The receipts product is part of Intuit's focus on electronic fees, such as the feature in the new QuickBooks Online that enables users to have tax data fed to Intuit Tax Online via a single push of a button.
As outlined by Stansbury, the receipts product would associate a user's email account with QuickBooks. The system would "pull out each limn item, figure out which are tax deductible and enter than automatically into QuickBooks and then into tax," he said. Stansburg did not use the phrase, but slides presented during the Investors Day webcast referred to the Financial Data Platform.
Stansbury said about one third of all receipts are now being email, but many are being printed and saved by users, who then present them to accountants. "We've taken an electronic document and made it into a paper document,"he said.
The company also intends to make it easier for data to be available for third-party developers who want to create new applications to work with Intuit products.