How AI Will Transform Your Financials

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In This Episode:

Michael Hitchcock, Director of Product Management, Accounting, and Tax at Intuit’s Quickbooks, joins Kelly and Brian for an in-depth discussion on how artificial intelligence is changing the way Accountants do business and how it will benefit their small business clients.

Tips and Takeaways from Michael:

  • The anticipation of automation pushed many forward-thinking accountants towards a growth-oriented mindset, moving from hourly billing to value-based pricing. The shift in billing practices led to the development of new services such as business advisory, effectively positioning accountants as outsourced CFOs. 
  • Specialization is a key trend in the accounting industry. As accountants increasingly focus on specific niches, there has been a rise in offerings designed to serve clients in verticals like real estate and construction.
  • Most accounting firms are small businesses themselves, and they seek to adopt a technology stack of applications and tools that cater to both their front and back-office needs, much like other small businesses.
  • Initially seen as a threat, AI is now viewed by Accountants as a growth engine, with generative AI capturing the interest of many professionals.
  • Generative AI can help accountants work more efficiently and address the challenge of leveraging data to provide valuable advice to clients. 
  • AI is facilitating business decisions. Intuit QuickBooks’ cash flow planner leverages AI to predict future cash flows, aiding companies in crucial decision-making processes such as hiring or procuring new equipment.
  • When business owners automate back-office operations, they free up time and resources for more strategic, big-picture decisions.