Intuit on Wednesday announced the full rollout of a new business banking product called QuickBooks Cash. It combines a variety of services that fintechs currently provide small businesses into one core offering, Intuit said. According to Intuit, QuickBooks Cash aims to remove outdated money movement barriers and help small businesses better understand and predict finances with the help of machine learning. Intuit said the product offers a high-yield interest rate, a fund budgeting tool called Envelopes, and machine-learning powered insights that help predict cash flows. The business account includes free instant deposit and a physical debit card that lets businesses spend from their QuickBooks Cash balance.
Machine learning is a form of artificial intelligence where computers can learn without being explicitly programmed for handling certain tasks by analyzing vast amounts of data in the cloud. And Intuit – the company whose mission is to power prosperity for consumers, small businesses and the self-employed around the world through products like QuickBooks, TurboTax and Mint – isn't new to machine learning. With roughly 100 patents pending and more than 30 machine learning systems in place, the company's 42 million customers worldwide are already reaping the benefits.
Your bathroom mirror might reveal your finances. NEW YORK--You stare into the bathroom mirror while shaving and ask aloud, "Who owes me money?" A moment later a graph appears on the surface of the mirror revealing the people or companies that owe you, or your small business, the loot. A prototype of just such a smart mirror was among the futuristic scenarios showcased by Intuit during a recent Manhattan event demonstrating how current and emerging tech could be employed to help business owners and individuals manage their finances. Various demos touched on virtual and mixed reality, chatbots, facial recognition, blockchain (the underpinning for Bitcoin), machine learning and artificial intelligence.
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.