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Can Intuit and Accountants Find Symbiosis in QuickBooks Live Expert Assisted?

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In a recent episode of The Unofficial QuickBooks Accountants Podcast, hosts Hector Garcia and Alicia Katz Pollock delve into the implications of Intuit’s new $50/month QuickBooks Live Expert Assisted service. This move represents a significant shift in Intuit’s strategy, prioritizing direct revenue and control over its long-standing partnership with accounting professionals.

What is QuickBooks Live Expert Assisted?

QuickBooks Live Expert Assisted is an add-on service for QuickBooks Online users that provides on-demand support from QuickBooks-certified bookkeepers. For $50 per month, users can get assistance with how-to questions that require more bookkeeping expertise than standard phone support. 

While QuickBooks Live virtual bookkeeping services has been around for a few years the new QuickBooks Live Expert Assisted marks a departure for Intuit in two key ways:

  1. Aggressive marketing to all QuickBooks Online users, even those already working with an accountant.
  2. Significantly lower pricing compared to typical bookkeeping rates.

The Shift in Intuit’s Strategy

This approach signals a clear change in Intuit’s strategy. Previously, the company had committed to not marketing QuickBooks Live Bookkeeping, a competing service, to accountants’ clients. By altering this promise and targeting QuickBooks Live Expert Assisted to all users, Intuit is demonstrating a new willingness to bypass accounting professionals and monetize QuickBooks users directly.

As Hector Garcia points out, “Intuit will market this to every single QuickBooks Online client, whether they have an accountant or not.” For many accountants, this feels like a betrayal, leading the accounting community to “make a much bigger deal and dissect and analyze” the implications and repercussions.

Impact on the ProAdvisor Community

QuickBooks Live Bookkeeping and Expert Assisted have both become a flashpoint in the broader debate about Intuit’s relationship with accountants and its long-term strategy. While Intuit frames it as a way to serve users better, some accountants see it as a direct threat to their livelihoods. The low $50/month pricing can potentially disrupt accountants’ business models and client relationships.

Hector speculates that Intuit may be taking a “gym membership” approach, hoping that many people will pay for the service but not fully utilize it. This could allow them to boost market share and gather valuable data even if QuickBooks Live Expert Assisted operates at a loss.

The Disruption of a Symbiotic Relationship

To understand why QuickBooks Live and Expert Assisted has sparked such intense controversy, it’s essential to understand the historical context of Intuit’s relationship with accountants:

  1. The ProAdvisor Ecosystem: For decades, Intuit has nurtured a thriving ecosystem of accounting professionals (ProAdvisors) around its QuickBooks platform through training, certification, support, and community-building.
  2. A Mutually Beneficial Partnership: This investment paid off as grateful ProAdvisors became QuickBooks’ most effective evangelists, recommending the platform to their clients and providing free support and training.
  3. Cracks in the Foundation: Recent moves by Intuit, including QuickBooks Live, Expert Assisted, and the sunsetting of QuickBooks Desktop, have led many ProAdvisors to feel that their needs are being deprioritized in pursuit of short-term profits.

Collateral Damage: The QuickBooks Ecosystem at Risk

The fallout from Intuit’s strategic shift extends beyond its direct relationship with accountants. An entire ecosystem has emerged around QuickBooks, including app developers, trainers, and bookkeeping services. As Intuit pivots to direct monetization through offerings like QuickBooks Live, many in this ecosystem fear being caught in the crossfire.

Alicia uses the metaphor of a multi-legged stool to illustrate the risks. Just as a stool becomes unstable if you remove one of its legs, the QuickBooks ecosystem could falter if Intuit alienates the accountants, app developers, and other professionals integral to its success.

Seeking Symbiosis: Opportunities for Collaboration

Despite the tensions, Hector and Alicia see the potential for Intuit and accountants to find a mutually beneficial path forward with QuickBooks Live:

  1. Include the ProAdvisor directory alongside the QuickBooks Live Expert Assisted sign-up, allowing users to find local accountants for more comprehensive services.
  2. Provide referral credits to ProAdvisors who recommend QuickBooks Live Expert Assisted  for basic support.
  3. Leverage QuickBooks Live Expert Assisted as a resource for basic client questions, freeing accountants to focus on higher-value advisory services.

However, the success of this collaboration depends on Intuit delivering high-quality service with well-trained, knowledgeable support staff. If QuickBooks Live Expert Assisted consistently answers basic questions and provides reliable bookkeeping support, it could be a valuable tool for ProAdvisors to augment their services.

Navigating the New Landscape: Challenges and Opportunities

The introduction of QuickBooks Live Expert Assisted presents both challenges and opportunities for accounting professionals:

  1. Addressing an Industry Pain Point: The accounting profession is facing a labor shortage. There are not enough bookkeepers and CPAs to serve the growing small business segment. This service provides a low-cost solution for micro-businesses and startups
  2. Supervised real-world training: Fledgling and underutilized bookkeepers can gain hands-on training with professional oversight.
  3. Differentiation: While QuickBooks Live Expert Assisted may provide instruction for basic tasks, it can’t replace the personalized, context-rich service that experienced accountants provide.
  4. Upselling Opportunity: Accountants could incorporate QuickBooks Live Expert Assisted into their service offerings, potentially increasing their rates to cover the cost and using it as a first line of support.
  5. Focus on High-Value Services: With basic Q&A support tasks potentially handled by QuickBooks Live, accountants can shift their focus to more complex advisory services that showcase their expertise.
  6. Potential for Collaboration: If executed well, QuickBooks Live Expert Assisted could become a valuable tool in an accountant’s arsenal, allowing them to serve more clients efficiently.
  7. Continuous Learning: The changing landscape underscores the importance of staying adaptable and continuously expanding one’s skill set to remain competitive.

