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Intuit Places Emphasis on Machine Learning for Easy Expense Management for Freelancers

Intuit Places Emphasis on Machine Learning for Easy Expense Management for Freelancers

Intuit has always been quite adept in unearthing overlooked niche market area and structure astoundingly helpful software around it, key examples being QuickBooks, TurboTax etc both of which were incepted to tackle small business problems relating to business accounts and taxes respectively. It is, thus, no wonder that Intuit quickly noticed the need of the growing community of Freelancers or as many call them Self-Employed.

In order to provide comprehensive solution that could tackle the problem of keeping tight control on the flow of Expenses and furthermore, resolve the complex tax problems in just matter of clicks, QuickBooks Self Employed came out as a result. The software has made the professional domain of freelancers a lot easier as they can now streamline not only invoice and expenses activities but also pay equal amount of attention on tax filing and payment on time which is the byproduct of machine learning.

In the words of Alex Chriss – Chief product Officer and Senior Vice President of Intuit, ‘the first indication of any such niche market for self employed software was seen when the users of Mint software bifurcated their expenses into other and business so as to keep track of personal expenses as well. This made the company realize the potential of bringing out another product apart from QuickBooks Pro, QuickBooks Premier and QuickBooks Enterprise.’

Surprising fact was that Intuit took about 90 days to structure this software and create an app around it for both Android and iOS users. This was mainly possible as they already had base of the software ready due to QuickBooks Enterprise or other editions. This helped to create better dashboard with top notch intuitiveness as the dedicated team did not have focus on other aspect of the software.

QuickBooks Self Employed software has much swifter interface with the user only needing to swipe the screen on their left if the expense they are tracking is business related otherwise on to their right. This is where the concept of Machine Learning came into picture. Chriss stated “We always had a lot of data running through our systems and now we are thinking about we can use this to help the individual customer.”

This became a successful concept as many companies have droves of data which is easily accessible to Intuit due to its impressive software like Mint, TurboTax and QuickBooks Enterprise editions which in turn would ensure smooth functioning of the application for the users.

To ensure that the system used is authentic and accurately segregates personal expenses from the business expenses, already existing data was fed to the application which has made QuickBooks Self Employed program almost 90% correct and for the rest 10% the user has customization option with which they can manually make the changes.

Furthermore, the program is integrated with tool that allows for catching receipt details and OCR scan tool that helps to migrate data automatically, reducing the scope of errors caused due to manual interference. The feature has been greatly appreciated for providing automatic matching of receipts scanned with transactions by credit card. Currently this feature is only used in the USA, Australia, Canada and UK.

As the time is of essence, especially in case of Freelancers, QuickBooks Self employed like its cousins such as QuickBooks Pro, has helped to save this valuable resource by providing all the needed tools under one platform.

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