Intuit Inc. (Nasdaq:INTU) introduced product innovations at its fifth
annual QuickBooks Connect®,
designed to give 3.4 million online customers advantages through machine
learning, artificial intelligence (AI) and data innovation. Over five
thousand attendees are the first to see the much-anticipated new
offerings that deliver better money outcomes, smarter decisions and
enhanced connections to those leveraging the QuickBooks platform.
“It used to be that working for yourself meant that the odds of success
were stacked against you. With these innovations, QuickBooks provides an
advantage to every single customer on our platform,” said Alex Chriss,
Senior Vice President, Small Business and Self-Employed Group at Intuit.
“By combining the power of our network with AI and machine learning, we
are harnessing the data of many to help each and every one of our
customers, tipping the odds of success in their favor.”
Smart Money
Cash flow is the lifeblood of success; however, more than 60 percent of
small businesses and the self-employed struggle everyday with managing
money. QuickBooks removes the unnecessary friction in running a small
business. New features help small businesses get access to more money
when they need it, and keep more money in their pockets longer.
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New: Next-Day Funding – QuickBooks helps small businesses get
access to their money sooner with invoices enabled for next day
payment. Today, small businesses that invoice with QuickBooks Payments
are three times more likely to be paid on the same day. With
QuickBooks Payments, merchants will receive the benefit of next-day
funding for both their credit card and Automatic Clearing House (ACH),
so money gets into their accounts the next business day as compared to
two to three days for credit cards and more than five days for ACH.
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New: Progress Invoicing – For many small businesses, they enter
projects, jobs or services that take weeks to complete. Waiting until
the end of a long project to get paid can be hard on their cash flow.
With Progress
Invoicing, small businesses can now bill customers for ongoing
projects and get paid incrementally as they complete stages of a job.
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New: QuickBooks Capital Loans and Credit Score – Leveraging the
power of data, 60 percent of small businesses previously denied a loan
are now able to secure the funding they need to survive. Since last
year, QuickBooks
Capital has funded $140M in cumulative loans to qualified small
businesses. Also available are new lending limits and access to a
business’ credit score to help small businesses gain a better
understanding of their cash flow.
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New: Same-Day Payroll – Same-Day Payroll allows all QuickBooks
Payroll customers to hang onto their money up to payday if payroll
is complete by 10 a.m. local time vs. having money pulled out of their
bank account up to 14 days in advance. As a result, small businesses
hold onto an average of $9K more per month. This means they can pay
their teams faster than any other comparable payroll service all with
complete confidence. * Additionally, QuickBooks Payroll is now
available as a standalone offering for those small businesses who may
not need or use QuickBooks accounting.
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New: Seamless Contractor Payments – Getting workers paid
is often one of the biggest pain points for small businesses. More and
more, both traditional and contract workers expect to be paid quickly
– an impact of the on-demand economy and workers being paid on a
continuous, as-they-go basis. That’s why Intuit launched an easier way
to pay and manage 1099 contractors, as part of the QuickBooks Online
Payroll offering, helping employers pay contractors faster and
employees on the same day with Direct
Deposit. Since launching in QuickBooks Online, more than one
million 1099s have been completed via automatic e-file, up to
two-times more year-over-year, representing the continued opportunity
QuickBooks has in connecting contractors with small businesses.
Launching soon, QuickBooks will offer a full W-9 self-setup with
e-signature, making the process even more seamless and efficient for
1099 contractors and their small business partners.
Smart Decisions
Every day small business owners and the self-employed must make
decisions about business. Too often, they are making these decisions for
the first time or without the right information. Based on AI, QuickBooks
has seen millions of similar decisions across its ecosystem, helping
provide insights to help businesses be smarter.
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New: QuickBooks Online Advanced – Intuit is addressing
the needs of the 1.5 million mid-market customers with 10 to 100
employees with the new scalable cloud-based product, QuickBooks
Online Advanced. Today, Intuit added smart reporting powered by Fathom.
