Intuit Unveils AI-Powered Accounting Tools to Boost Efficiency and Compliance for Businesses Worldwide

Intuit Inc., the financial technology company behind products like TurboTax, Credit Karma, QuickBooks, and Mailchimp, has unveiled new intelligent automation tools for its QuickBooks platform, aiming to streamline accounting processes for businesses and their accountants globally. The updates focus on improving efficiency, accuracy, and compliance through AI-driven features and enhanced workflows. The latest innovations include QuickBooks Payments, a beta tool designed to address the persistent issue of late payments. In the UK, 73% of small and medium-sized businesses (SMBs) face delays, with 31% spending 20–30 hours monthly chasing payments. QuickBooks Payments allows users to link their bank accounts to a “pay now” button on invoices, enabling customers to settle bills instantly with minimal manual effort. The system automatically reconciles transactions, integrates with QuickBooks Online, and offers competitive fees. Another key feature is the AI-powered bank feed, which simplifies categorizing transactions—a time-consuming and error-prone task. The tool learns from user behavior to suggest categories, complete with explanations for transparency. Users can edit details like supplier, location, or product/service inline, while the platform also offers payee suggestions and direct payee additions. This reduces repetitive work and improves accuracy. For businesses managing complex asset portfolios, depreciation method support has been expanded. QuickBooks Online Advanced now automates reducing balance depreciation, a method that allocates higher depreciation costs in the early years of an asset’s life. This complements existing straight-line depreciation, helping finance teams track asset values more precisely, minimize errors, and meet accounting standards. In the UK, the Construction Industry Scheme (CIS) updates simplify compliance for contractors. QuickBooks now automatically sends monthly CIS statements to subcontractors after filing, cutting down on manual tasks. New reminders notify users of deadlines via email, and direct verification with HMRC allows users to check subcontractor status, store credentials securely, and track verification dates. These tools reduce administrative burdens and ensure audit readiness. Ciarán Quilty, Intuit’s Senior Vice President of International, emphasized the company’s focus on delivering “deeper customization, enhanced automation, and features to get critical jobs done.” He highlighted that the updates, driven by customer feedback, aim to simplify financial workflows and free up time for businesses and accountants. Accountant Aaron Patrick of Boffix Ltd praised the AI-powered bank feed for saving hours of manual work and boosting client confidence. He also noted the CIS improvements would accelerate compliance and allow more focus on client support. Intuit’s enhancements reflect its broader strategy to integrate AI into core financial tools, reducing reliance on disjointed systems. The company’s new QuickBooks Launchpad serves as a centralized hub for users to explore features and updates. While the announcement underscores Intuit’s commitment to innovation, it also highlights the competitive pressure in the AI-driven financial software market, where rivals like Xero and FreshBooks are similarly advancing automation capabilities. The updates are available across QuickBooks Advanced, Plus, Essentials, and Simple Start plans, with full rollout expected in the coming months. Intuit’s focus on automation aligns with growing demand for tools that reduce administrative work and improve financial transparency, particularly as businesses navigate increasingly complex regulatory and operational landscapes.