Intuit Inc., a global financial technology platform known for products like TurboTax, Credit Karma, QuickBooks, and Mailchimp, has launched a series of new product innovations within Intuit QuickBooks. These enhancements are designed to deliver a more intelligent and automated accounting experience for businesses and their accountants across international markets.
The innovations reflect Intuit’s focus on continuous development, aiming to provide both daily efficiencies and advanced capabilities that redefine how businesses operate and grow, and how accounting tasks are performed. These updates also represent the ongoing evolution of the Intuit platform, offering integrated business solutions that utilize AI to automate routine tasks, manage complex workflows, consolidate necessary data, and reduce reliance on multiple disconnected tools. Further details on the full suite of innovations are available on Intuit’s new QuickBooks Launchpad, a central resource for users to stay informed about product features and future developments.
Among the new offerings is QuickBooks Payments, now available in beta. This feature addresses the challenge of late payments, which affect 73% of UK SMBs, with 31% reportedly spending 20–30 hours monthly chasing customers. QuickBooks Payments allows users to connect their bank account to a ‘pay now’ button on invoices, enabling customers to make direct payments with minimal clicks. Payments are automatically reconciled, keeping records up-to-date with reduced manual effort. This functionality integrates with QuickBooks Online across all devices, facilitating quicker settlement times and offering competitive transaction fees.
Intuit has also introduced an AI-powered bank feed in QuickBooks to streamline the often repetitive and error-prone task of categorizing bank transactions. The system learns from previous user actions and suggests categories based on historical patterns. Each suggestion includes a clear explanation, allowing users to review, approve, or amend with confidence, thereby improving accuracy and workflow efficiency. This enhanced feed provides more accurate categorization suggestions, supports inline editing of fields such as category, supplier, class, location, and product/service, and offers payee suggestions with the option to add new payees directly from the bank feed. This aims to boost efficiency and provide transparency, allowing users to leverage AI to their preferred extent.
For mid-sized businesses managing extensive asset portfolios, QuickBooks Online Advanced now offers out-of-the-box support for depreciation methods. Previously limited to straight-line depreciation, the system now supports reducing balance depreciation. Users can enter a rate, and QuickBooks automatically handles the calculations and updates reports, providing a more accurate reflection of asset value over time. By automating this popular calculation and introducing new filtering options in the asset register, Intuit aims to help customers reduce manual errors, maintain compliance with accounting standards, and support real-time reporting.
Additionally, enhancements have been made to the Construction Industry Scheme (CIS) management within QuickBooks Advanced, Plus, Essentials, and Simple Start plans. These updates allow users to automatically bulk-send monthly CIS statements to subcontractors immediately after filing, aiming to save hours of repetitive work and aid in audit readiness. To further support compliance, new CIS reminders enable users to schedule email alerts ahead of each month’s deadline, helping to avoid late filing penalties. QuickBooks also now supports direct subcontractor verification with HMRC, allowing users to check subcontractor status within the platform, securely store Government Gateway credentials, and view verification dates to track re-verification timelines. These features are designed to reduce manual steps and consolidate CIS tasks, offering a more efficient and compliant way to manage industry obligations.
Ciarán Quilty, Senior Vice President of International at Intuit, commented on the updates: “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. We’re re-imagining our entire connected business platform and I couldn’t be more excited about what’s coming.”
Aaron Patrick, ACA, FMAAT, and Head of Accounting at Boffix Ltd, shared his experience: “I jumped at the chance to switch to the new QuickBooks experience, and the AI-powered bank feed alone has already saved hours of manual review and given my clients greater confidence in their records. As an accountant, I’m especially looking forward to the roll out of the enhancements to CIS. This will help us deliver compliance more quickly and free up time to focus on providing more support for our clients.”
