Intuit, the company behind TurboTax, has revealed grand plans to help its 100 million small business and consumer customers nail their finances with a new generative AI tool it calls Intuit Assist.
From launch, the finance software company will make its AI helper available in the TurboTax application, but in the months that follow, other products in its finances portfolio are set to get an AI makeover, too.
With the launch of Intuit Assist, the company hopes to give entrepreneurs and small businesses access to the same possibilities as larger corporations - something that they might never have had access to before and a chance to increase profitability and financial efficiency.
TurboTax AI
Beginning with TurboTax, the company hopes to reduce tax prep time and improve accuracy, all while taking into account each individual’s personal tax situation and the most recent information.
Customers can get access to the assistant today where they can generate things like personalized tax checklists, but the company has already committed to rolling out further enhancements soon in the runup to the 2023 tax season.
More broadly, the company will apply its AI assistant to Credit Karma where it can help individuals understand their financial situation more easily. It also has plans to roll out the technology across QuickBooks, where it will go on to help business owners understand those dreaded finances, and Mailchimp, where it can help generate data-backed marketing for ecommerce ventures.
Like Intuit Assist for TurboTax, the AI helper is already available to try across the company’s other three products, though to a smaller degree and in testing. A wider rollout is planned for the coming months.
A company spokesperson told us that it will "experiment and learn with customer reaction and feedback" when it comes to pricing, but could not share more details at this point in time. We were also able to confirm the availability of the AI across individual products:
"Intuit Assist for TurboTax is available now to consumers in the US for the extended 2022 tax deadline on October 16, 2023, and will be generally available in the US and Canada for the 2023 tax season in January 2024.
Intuit Assist for Credit Karma is available now in private beta testing in the US, with general availability targeted for early 2024.
Intuit Assist for QuickBooks is available now in private beta testing in the US, and slated for open beta testing in the US in calendar Q4 2023.
Certain features of Intuit Assist for Mailchimp are available now in beta testing for select customers in the US, UK, Canada, and Australia, with general availability for marketing applications in calendar Q4 2023 and customer relationship management applications in Q1 2024."
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