In today’s QBO Show recorded live, Stacy Kildal has a chance to chat with Alex Barnett, Director of Intuit's Developer Platform & Joe Lauer, CEO of Greenback.com while at QuickBooks Connect 2018 to discuss apps! Kildal mentions that QuickBooks Pro Advisors are not just accounting professionals but also Technology Advisors. She asks Barnett and Lauer how automation is affecting Pro Advisors and what the future holds for accounting practice professionals and their clients. Lauer says that accounting professionals should see AI Artificial Intelligence and Machine Learning as tools to help them automate time-consuming, repetitive tasks. “At the end of the day, every business is unique.” and there will always be a demand for accountants to train the tools for a custom fit solution for clients.
QBO Show Live From QBConnect 2018
Listen to Broadcast [49 Minutes] Interview Guests: Alex Barnett & Joe Lauer, Nov. 15, 2018 5:00 PM EST.
According to the CPA Practice Advisor, most QuickBooks Pro Advisors don’t know that they are already using automation and machine learning in QuickBooks. Learn more here: Automation within Intuit Products Empowers Business Owners and Accountants. Even though accountants must change their focus now because of automation in order to stay relevant, don’t forget that there are benefits for evolving into a stronger financial advisory role. As you get your client’s financials in shape, you can help them obtain a small business loan too. According to the Accountex Network, tech-leading lending companies that are utilizing machine learning and AI are turning around business loan approvals in a matter of days as compared to weeks or months. “The access to this technology gives them twice the information at a fraction of the wait time, getting funding faster to these small business owners in need.” It’s more important than ever that businesses get their books in shape since some lenders are even requiring an integration with an online accounting system like QuickBooks. That way they have even faster access and more data. “Lenders are able to understand so much more about a business—the seasonal flows, financial habits, historical numbers, and so on.” with that kind of integration. Read more here: Expansion of Accounting Technology Has Changed the Face of Business Financing.
Joe Lauer, CEO of Greenback agrees. In his interview during the QBO Show, they talk extensively about how 3rd party apps help automate accounting tasks and how Pro Advisors should be thrilled about saving time and money, freeing them up for additional services. Kildal asks what Pro Advisors should do about automation at the 25:50 mark. According to Barnett, the economy is getting automated and the changes are as dramatic as the Internet was. Kildal says that even with AI and machine learning, you still need a human to oversee bankfeeds and transactions. She also said that the way that Pro Advisors can provide more value to their clients is by being a trusted advisor who can help recommend the right software for businesses. You can save your clients a lot of time and provide a custom fit. Lauer says that he views automation as a tool and that people will always be needed to use and have experience with those tools. And since every business is unique, you get to focus on the fun stuff. It’s a strategic business advantage when you have the right automation software. You don’t have to do anything repetitive anymore. For example, the Greenback app auto-fetches itemized receipts. It doesn’t use photos or humans. When you keep everything electronic, you can get it in a great format. (31:57 mark) meaning you get useable, searchable, accurate data.