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.