This new feature helps customers transform their data into dynamic
reports, allowing them to track their business results.
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New: QuickBooks Sales Tax – Small businesses spend 20-30 hours
a month calculating sales tax. Compliance is complicated with more
than 60,000 tax laws across the U.S. – not to mention rates changing
based on where one lives, what they sell, and where they ship.
QuickBooks has taken a huge step in solving this problem by
automatically doing the math for small businesses by calculating the
exact amount of tax needed to collect. With tax laws constantly in
flux, the product is automatically updated to let small businesses
know when and how much to pay their tax agency in real-time. It also
helps them e-file and stay compliant – all within one product.
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Coming Soon: Profitability Insights – Project-based businesses
need to understand as they work on a project how income and costs
impact the profitability of an overall job. With the power of the
QuickBooks ecosystem behind them, small businesses will have insights
into how profitable their jobs are as we deliver a seamless,
integrated experience connecting QuickBooks Online, QuickBooks Payroll
and TSheets® by QuickBooks.
With this integration, small businesses have an end-to-end view of a
job’s income in comparison to its payroll and other costs to ensure
their pricing is accurate and profitable.
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Improved: QuickBooks Assistant – Since launching QuickBooks
Assistant last year at QuickBooks Connect, the conversational chat
experience has answered more than 1.5 million queries to QuickBooks
Self-Employed users. The interactive chatbot is now available via
QuickBooks Self-Employed for iOS, Android, and the web as well as in
QuickBooks Online Labs.
Smart Connections
No business exists without its people. QuickBooks helps small businesses
connect to the right partner at the right time. Examples of how
QuickBooks brings the right connection at the right time include:
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New: Developer App Ecosystem – More than 600 apps are
now available on the QuickBooks App
Store, enabling small businesses to create a personalized,
tailored experience to meet their specific needs. The Intuit Developer
Group announced new and improved integrations with leading
companies such as ADP, PayPal, and Square. Also announced was the
winner of its annual $100,000 App Showdown, G1VE, an app that allows
small businesses to donate a percentage of monthly revenue to
charities. Intuit Developer Group unveiled
several new programs and a new developer portal experience
designed to help developers achieve success on the QuickBooks platform.
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New: QuickBooks Online Accountant (QBOA) Functionality – From
the mainstage on Accountant Day, Intuit unveiled several program and
product enhancements designed to help accounting professionals grow
their skills, expand their practice and better meet the needs of their
small business clients. A new training portal is now available through
the QuickBooks
ProAdvisor® Program that gives ProAdvisors access to a wider
variety of QuickBooks and specialized education to enhance their
accounting and bookkeeping expertise. Also new are features within QBOA,
including several new capabilities integrated into Practice
Management. The Client Overview feature provides accountants with
insights into the state of a prospective client’s books, which helps
them win business and price their services more accurately.
Intuit
also announced Cloud
Bookkeeping Services as the Global Firm of the Future winner,
receiving a prize of $30,000 USD. Based in Canada, Cloud Bookkeeping
Services was selected as the Global
Firm of the Future because of the innovative ways they leverage
technology and new business processes to market their firm and work
with their clients to help them succeed.
About Intuit
Intuit’s mission is to Power Prosperity Around the World. Our global
products and platforms, including TurboTax®,
QuickBooks®,
Mint®
and Turbo®,
are designed to empower consumers, self-employed and small businesses to
improve their financial lives, finding them more money with the least
amount of work, while giving them complete confidence in their actions
and decisions. Our innovative ecosystem of financial management
solutions serves 50 million customers worldwide, unleashing the power of
many for the prosperity of one. Please visit us for the latest news and
in-depth information about
Intuit and its brands and find us on social.
Intuit, QuickBooks, QuickBooks Connect, QuickBooks ProAdvisor, TurboTax,
and Mint are trademarks of Intuit Inc. Other parties’ marks are property
of their respective owners.
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.
*Disclaimer: Claim based on reported payroll times for monthly
subscription products offered by comparable U.S. online payroll provider