Intuit, the company behind Mint, QuickBooks and TurboTax, traditionally focused on serving individuals and small businesses. But over the course of the last few years, it noticed that there is a large and growing group of freelancers, whose tax situation is often complicated and who have to meticulously track all of their expenses. With QuickBooks Self-Employed, it now offers a product that streamlines expense management and invoicing, both of which then make tax season a lot easier — and it’s turning to machine learning to power this.
As Intuit senior Vice President and Chief Product Officer of Small Business, Alex Chriss, told me, about three years ago, the company noted that some of its Mint customers were using all kinds of hacks to track their expenses in Mint by, for example, categorizing their business expenses as “other” so they could separate their personal expenses from their business expenses. “So we took a step back and said: we don’t have a product for these folks,” Chriss said. “We looked at the trends in the market and the self-employed market is growing incredibly fast.” […]
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