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Earmark Podcast

A ProAdvisor’s Guide to the New Era of QuickBooks

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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.

3 Digital Marketing Trends Transforming Accounting Firms

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Did you know top accounting firms are now generating 6-figure leads from their websites? Digital channels are rapidly replacing traditional networking for customer acquisition.

That’s according to David Toth, an expert on strategic growth for accounting firms, who joined my podcast to talk about how digital marketing and AI are disrupting accounting firm marketing.

David opened my eyes to how the top 400 firms leverage digital marketing to grow. Here are three trends that should excite and inspire us all.

1. Marketing Automation & CRMs 🤖

Top accounting firms are implementing marketing automation platforms like HubSpot to track website leads and deals. David said, “I know a significant number of firms dropping Marketo or Pardot and going to HubSpot for marketing automation.”

The agility of HubSpot gives them invaluable data to analyze revenue sources and optimize their sales process.

They also utilize data intelligence tools like Introhive to auto-populate their CRMs by pulling contacts, subject lines, and calendar data from email and cloud storage. This injects CRMs with 30 times more contacts without manual entry.

However, firms still face challenges getting professionals to fully adopt CRMs day-to-day. As leaders, we must guide our teams to embrace these technologies wholeheartedly if we want to compete digitally!

2. Optimizing LinkedIn 🔎

Most accounting firms are significantly under-realizing LinkedIn’s potential for lead generation and recruitment. Employees’ collective networks stretch far wider than the firm’s followers.

To build a bigger digital presence, encourage partners to showcase thought leadership consistently on LinkedIn through long-form posts, articles, and video. This builds personal brands and firm credibility.

With Gen Z and Millennials driving business decisions now, LinkedIn is a crucial platform for attracting top young talent and reaching emerging clients. Frims that want to grow must optimize for digital networking.

3. High-Value Leads from Digital 💰

While most dealmaking historically relied on in-person networking, leading accounting firms now frequently generate 5 and 6-figure leads from their websites. David said, “I have a client that received a $450,000 opportunity, sight unseen through their website.”

As buyers increasingly research and vet firms online before contacting them, digital channels now replace traditional networking for initiating deals.

It’s time for a mindset shift – we must embrace digital marketing as a vital revenue generation channel, not just a brand awareness tool. The future of deals is digital.

Dive Deeper on the Earmark Podcast

Want to dive deeper into the digital marketing strategies and innovations shaping the accounting industry? Listen to my conversation with David Toth.

In the episode, you’ll learn more about:

  • How firms are using webinars as a “content engine” to fuel their marketing
  • David’s perspective on the future of SEO given the rise of AI chatbots
  • Actionable tactics for optimizing your LinkedIn profile and network
  • Adopting short-form video content on platforms like TikTok and Instagram
  • Leveraging generative AI tools like ChatGPT for efficient content creation

If you want to get your firm’s marketing on the right track, be sure to listen to this episode. You can also earn free CPE for listening! Tune in to learn how. And let me know what you think. Leave a comment or contact me at BlakeOliver.com.