Intuit releases AI assistant for TurboTax, QuickBooks and other software tools
Intuit said it will release an artificial intelligence software tool for its full suite of financial, tax and accounting software.
Over the coming months, Intuit (Ticker: INTU) will roll out Intuit Assist across all of its software products, including TurboTax, Credit Karma, QuickBooks, and Mailchimp. The company plans to make the tools available to all users at no additional charge, on the understanding that the increased usefulness of the apps will reduce customer losses, or lead to increased usage and better cross-selling. The company also believes that the tools will help drive customers to access experts who can help them solve business problems.
This business strategy is in stark contrast to some of the other methods of making money with AI software. Microsoft, for example, plans to offer “trial assistant” software for the Microsoft 365 office suite for $30 per month per user, which is more than some companies pay for basic software.
Nhung Ho, vice president of artificial intelligence at Intuit, said in an interview with Barron Intuit Assist is designed with three goals in mind: Help customers earn more money with less work but with complete confidence in the software. The software is intended to provide personalized insights, recommendations, and advice, and will be included in all products with a common user interface.
Hu said the TurboTax feature will help customers better track the items they need to complete their taxes, and better understand their tax picture. With Credit Karma, consumers who use Intuit Assist can get improved information about financial matters, such as how to save money, track subscriptions, and understand credit card options.
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For small businesses, she added, QuickBooks and MailChimp users can take advantage of Intuit Assist to track outstanding invoices and identify spending anomalies, among other things. MailChimp can prompt retailers to create new email campaigns based on new product additions to inventory.
Intuit Assist for TurboTax will be available immediately to US consumers through the extended tax deadline of October 16th. It will be generally available in the United States and Canada for the 2023 tax season, which begins in January 2024.
The tool will be generally available to CreditKarma in early 2024, while the beta version will be available to QuickBooks starting in the fourth quarter of 2023.
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Some Intuit Assist for Mailchimp features are now in beta for select customers. The general availability of the marketing applications is scheduled for the fourth quarter, while the customer relationship management applications are scheduled for the first quarter of 2024.
Write to Eric J. Savitz at eric.savitz@barrons.com
(tags for translation)artificial intelligence technologies
