Financial technology company Intuit has announced several updates to its QuickBooks software aimed at simplifying accounting through intelligent automation.
These enhancements are designed to provide businesses and accountants with a more automated experience, integrating artificial intelligence (AI) to streamline processes and minimise the need for multiple tools.
One major update is QuickBooks Payments, currently in beta, which addresses the issue of delayed payments affecting UK small and medium-sized businesses (SMBs). With this feature, users can link their bank accounts directly to a ‘pay now’ option on invoices, allowing customers to make payments swiftly.
This function automatically reconciles transactions, aims to reduce manual bookkeeping efforts, and is accessible across devices.
Another development is the AI-powered bank feed that categorises bank transactions by learning from historical data. This feature offers suggestions along with explanations, enabling users to adjust as necessary while improving categorisation accuracy.
Users can also edit fields like category and supplier directly within the feed, enhancing transparency and control.
For mid-sized businesses dealing with asset depreciation, QuickBooks Online Advanced now supports reducing balance depreciation. This automates calculations and updates reports, thus offering a more precise reflection of asset values over time.
The new feature aims to reduce manual errors and ensure compliance with accounting standards.
Additionally, enhancements related to the Construction Industry Scheme (CIS) have been introduced. QuickBooks Advanced and other plans now allow users to automatically send monthly CIS statements to subcontractors post-filing, significantly reducing repetitive tasks.
New CIS reminders help schedule email alerts for deadlines, assisting users in submitting returns punctually. The platform also facilitates direct subcontractor verification with HMRC, storing credentials securely and indicating when re-verification is needed.
Intuit international senior vice president Ciarán Quilty said: “As businesses grow in size and complexity, we know that they need a financial technology platform that provides deeper customisation, enhanced automation and features to get critical jobs done.
“We’re committed to listening to our customers to help businesses and accountants work smarter, not harder, whilst gaining the financial expertise and confidence they need to succeed. 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.”
