It's a grim statistic: about half of small businesses fail within five years. The main reason is the challenge with cash flows. But technologies like AI (Artificial Intelligence) can be a big help. They may even transform the business. Yet there are enormous hurdles as small businesses do not have the resources–in terms of access to Big Data and technical expertise–to leverage AI.
QuickBooks is accessible from any web browser or through the mobile app. And it only takes about five minutes to get up and running. Intuit is infusing its QuickBooks platform with artificial intelligence aimed at guiding small businesses through projecting cash flow, tracking expenses and mileage, and performance ratios. Unveiled at Intuit's QuickBooks Connect conference, the company outlined an approach that rhymes with how it has automated tax preparation. QuickBooks is aiming to enable small business owners and self-employed workers to use AI to automate back-office work, ease commerce, and introduce performance metrics.
At a time when competition among software vendors is fierce, Intuit and its QuickBooks platform remain one of the most identifiable brands in the financial and tax prep software space. But like other legacy tech firms, Intuit has been forced to evolve its platforms and products with the rise of cloud computing, mobility and customer demands for interconnectivity. At its QuickBooks Connect conference this week, Mountain View, Calif.-based Intuit outlined a bevy of new platform integrations and strategic partnerships that it hopes will set the stage for the next phase of growth within the QuickBooks Online ecosystem. On the payments and accounting side, QuickBook now has new integrations with Apple Pay, PayPal and Google. The Apple Pay integration will allow QuickBooks users to accept invoice payments from their own business customers via Apple's newly launched Apple Pay on the web.
The ranks of fintechs using Banking-as-a-Service to attract small business users to their sophisticated apps just got a jolt. An elephant by the name of Intuit just entered the room. But it's not just fintechs that are looking over their shoulder. Thousands of community financial institutions that consider small business relationships their bread and butter are -- or should -- be taking notice. Intuit, with its popular QuickBooks accounting software, is arguably the best-known brand among the small business community.