QuickBooks gets machine learning tools

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QuickBooks gets machine learning tools

Here are three ways Intuit is making the accounting system smarter, quicker and easier to use.

Like Xero, Intuit has been working to add machine learning features to QuickBooks to relieve small businesses and their bookkeepers and accountants from some of the drudgery.

Intuit director of product management Alex Barnett told Business IT that the company has around 100 patents pending in this area, and described three ways the technology is already being put to use in products:

  1. Recognising that categorising transactions from bank feeds is “an important yet tedious task”, the QuickBooks mobile app does that job automatically, with continuously improving performance as it learns from experience.
  2. The QuickBooks Self-Employed (QBSE) app automatically distinguishes between personal and business transactions. The average customer conducts around 2,000 transactions a year, of which just 25 percent are business related, so “that's a big timesaver”, he said. A recent survey found 85 percent of bookkeepers and accountants say their clients don't keep these two things separate.
  3. The QuickBooks Assistant artificial intelligence-driven voice interface for the mobile app makes it easier to get insights from your numbers. It can answer questions such as “how am I doing this month?” and understands the context of questions, and so “dramatically reduces the amount of time it takes to get those insights,” said Barnett.

Integrating with Google G Suite

In related news, Barnett said new integrations between QuickBooks and G Suite are currently in beta and will be released in Australia during the coming weeks or months.

Forty-three percent of QuickBooks Online users have Google domains, he said. It seems likely that many of those also use G Suite.

The integrations will, for example, allow a user to bill for their time directly from the calendar in the Gmail mobile app, automatically creating and sending an invoice from a calendar item with minimal additional data entry.

“That's a big deal,” said Barnett. A beta user in Orange, NSW reports that this feature makes invoicing easier and is a real time saver, he added.

Copyright © BIT (Business IT). All rights reserved.

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