Global financial technology platform Intuit has introduced a plethora of enhancements to Intuit Enterprise Suite, the company’s AI-powered business platform that brings together financial, payroll, human resources, marketing, and cash flow tools in one place.
In a May 13 media release, the Mountain View, CA-based company said Intuit Enterprise Suite’s new capabilities “provide mid-market businesses with a command center that delivers AI-powered, real-time insights, automates complex financial management processes, and fully integrates human capital management operations and money transactions in one place so they can save time and make faster, more profitable decisions.
“With today’s announcement, Intuit Enterprise Suite delivers more advanced automations for multi-entity businesses, accelerates insights with new dimensional reporting, and adds construction-specific capabilities that help improve cash flow,” Intuit added.
For multi-entity businesses, Intuit Enterprise Suite now provides new and expanded capabilities that streamline operations and help eliminate the manual processes of the financial close by bringing workflows directly into the platform with:
- Automated cross-entity accounting workflows: Automatically generate and track intercompany eliminations at the transaction level and upload journal entries from spreadsheets, keeping consolidated reports accurate while reducing manual end-of-period reconciliation processes.
- Multi-level entity hierarchy and consolidation: Customize and create multiple hierarchies that reflect a business’s tax, legal, and operational needs, reducing errors and enabling faster, more accurate reporting.
- Auto-categorize intercompany sales with AI: Artificial intelligence automatically suggests and pre-populates categories on bills generated from intercompany sales based on prior behaviors, reducing manual effort while allowing users to review and adjust before finalizing.
- Cross-company bill pay: Pay bills across any entity bank account and the system automatically creates the related intercompany journal entries in the appropriate entities, keeping records accurate and making reconciliation simpler and faster.
“For too long, mid-market finance teams have been forced to make critical decisions with fragmented data spread across disconnected systems,” Ashley Still, general manager and executive vice president of small business and mid-market at Intuit, said in a statement. “Intuit Enterprise Suite brings operational, financial, and workforce data together in one place, giving the office of the CFO real-time visibility and the confidence to move from closing the books to shaping what happens next.”
Intuit Enterprise Suite’s new and expanded capabilities give finance teams “a single source of truth for how a business is actually performing,” the company said, including:
- Enhanced reporting with dimensions: Group report columns and apply filters by dimensions within financial and sales reports, gaining improved visibility into performance based on how a business is structured.
- Dimension defaults for customers, vendors, and projects: Eliminate the manual process of assigning dimensions on each transaction with the ability to now set automated default dimensions on customer, vendor, and project records.
- Peer benchmarking: Surface how performance compares across industry, revenue band, and location, drawn from the actual transaction data of millions of real businesses.
In February, Intuit launched Intuit Enterprise Suite construction edition, the company’s first industry-specific ERP purpose-built for mid-market construction businesses. New and expanded capabilities specifically designed for construction businesses that deepen the real-time financial visibility across a job’s lifecycle include:
- Expanded Project Management Agent: Streamline expense allocation and reduce the risk of potential gaps between estimates and actuals with AI-powered cost recommendations, protecting project margins and improving profitability.
- Expanded work in progress reports: Added industry-standard fields and automated calculations provide deeper financial insights that help better manage cash flow, address risks earlier, and monitor overall job profitability.
- New flexible job costing: Easily transition from job bid to execution with a more detailed job costing approach, without data loss or manual rework.
Finally, Intuit’s new workforce solution, QuickBooks Workforce, which launched last week, is now available in Intuit Enterprise Suite.
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The workforce solution equips mid-market businesses with human capital management capabilities that sync every facet of their workforce management responsibilities, including payroll, time tracking, benefits, hiring, recruiting, and performance. As a result, businesses can manage their full workforce functions alongside their financials on a single platform, providing a 360-degree view of their business operations, improving data accuracy and saving time and money, Intuit says.
The new AI capabilities, human capital management integrations, and construction-specific platform customizations and workflows were expected to roll out to U.S.-based Intuit Enterprise Suite customers starting Wednesday.
More information about the new Intuit Enterprise Suite capabilities, including those in beta, is available here.
Photo credit: Intuit
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