With its new AI-powered platform, Intuit is introducing a new type of financial technology that can make tax preparation easier and enhance financial management for small businesses.
The company announced that they are working to simplify complex financial tasks for millions of consumers through a platform that offers a “done-for-you” service that helps users get in touch with close to 12,000 tax experts who can complete tax returns within a few hours. Analysts believe this solution could tackle some of the common inefficiencies associated with tax filing.
Mark Notarainni, Executive Vice President and General Manager of Intuit’s Consumer Group stated that the company is “laser focused” on eliminating the work and worry of tax filing, delivering the best ‘done-for-you’ tax prep experience on the market.” The platform is designed to do more than just prepare taxes; it also offers year-round financial insights through Credit Karma.
A standout feature of the platform is its AI-driven expert matching system. With the user’s consent, Intuit uses algorithms to analyze personal information and match users with the best tax experts from their network, which includes CPAs, enrolled agents, and tax attorneys. This system provides valuable features such as real-time progress tracking via mobile apps, transparent pricing, and a guarantee to maximize refunds.
In addition to tax services, Intuit has partnered with Adyen to transform payment management for small and mid-sized businesses. This collaboration is particularly important for UK small businesses, which face significant challenges, including losing an average of £22,000 annually due to late payments—a factor contributing to 50,000 business closures each year. By integrating with QuickBooks Online, the partnership will offer businesses multiple payment options, faster fund transfers, and streamlined financial processes.
Nick Williams from Intuit QuickBooks noted the importance of the Adyen partnership, highlighting their thorough selection process aimed at delivering a smooth payment experience. Hemmo Bosscher from Adyen also pointed out how this collaboration equips small businesses with improved payment solutions and opportunities for growth.
The 2024 platform will feature a number of offerings, including:
- Tax preparation services available in both English and Spanish
- AI-powered expert matching for tailored support
- Real-time tracking of progress
- Automatic document import from over 350 financial institutions
- Refund advances of up to $4,000
- A 20% discount on personal taxes for business tax filers
- A 30-day trial of QuickBooks Online