tax, financial reporting, and other key money management tasks that can, as the company says,“ do the hard work for you to fuel your business and personal financial success.”
For financial managers at small- and mid-sized companies, Intuit has historically been a “go to” brand name financial tools and application provider.
The Mountain View, Cal.-based company has over 100 million users worldwide, using Turbo Tax, QuickBooks, and Mailchimp, among other accounting-related company brands. Currently, the company boasts revenues of $14.4 billion, up 13% from August, 2022 to August, 2023.
Now the company is jumping into the AI market with Intuit Assist a “new generative AI (GenAI)-powered assistant that provides personalized, intelligent recommendations to help consumer and business customers make smart financial decisions with less work and complete confidence,” the company stated.
A Big Commitment to the AI Business Marketplace
Intuit has fully embraced AI, calling it a technology that “fundamentally changes how we work and live,” says Patrick Moorhead, founder, CEO, and chief analyst at Moor Insights & Strategy.
“As people start to make financial decisions with the help of this technology, responsible stewardship and accuracy are paramount, Moorhead says. “We believe Intuit stands out for its ability to harness robust data across the small business, tax, and consumer finance segments to deliver accurate and personalized AI-driven experiences at scale. This responsible stewardship, paired with Intuit’s investments in AI and data over the last decade, boils down to a generative AI leadership position in the consumer and small business fintech space.”
Intuit Assist delivers personalized recommendations for retail customers but it’s the commercial enterprise side of the product that company financial managers want to get to know.
Here are three case uses Intuit Assist offers companies on the management front that managers should get to know.
Intuit Assist for TurboTax – Leveraging decades of the company’s tax domain expertise, rich data, and proprietary, AI-powered Tax Knowledge Engine, Intuit Assist aims to help both accountants and tax filers optimize their complete tax preparation experience.
“Intuit Assist for TurboTax is designed to get to know any tax filing situation and apply its knowledge, navigating the tax code, including the latest changes,” Intuit states. “This will help reduce tax preparation time and give tax filers “complete confidence that their taxes are done accurately.”
Intuit Assist for QuickBooks – Intuit Assist is designed to help small businesses with all company financial management and help financial managers make informed business decisions the company says.
“From surfacing cash flow hot spots to identifying top-selling products and spending anomalies, small businesses will have access to AI-powered assistance that unearths relevant insights based on their business performance and their customers’ behavior,” the company states.
In specific cases, Intuit Assist can answer simple requests or questions such as “Show me my profit and loss for last month” or “How many of my invoices are overdue?” and help management make better finance-related decisions.
Intuit Assist for Mailchimp – Any small- or medium-sized company can use Intuit Assist to handle their marketing programs, primarily by creating a personalized GenAI assistant.
In doing so, Intuit Assist helps business managers to personalize market their company at scale and “make data-backed decisions to measure, fine-tune, and optimize campaign effectiveness,” the company states.
For instance, Intuit Assist can build an entire marketing campaign based on a brand’s identity and marketing needs, targeted toward a specific customer demographic.
“With a few clicks it will change the tone, the text, the image, or generate something totally new based on the guidance it’s given and the information it gets via rich, relevant data sets,” Intuit says.
Intuit’s Investment in AI
Intuit’s major shift into AI is already paying off for the company.
Already Intuit has generated 810 million AI-driven customer interactions annually, along with 25 million conversations in the same time period. The firm has also listed 900 AI, machine learning, and data science patents to date, giving Intuit a big leg up in the tax and accounting management sector.
In the process, it gives small- and medium-sized company financial managers a reason to look closer at what Intuit is offering in the AI-cash management market.
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
