Businesses and accountants are deploying the artificial intelligence-powered tools offered as part of Intuit Intelligence, Intuit Chairman and CEO Sasan Goodarzi said Tuesday (Aug. 25) during an earnings call.
Intuit introduced Intuit Intelligence in October, describing it as a system that will unify a business’s data and provide access to a team of AI agents across all financial tasks.
“The early proof is encouraging,” Goodarzi said Tuesday. “Millions of customers are using our AI-native experiences, getting paid four days faster and reducing manual work by 30%.”
Among users of the Intuit Enterprise Suite, which are more complex businesses, 75% are using Intuit’s AI agents every month, Goodarzi said.
During the quarter ended July 31, Intuit’s Global Business Solutions revenue was up 14% year over year, reaching $3.4 billion, according to a Tuesday press release.
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Intuit’s Consumer revenue increased 14% and reached $930 million.
Overall, Intuit’s total revenue increased 14% to $4.4 billion.
Intuit’s products include TurboTax, Credit Karma, QuickBooks, Mailchimp and Intuit Enterprise Suite, per the release.
For the company’s Global Business Solutions customers, Intuit Intelligence has moved the products beyond recording transactions and into doing the work for users, Goodarzi said during the call.
By combining the context of the user’s data with Intuit’s expertise and advanced models, this suite of AI solutions keeps books current, surfaces anomalies, forecasts cash flow, performs scenario planning and initiates workflows to do work on their behalf while bringing in human expertise when needed, Goodarzi said.
“Our focus now is to scale that value across a much larger customer base,” Goodarzi said. “As our customers grow, we have the opportunity to grow with them by managing more of their financial and workforce needs in one place.”
Goodarzi also highlighted the Intuit Business Credit Card, a new World Elite Business Mastercard product that was announced on July 22. As PYMNTS reported at the time, this new small business-focused credit card is designed to sync with Intuit’s QuickBooks platform to help businesses manage spending, access credit and get a handle on their financial health from a single place.
“Our recent launch of the Intuit Business Credit Card brings another critical financial capability directly into the QuickBooks experience, creating more opportunities to deepen engagement and drive additional value for customers,” Goodarzi said.
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