AI and accounting
Machine learning is a form of artificial intelligence where computers can learn without being explicitly programmed for handling certain tasks by analyzing vast amounts of data in the cloud.
And Intuit – the company whose mission is to power prosperity for consumers, small businesses and the self-employed around the world through products like QuickBooks, TurboTax and Mint – isn’t new to machine learning.
With roughly 100 patents pending and more than 30 machine learning systems in place, the company’s 42 million customers worldwide are already reaping the benefits.
An example where machine learning is applied to Intuit’s software is in the case of the Expense Finder feature in QuickBooks Self-Employed, a product introduced a couple years ago and targeted at the self-employed. Intuit understood that it can be challenging for self-employed professionals such as website designers and Uber drivers to keep track of their personal and business expenses due to complicated tax laws.
And according to an Intuit blog post, the average customer has around 2,000 transactions per year and 500 of them are usually for business.
Read the Forbes story here.