B2B Payments

Intuit Eyes AI To Keep High-Growth Businesses On QuickBooks

Intuit is introducing a new solution for businesses that deploys data aggregated from QuickBooks to provide enhanced analytics and insights for its corporate customers. In a press release on Tuesday (Oct. 16), Intuit said it is launching QuickBooks Online Advanced, a cloud-based solution targeting high-growth businesses with more complex business management needs. The tool leverages QuickBooks data, and uses machine learning (ML) and artificial intelligence (AI), to provide a range of customizable apps for financial management and back-office requirements that change over time.

Companies using the platform can access third-party applications that are flexible for their businesses, based on their growth stages, Intuit explained. The QuickBooks Online Advanced solution will also link businesses to the QuickBooks Priority Circle offering, which supplies a Customer Success Manager tool to provide businesses with product and technical support.

In a statement, Alex Chriss, SVP and CPO of Small Business at Intuit, said businesses can struggle when transitioning from solution to solution as they grow and need more sophisticated solutions. QuickBooks Online Advanced aims to offer flexibility so that small businesses can continue to use QuickBooks solutions with added functionality as they need it.

“As these businesses grow, many are faced with the decision to move off our platform, forced to transition to the next level of enterprise software that is both expensive and too complex for their needs,” he stated. “Not only does this involve the transfer of data, it requires learning a whole new system to run their accounting. We can now serve customers who are self-employed, all the way to those with hundreds of employees and a high-volume of transactions.”

As it targets growing small businesses, QuickBooks has also recently introduced new features for microbusinesses and independent contractors. In June, the company announced Contractor Direct Deposit, a new feature on QuickBooks Payroll that allows businesses to pay their independent contractors via direct deposit.

Last year, Intuit announced it would deploy data accumulated from its QuickBooks offering to launch QuickBooks Capital and underwrite loans to its small business users.



B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.