AI has been a hot topic this year, with many industries exploring its potential. While there are concerns about how AI might impact certain jobs, many see its benefits, notably how it can free up time for people to focus on strategic and creative tasks that machines can’t handle.
Take accountants, for example. A significant 82% believe that technology is fostering more meaningful interactions with clients, and nearly half plan to heavily invest in AI and automation tools in the next year.
This trend was evident at the QuickBooks Connect event, which brought together over 2,500 accounting professionals. Intuit highlighted its AI vision, focusing on addressing key financial challenges for small businesses and their accountants. Jeremy Sulzmann, vice president of the Partners Segment Business at Intuit QuickBooks, emphasized that AI, particularly generative AI, is transforming the QuickBooks ecosystem into a reliable financial assistant for accountants by providing actionable insights and recommendations.
During the event, Intuit showcased various AI-powered tools designed for accountants. One standout is Intuit Assist for QuickBooks, a new generative AI-powered financial assistant. Currently in limited beta, this tool automates tasks such as invoicing and action plans, answers financial questions instantly, and provides proactive insights based on business performance. It’s designed to work alongside accountants, enhancing their expertise and helping them deliver even greater value to clients. It will be available to all QuickBooks Online customers in the U.S. soon.
QuickBooks also introduced several new innovations aimed at increasing efficiency for accountants and small businesses:
– QuickBooks Ledger: This cost-effective solution helps accountants manage year-end, tax-only, and low-transaction clients on a standardized platform, streamlining manual workflows and allowing accountants to focus on more impactful work.
– QuickBooks Online Advanced: Tailored for growing businesses, this flexible solution offers workflow automation, robust reporting tools, and deep integrations with third-party applications. The updates announced aim to help businesses streamline their operations.
– QuickBooks Online Payroll: Designed for growing teams, this tool simplifies human capital management by integrating payroll, time tracking, HR, and employee benefits. Recent enhancements include payroll cost allocation and payroll item management, along with features to manage employee data and HR documents.
– QuickBooks Online e-commerce Innovations: These updates help small businesses manage inventory across multiple sales channels more efficiently, reducing the reliance on outdated methods like spreadsheets. Enhancements allow for better order and inventory management, syncing across sales channels, and streamlining low stock replenishment.
AI is transforming accounting by enhancing the services accountants offer and boosting efficiency. QuickBooks is actively collaborating with accountants to shape its AI roadmap, aiming to build an ecosystem that saves time and boosts business confidence.
For more information about this year’s QuickBooks Connect announcements and how QuickBooks Online supports accounting professionals and small businesses, visit QuickBooks.com.