Tech News: Intuit shutters Mint

November 10, 2023 11:37 AM

Intuit is shuttering Mint and steering users to CreditKarma; Results Software is returning to its original ownership; Tax Autopilot is applying generative AI to federal and state tax filing; and other accounting tech news.

Intuit shutters Mint

Accounting and tax software provider Intuit announced it will be closing down its Mint personal finance app, which it acquired in 2020. Users will have the option to migrate to another Intuit product, CreditKarma, as part of a phased user migration. Users who wish to do so can learn how at Credit Karma's U.S. Help Center. This announcement comes about a year after the Intuit Mint team joined Intuit Credit Karma. Users who migrate over will have access to Credit Karma's full suite of products, tools and services, including the ability to monitor cash flow and spending, a popular feature of Mint. They will also have access to the latest launch of Intuit Assist, a generative AI-powered financial assistant on Credit Karma that can answer questions on financial situations. As for motivations, a Forbes article notes that the number of Mint users fell 80% between 2016 and 2021.

Results Software returns to original ownership

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Business management solutions provider Results Software announced it has returned to original ownership after the first owner and founder, Sam Saab, acquired the company from Abacus Data Systems, which had bought the company in 2017. With this has come the launch of the new Results platform, building on the work Saab had been doing with Randy Johnston of K-2 Enterprises (who is also serving as Results Software's CTO) to develop the DoMore Platform business management system. Following the reacquisition, the company has used the foundation of DoMore to reintroduce an improved Results platform. The platform offers functionalities that encompass relationship management, scheduling, services, documents, projects, billing, inventory, a contacts web portal, and much more. It also offers two-way integration with all versions of QuickBooks Online and QuickBooks Desktop. To celebrate the new product launch and as an expression of gratitude to loyal, long-standing clients, Results will provide a 100% credit refund to their perpetual license holders, which could be used towards the newly revamped Results product.

Tax Autopilot applies generative AI to tax filing

AI financial services platform Black Ore announced the launch of what it said will be its flagship product, Tax Autopilot, on the heels of $60 million in financing led by a16z and Oak HC/FT. The AI-powered solution is meant to accelerate federal and state tax compliance for individual Forms 1040. Accounting firms upload tax documents and data into a secure, encrypted portal. Tax Autopilot takes this data and calculates the return, then generates both the tax return and the supporting workpapers for a streamlined review. The company also offers preliminary reviews of the tax returns and workpapers by its own team of U.S.-based CPAs from major firms. Tax Autopilot is set for release in early 2024.

AmEx offers checking to small biz

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Credit card company American Express said its American Express Business Checking accounts are now available to any eligible U.S. small business two years after its October 2021 launch, when it was made available to existing U.S. American Express Card Members. Checking account holders can redeem Membership Rewards points for travel with participating partners like Delta, Hilton, and Marriott Bonvoy, or choose to make deposits directly into their American Express Business Checking account. Small businesses interested in applying for a checking account may do so at this link.

Deloitte releases 2023 Fast 500

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Big Four firm Deloitte released its "North America Technology Fast 500™," an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences, fintech, and energy tech sectors, now in its 29th year. Within the top 10 were fintech firm Fireblock and tax compliance software provider TaxBit. Tax solutions provider TaxFyle announced that it, too, was on the list, having ranked number 235 on the list for its 612% growth during the period. Technology Fast 500 awardees are selected based on percentage fiscal year revenue growth from 2019 to 2022. Overall, the 2023 Technology Fast 500 companies achieved revenue growth ranging from 201% to 222,189% over the three-year time frame, with an average growth rate of 1,934% and a median growth rate of 497%. Business to business payment network PayStand announced that they too have made the list, ranking number 210 for the company's 671% three-year growth.

Bloomberg Tax & Accounting makes access free for taxpayer clinics

Bloomberg Tax and Accounting announced that it is now offering complimentary access to Bloomberg Tax Research for attorneys and staff of low-income taxpayer clinics, providing clinics with the product's analysis tools and primary source information to resolve client tax problems with the IRS. Services are provided for free or for a small fee. LITC staff can learn more about Bloomberg Tax & Accounting and request access to the platform at this link.

Everee launches AI-powered Auto Payroll

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Everee, a payroll solutions provider, announced the launch of its new AI-powered Auto Payroll solution. The new software uses AI to learn companies' payroll trends and histories, enabling it to spot any irregularities or abnormalities. It analyzes each employee's past payment history and establishes what a typical payment is for that specific worker using a statistical algorithm to assess payment ranges. From there, it automatically flags any discrepancies for real-time review. If no abnormalities exist, payroll runs automatically — all without the need to log in or perform any manual approval tasks. It works for both hourly and salaried employees. Auto Payroll is the company's latest addition to a suite of tools aimed at enabling businesses to implement faster pay for workers into their payroll processes.

Integrations and partnerships

Practice management solutions provider Financial Cents announced its integration with automation platform Zapier. The integration enables Financial Cents users to connect their favorite apps and automate routine tasks. … AP automation solutions provider announced its partnership with real estate industry software company AppFolio. This partnership will provide customers in the real estate industry with AvidXchange's suite of workflow and automation solutions. … Rightworks, formerly known as Right Networks, announced plans to showcase its OneSpace cloud solution at Thomson Reuters' Synergy 2023 as part of its partnership with Thomson Reuters. …Professional service payment platform Ignition announced the expansion of its strategic partnership with Intuit by integrating with ProConnect Tax. US accounting and tax firms are now able to import their ProConnect clients into Ignition, filter clients by return type, and send tax proposals to multiple clients in bulk using templates – enabling them to improve efficiency and profitability this tax season.

Other news

Bookkeep, an accounting automation platform, announced the hiring of Alison Ball as Vice President of Marketing and Communications. In her role, Ball will direct Bookkeep's marketing and communication strategy. Her focus will be creating new campaigns that improve understanding and adoption of Bookkeep's full suite of services. … Cybersecurity platform Ironscales announced, as part of its new release, the addition of deep image-based detection capabilities meant to protect against image-based phishing attacks, autonomous phishing simulation testing, and enhanced reporting to offer immediate metrics and a summary of simulation testing campaign results to compare against industry benchmarks, identify training gaps, measure effectiveness, and improve future campaign strategy. … Certinia announced the appointment of four new C-level executives to lead the company forward. This includes COO Robert Cesafsky, CRO John Tully, CFO Erin Sawyer, and CPO Kris Kildahl. … Compliance technology company Sovos said it has won the Confeb Award in Brazil for the best Tax Determination Solution – for the 7th consecutive year. Held on October 30, the Confeb Award is an initiative promoted annually by Live University, a school whose objectives are to train executives in the tax and fiscal area. The Confeb board is made up of executives, including CFOs, tax directors, vice-presidents and CEOs of large companies operating in Brazil.