The Woodard Report

Intuit Unveils AI-Driven Innovations at Intuit Connect 2024

Written by Heather Satterley | Oct 30, 2024 10:36:54 PM

Las Vegas, October 29, 2024 – This year’s Intuit Connect conference highlighted a suite of features focused on AI-driven productivity, customer engagement, and workforce solutions to support accounting professionals in managing complex operations. As a longtime ProAdvisor, CPA, and QuickBooks user, I’m excited by these developments, which hold the potential to streamline workflows and enhance advisory capabilities.

Key Updates from Intuit Connect

Intuit Enterprise Suite: Integrated Solutions for Growing Businesses

The new Intuit Enterprise Suite is a cloud-based platform aimed at simplifying financial, payroll, HR, and marketing operations for mid-market companies. According to Intuit’s recent QuickBooks Business Solutions Survey, 82% of mid-market businesses prioritize growth but face challenges with disconnected ERP systems and repetitive tasks. The Enterprise Suite’s integration of multiple functions into one platform seeks to address these issues by enhancing operational efficiency.

AI-Powered Automation for Accounting

QuickBooks now incorporates enhanced AI tools for automating transaction categorization and matching. Intuit’s 2024 Accountant Technology Survey shows that 98% of accountants surveyed have used AI to assist clients over the past year. These features are expected to reduce manual workloads, freeing accountants to focus on advisory services. I was especially excited about this new feature. It reminds me of the copilot functionality we see in other apps with a slick pop-up in the Banking Center that displays information about the vendor and a recommendation about categorization based on AI search of keywords and prior categorization of transactions. 

Workforce Management and Payroll Enhancements

Intuit introduced additional features in QuickBooks Online Payroll to support businesses managing larger teams. These include automated payroll tax withdrawals (tax impounding) and streamlined options for scheduling compensation changes, handling multiple pay types, and making bulk updates to employee data. Accountant controls, and an HR Manager role provides greater flexibility for payroll processes.

Customer Engagement via Mailchimp-Powered Hub

QuickBooks’ new Customer Hub, powered by Mailchimp, offers select customers tools for managing referrals, reviews, and testimonials. Intuit reports that these features aim to centralize client communications, a critical aspect for many small and mid-sized businesses focused on customer growth.

Tools Designed for Accounting Firms

Intuit also introduced updates tailored for accounting firms:

  • QuickBooks Online Accountant: This hub offers workflows, client management, and role-based access controls, providing firms with tools to manage and analyze client data efficiently.
  • QuickBooks Live Services: With QuickBooks Live, firms can engage QuickBooks-certified experts to handle onboarding and bookkeeping tasks, freeing resources for advisory roles.
  • ProAdvisor Program Enhancements: Intuit’s ProAdvisor Academy now includes a bookkeeping certification program that supports both entry-level and advanced professionals.

On Evolving Partnerships and Community Support

I had the opportunity to sit down with Ted Callahan, Accountant Lead at Intuit, who shared insights on Intuit's commitment to supporting accounting firms across all market segments. Callahan explained, “Everything we are doing is aimed as a company to unleash all of these different offerings to power prosperity for the accountant firms and our customers.” This vision underscores Intuit’s strategy to integrate AI innovations and educational resources across both small business and mid-market client needs, reinforcing Intuit's partnership role in the accounting community. Watch for follow-up articles coming soon, where we will detail each new feature release!