Tech News: Intuit launches AI OS

June 9, 2023 9:00 AM

Intuit launched a new AI operating system sporting specialized custom-trained large language models; ForwardAI announced the release of a new real-time payment system; Tipalti added AI capabilities; Numeric launched an AI "co-pilot" for accountants; and other accounting technology news.

Intuit launches AI operating system

Intuit announced the release of a new generative AI-based operating system with custom-trained large language models that specialize in solving tax, accounting, marketing, cash flow, and personal finance challenges. Intuit GenOS, as the company is calling it, is comprised of four core components:

GenStudio, a dedicated development environment allowing Intuit's developers to rapidly experiment with and refine generative AI experiences for users;
GenRuntime, an intelligent layer that chooses the right large language model in real time and calls the right data access points;
GenUX, a library of user-interface components and consistent user flows; and,
Financial custom-trained financial LLMs that specialize in solving tax, accounting, marketing, cash flow, and personal finance challenges. They can provide actionable insights and invoke actions like contacting human experts.

ForwardAI launches real-time payment system

Data fintech ForwardAI announced the release of a new real-time payment system, Forwardly. Available at no cost to users, the new B2B payments platform integrates with bank accounts and accounting systems, and utilizes instant and automatic reconciliation for leading accounting platforms, including QuickBooks Online and Xero. It uses the Clearing House's RTP network, and will support the Federal Reserve's FedNow Service upon its launch in July. The new system is bank-agnostic, which means there is no need to create a new bank account, change banks, or pre-fund a settlement account or wallet.

Tipalti adds new AI capacities

Payments solutions provider Tipalti announced new AI capacities for its offerings, starting with the addition of ChatGPT 4 capabilities to its Tipalti PI (payroll intelligence) product. Ask Pi, an AI-powered digital assistant, allows customers to access information and answer key business questions. Through a chat interface, any user within the organization can engage with the ChatGPT-powered assistant to get answers to simple or complex financial and system questions such as "Who are my 10 slowest approvers?" or "How much volume was spent last year on educational projects for employees?" or "Can you identify major trends on budget spend on T&E year over year?" Tipalti also touted the launch of Auto Coding, which uses embedded ChatGPT access to predict the correct coding on an invoice and purchase order.

Numeric launches AI-powered accounting co-pilot

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Numeric, an accounting automation solutions provider, announced the release of Numeric AI, touted as a sort of co-pilot for accountants. The product, which uses large language models, allows users to automatically draft flux explanations by drawing on data from underlying general ledger transactions, account trends, and previous explanations; interact with their ERP data using a chat interface to ask questions and generate instant searches, reports, and visualizations; and receive technical accounting guidance to generate GAAP-ready policies, supplemented with links to public company filings, details on practical expedients, and comparisons of different approaches. The company also announced the release of a free close management solution called Numeric Essentials. Teams can get started by uploading an existing close checklist and can immediately take advantage of real-time collaboration features, detailed progress tracking, and accounting-specific controls for their next close.

Patriot Software launches payroll permissions feature

Atanas Bezov

Patriot Software, which makes accounting and payroll solutions, announced the release of a new payroll permissions feature. Business owners, payroll admins, or accountant partners can assign access levels for an unlimited number of users. Team members can be assigned to "view-only" payroll reports, while payroll administrators can process payroll and update employee information. In addition, administrators can assign users accounting permissions while restricting all payroll access. It will also allow Patriot's accountant partners to grant access to view payroll reports for their clients. The new payroll permissions feature is now available to all Patriot Software customers.

LeaseCrunch adds email alerts

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Lease accounting software provider LeaseCrunch announced that it has added email alerts to its flagship product. Email alerts empower users to stay informed about crucial lease dates by receiving timely notifications. The global setup feature enables users to streamline the process and ensure consistent alert rules across all affected leases immediately.

Textedly releases ‘text to pay’ feature

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Textedly, which has primarily focused on text message-based marketing software, released a new Text-to-Pay feature with small and midsized business owners in mind. The feature allows users to automatically schedule current-payment-due or past-due reminders; streamline recurring payment requests by setting up auto-pay, with the option for customers to send payment immediately or schedule for later; see a top-level view of all payment statuses, helping businesses facilitate cash flow; export data whenever needed and protect customer data with premium security; set up and start accepting credit card payments immediately; and use Text-to-Pay with no contractual commitment, allowing users to scale up services as business grows.

Partnerships and integrations

Practice automation solutions company Aiwyn announced a strategic partnership with business software provider IRIS to streamline client engagement, billing, payments and collections across IRIS Practice Management products. The partnership will enable joint clients to automate practice management to drive efficiency and free time to deliver value–added client services. … Digital asset tax and accounting firm TaxBit announced a strategic partnership with Big Four firm KPMG. By leveraging their combined technology, the alliance will assist businesses engaging in the digital asset ecosystem in meeting their tax, accounting, information reporting, and accounting disclosure requirements. TaxBit had previously established similar such partnerships with Deloitte and E&Y. ... Management consulting company Horváth announced an expanded agreement with accounting automation software provider BlackLine that will extend their Europe alliance to include the U.S. market.

New hires and appointments

Sovos, a provider of tax software, announced the appointment of a new CEO: Kevin Akeroyd. As part of the transition, current CEO Andy Hovancik will be assuming the role of chairman of the board. … Crypto accounting firm TaxBit said chief operating officer Lindsey Argalas has been named the company's new chief executive. Cofounder and current CEO Austin Woodward will step into the role of chairman of the board.