Intuit, the California-based fintech platform behind TurboTax, Credit Karma, QuickBooks and Mailchimp, has introduced a range of product updates in Intuit QuickBooks aimed at creating a more intelligent and automated accounting experience for businesses and accountants across international markets.
The updates are part of Intuit’s broader efforts to develop its platform into a unified business solution, using AI to streamline routine processes and manage complex workflows.
By integrating key features into one system, the company intends to reduce reliance on disconnected tools and simplify how businesses operate and grow.
Among the updates is QuickBooks Payments, now available in beta.
The feature allows users to link their bank account to a ‘pay now’ button on invoices, enabling customers to make direct payments in just a few clicks.
Once payment is made, records are automatically updated and reconciled, minimising the need for manual input.
This function is fully integrated with QuickBooks Online and can be used on any device.
Another key feature is the AI-powered bank feed.
Designed to reduce repetitive and error-prone tasks, the system learns from a user’s previous actions and recommends categories for transactions based on historical data.
Each suggestion is accompanied by an explanation, giving users the option to review, edit or approve.
The system also allows inline editing of various fields, such as supplier or location, and enables users to add new payees directly from the feed.
According to Intuit, this offers more transparency and control while maintaining workflow efficiency.
QuickBooks Online Advanced has also expanded its support for asset depreciation calculations.
In addition to straight-line depreciation, the system now supports the reducing balance method.
Users can enter a rate and QuickBooks will automatically calculate and update reports.
This aims to provide a more accurate representation of asset value over time, helping businesses manage compliance and reduce errors.
New filtering options in the asset register are also included.
In response to the administrative challenges associated with the Construction Industry Scheme (CIS), Intuit has introduced several tools to simplify compliance.
Users of the Advanced, Plus, Essentials and Simple Start plans can now automatically send monthly CIS statements to subcontractors once filing is complete.
The platform also offers the option to set up email alerts ahead of each month’s deadline to avoid late submissions.
Direct subcontractor verification with HMRC is now supported, allowing users to confirm subcontractor status within QuickBooks, securely store Government Gateway credentials and monitor re-verification dates.
Ciarán Quilty, Senior Vice President of International at Intuit, said:
“Driven by direct feedback from our customers, these latest innovations are powerful examples of how we’re using AI to simplify financial workflows, improve accuracy, and give our customers more time to focus on what matters most. We’re re-imagining our entire connected business platform and I couldn’t be more excited about what’s coming.”
Featured image credit: Edited by Fintech News America, based on image by Freepik
