Intuit Rolls Out Product Suite for Mid-Market Businesses

TurboTax maker Intuit debuted a new product suite for mid-market businesses.

Intuit Enterprise Suite is designed to serve an $89 billion total addressable market of larger, mid-market businesses whose needs become more complex as they scale, according to a Tuesday (Sept. 17) press release.

“As businesses grow, so does the complexity of running their business,” Intuit CEO Sasan Goodarzi said in the release. “Intuit Enterprise Suite fuels growth by helping customers run their business on one end-to-end business platform. This mid-market solution is powered by Intuit’s data and AI platform, boosting productivity through powerful automation, and unlocking business intelligence with actionable insights.”

The Enterprise Suite is designed to reduce “manual, repetitive tasks” via streamlined processes, while placing financial management and accounting capabilities, payroll, payments and bill pay into a single tool, according to the release.

The announcement follows the Sept. 4 release of “major” updates to the company’s generative artificial intelligence operating system, GenOS.

Intuit, whose other products include QuickBooks, Credit Karma and MailChimp, said in July it was eliminating 1,800 jobs — 10% of its workforce — with plans to “hire a nearly equivalent number of employees” during the next year to support its growth areas.

In a message to employees included in the company’s securities filing, Goodarzi said the cuts were coming as Intuit was upping its investments in AI.

“We were early to bet on and invest in AI, building one of the largest AI-driven expert platforms to fuel the success of consumers, small and mid-market businesses, and important partners like accountants, financial institutions and marketing agencies who rely on us daily to prosper,” Goodarzi said. “With the introduction of GenAI, we are now delivering even more compelling customer experiences, increasing monetization potential and driving efficiencies in how the work gets done within Intuit.”

In June, the company rolled out its new AI-powered “revenue intelligence” technology, which uses “always-on” predictive and generative AI models.

“Intuit’s move is the latest example of a technology company tapping AI to try to make its products more useful and attract customers,” PYMNTS wrote at the time. “AI has been one of the hottest areas of technology investment in recent years as startups and big companies alike race to capitalize on its potential to automate tasks and provide new insights from data.”

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