QuickBooks has consistently led the charge in the accounting tech world, evolving to cater to the diverse needs of small businesses and accounting professionals. On a recent episode of the Earmark Podcast, I had the opportunity to delve into the latest changes with Hector Garcia, a top QuickBooks ProAdvisor and educator.
Our conversation highlighted the impact of Intuit’s QuickBooks Live Bookkeeping and Tax services on our community. Hector and I delved into whether Intuit is now competing with its ProAdvisors or is fostering a collaborative future. We also explored the challenges and opportunities for accounting firm owners.
Keep reading for the highlights of our discussion, or watch the full episode here:
Want to listen on the go? Find the link to the podcast version at the bottom of this article.
A Closer Look at Intuit’s Live Services
Intuit launched QuickBooks Live Bookkeeping in 2019. This year, they’re adding Live Tax, meaning that QuickBooks customers can now discover and purchase basic bookkeeping and business tax services directly from inside the product. Intuit is targeting these services to businesses that are not yet ready to hire a full-time accountant or bookkeeper but require professional help. Sounds a lot like our clients, doesn’t it?
The Accounting Community Reacts
The announcement was met with unease – to say the least – across the ProAdvisor community, sparking concerns about direct competition from Intuit’s vast resources. Hector put it bluntly, saying, “When this first thing launched, it was something that mostly accountants just hated.”
A Nuanced Impact: Analyzing the Effect on ProAdvisors
Many accountants feared Intuit’s “Live” services would compete directly with ProAdvisors, but the impact has been more positive than anticipated. Hector believes that the new services have increased awareness of professional bookkeeping and tax services among small businesses, resulting in a surge in demand for tailored and advanced advisory services that only ProAdvisors can provide. QuickBooks Live doesn’t compete with this.
Carving Out Opportunities for ProAdvisors
Intuit’s move has highlighted ProAdvisors’ value to their clients. Here are some ways Hector says ProAdvisors can distinguish themselves and expand their offerings:
- Specialization: Develop expertise in niche markets or complex accounting needs, delivering a level of specialization that transcends Intuit’s offerings.
- Advisory Services: Capitalize on the increasing demand for strategic financial guidance, budgeting, forecasting, and business planning—where your impact can be profound.
- Technology Integration: Employ your deep understanding of the QuickBooks ecosystem to provide bespoke technology solutions, enhancing your clients’ operational efficiency.
Adapt and Thrive: Embracing the New Landscape
Hector says adapting to these changes involves embracing innovation and identifying ways to enhance Intuit’s services. Here are his suggestions for how to adapt and thrive:
- Market Your Unique Value: Communicate the advantages of your services, emphasizing the personalized touch you offer beyond Intuit’s scope.
- Embrace Technology: Harness the full potential of QuickBooks features and third-party apps to deliver state-of-the-art solutions.
- Invest in Continuous Learning: Stay abreast of industry shifts and technological advances to offer forward-thinking services.
Transforming Challenges into Opportunities
Intuit’s introduction of Live Bookkeeping and Live Tax has undoubtedly prompted concerns about competition. Yet, it has also acted as a stimulus for innovation within our field.
“The essential lesson for ProAdvisors is to recognize the necessity of adapting and discovering new ways to distinguish their services,” Hector says. By focusing on areas where their expertise can outperform automated services, ProAdvisors can continue to deliver unparalleled value to their clients. Specialization, strategic advisory services, and advanced technological integration within the QuickBooks ecosystem are paths to enhancing your offerings and making yourself indispensable to clients.
Are you prepared to navigate these changes and seize the opportunities they present? To explore these topics more in-depth, tune into my conversation with Hector Garcia on the Earmark Podcast.
