Intuit QuickBooks Australia has announced the launch of its cash-flow planner — a cash-flow prediction tool using machine learning technology.
According to Intuit, the tool predicts cash flow over the next 90 days in real time by analysing money coming into the business and money being spent, using the data in QuickBooks and bank transactions to model future scenarios.
Users are also able to conduct “what if” analysis by adding new events or editing predicted events.
Intuit QuickBooks Australia director of product management Mindy Eiermann said the new tool will help SME clients make better informed financial decisions as they emerge from the COVID-19 shutdowns.
“It’s not business as usual for many Aussie small-business owners, and because of that, it’s important we provide our customers with new tools to help them manage their businesses during this difficult period, especially when money is even tighter,” Ms Eiermann said.
“Our machine learning technology, which will be rolled out to Canada, in addition to Australia from this week, will allow SMBs and their accountants or bookkeepers to analyse the current cash situation and develop a forecast to identify the best ways to manage cash flow.”
Ms Eiermann also noted that the more the cash-flow planner is used, the more it learns, based on users’ previous expenses and incomes entered on the QuickBooks platform.
The tool will also allow users to play with different scenarios to help predict cash-flow positions and make more financially savvy decisions.
“Many SMBs are fighting to survive. As such, new technology innovations that can take existing data, analyse it and make recommendations in real time, will not just save time, but give small-business owners more confidence in their financial abilities,” Ms Eiermann said.
“It could be the difference that helps businesses stay in business.”