How AI is transforming small businesses: Intuit CFO

As artificial intelligence seeps into all corners of the market, Intuit (INTU) CFO Sandeep Aujla joins Wealth! to discuss how these technological developments can trickle through to small businesses.

"When you think about AI for small businesses, there are really two key areas we're focused on: helping them save time because they'd rather run their business than do their accounting or manage their cash flows, and two, helping them improve their cash flows because that's the number one indicator of success or failure for small businesses," Aujla states.

He points to Intuit Assist, the company's generative AI engine that helps drive experiences for small businesses. "We are looking at turning photos of receipts into entries into QuickBooks. We are taking vendor PDFs and turning those into bills that small businesses can then pay electronically. We're taking the email threads and the handwritten notes and translating them into electronic estimates or invoices that they can send pay-enabled and get paid a lot faster on our platform," he explains.

He adds that MailChimp and QuickBooks are combining data points to help small business owners understand and target their customers better to maximize their revenue potential.

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This post was written by Melanie Riehl

Video transcript

You know, when we hear about the developments in artificial intelligence and and where that may eventually trickle through to small businesses as well.

What what types of advantages do you see small businesses being able to reap from artificial intelligence?

And and when that may happen in full force or critical mass, such a a key point and important question for us, uh let me start out by sharing that we've been focused on A I years before it became fashionable to talk about A I and we were talking about A I back in 2018 when we declared our strategy to be an A I driven expert platform.

And for us, it is really using the benefit of billions of data points that we have data points we have across our ecosystem to help drive prosperity for each and every small business and consumer on our platform.

So when you think about A I for small businesses, there are really two key areas we're focused on helping them save time because they rather run their business than do their accounting or manage their uh uh cash flows.

And two helping them improve their cash flows because that's the number one indicator of success or failure for small businesses.

So when we look at the experiences we're delivering through into resist, which is our gen a Igen that's uh helping drive the experiences for small businesses.

We are looking at turning photos of receipts into uh entries into quick books.

We are taking vendor PDF S and turning those into bills that small businesses can then pay electronically.

We're taking the email threads and the handwrit notes and translating them into electronic estimators.

So invoices that you can send pay enabled and get paid a lot faster on our platform.

And uh finally, we are helping bring revenue intelligence through our um mailchimp platform and our uh Quick books by using billions of data points to help small businesses segment the customers better by helping small businesses target their customers at the right time to maximize their revenue potential by quite frankly having small providing to small businesses insights and customer funnels that were historically reserved for very large enterprises such as ourselves.

So that's uh where we're really leaning into our capabilities and A I to help drive small business success.

And as you know, and you pointed out earlier, as you introduced me that small businesses really are the key contributors to our GDP and a key in a leading indicator of the success of the nation as well as our economy.