As the accounting software ecosystem evolves, professionals who can navigate these changes and find innovative ways to add value will be best positioned to thrive. While QuickBooks Live Expert Assisted presents challenges, it also opens up new possibilities for those willing to adapt and leverage the service to their advantage.

To learn more, listen to the full episode of The Unofficial QuickBooks Podcast.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!

Intuit’s Tightrope Act: Balancing Innovation and Accountant Needs in a Shifting Landscape

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Intuit has emerged as a leader in the evolving accounting software landscape, continuously pushing the boundaries of innovation and ecosystem development. However, as the company strives to stay ahead of the curve, it must also navigate the delicate balance between introducing new features and addressing the specific needs of its accountant user base.

In a recent Unofficial QuickBooks Accountants podcast episode, Hector Garcia, CPA and Founder of Right Tool for QuickBooks, and Alicia Katz Pollock, CEO and Founder of Royal Wise Solutions, delve into the challenges and opportunities Intuit faces as it seeks to maintain this balance.

Intuit’s Successes

Hector and Alicia offer unique perspectives on Intuit’s successes and challenges. 

Hector commends the company’s exceptional educational content for accountants, noting that “it’s above and beyond the call of duty. They get that absolutely right.” He also praises Intuit’s ability to gather and listen to feedback, describing the company as “a feedback gathering machine.” Furthermore, Hector highlights the ease with which developers can integrate with Intuit’s platform, citing it as the “easiest one to work with” among many companies. 

On the other hand, Alicia emphasizes Intuit’s ability to foster a strong sense of community among its users, creating a passionate and dedicated user base that actively engages in helping one another. She stresses the importance of embracing change in the accounting industry.

A Challenging Transition to QuickBooks Online

A key challenge discussed is transitioning from QuickBooks Desktop to QuickBooks Online. 

Hector says, “Moving to a single platform on the cloud is the right decision. The current state of things is rocky. We don’t have all the features we want. Desktop has more than online. There’s tons of glitches.” While rocky, Hector believes moving to a single cloud-based platform is the right decision for QuickBooks’s future.

To successfully navigate this transition, accountants must:

  1. Embrace change and adapt to new workflows.
  2. Leverage Intuit’s educational resources and training programs to build expertise.
  3. Communicate openly with clients about the benefits and challenges of the transition.
  4. Collaborate with peers to share best practices and troubleshoot issues.

Leveraging Third-Party Apps and Integrations

Effectively leveraging third-party apps and integrations is critical to thriving in the QuickBooks ecosystem. Hector emphasizes the ease with which developers can create integrations with QuickBooks Online: “The ecosystem of apps that integrate with QuickBooks is huge. The amount of options that you have in terms of using some other app to talk to QuickBooks is huge.”

To make the most of these opportunities, accountants should:

  1. Explore the QuickBooks App Store and familiarize yourself with the available integrations.
  2. Identify apps that streamline workflows, automate tasks, and enhance client services.
  3. Invest time in learning and implementing relevant apps to improve efficiency and value.
  4. Educate clients on the benefits of using integrated apps to manage their finances more effectively.

The Road Ahead: Balancing Innovation and User Needs

As Intuit continues to balance innovation and ecosystem development with the needs of its accountant user base, it must remain committed to open communication, transparency, and adapting to its users’ evolving needs.

By leveraging its strengths in areas like educational resources, user-friendly onboarding, and third-party app integrations, Intuit has demonstrated its commitment to empowering accounting professionals. However, more work remains in effectively prioritizing and addressing accountants’ needs as Intuit gathers feedback, integrates new products, and navigates the cloud transition.

For accountants, embracing change, adopting a positive mindset, and thriving in the face of evolving technologies and business practices will be key. As Alicia notes, “You just can’t be afraid of change. You have to embrace it.”

To dive deeper into the insights shared by Hector and Alicia and to learn more about how you can navigate the evolving landscape of accounting software, be sure to listen to the Unofficial QuickBooks Accountants podcast.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!

An Accounting Firm Owner’s Guide to Strategic Technology Adoption

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Is your accounting firm’s technology stuck in the past? In a world where clients expect seamless digital experiences and remote work is the norm, relying on outdated, disconnected software can be a recipe for inefficiency, frustration, and even lost business. But with so many options on the market, how do you choose the right tools to propel your firm forward?

In a recent Earmark Podcast episode, Blake Oliver shared his framework for strategic technology adoption. He argued that firms that intentionally select software to streamline operations, enhance client experience, integrate smoothly, and enable standardization will be best positioned to thrive.

Blake walked through the key software categories firm leaders need to consider, from proposal management to artificial intelligence (AI). He emphasized the importance of choosing tools that are easy to use, align with the firm’s unique needs and processes, and facilitate client collaboration.

Proposal Software

Blake recommended proposal software options that allow firms to quickly generate professional, standardized proposals, collect e-signatures and payments, and kick off projects seamlessly. “You cannot standardize the service delivery to your clients if you don’t have standard terms in your engagement letters,” he noted.

For example, Practice Ignition and Anchor allow firms to create templated proposals with standardized terms, pricing, and payment schedules. Clients can quickly review and sign off on engagements digitally, reducing friction and ensuring consistency across the board.

Practice Management

For practice management, Blake stressed the importance of workflow tools that centralize client communications, automate tasks, and provide visibility across the firm. With remote work now the norm, he argued, “If you’re in a remote environment, how can you work remotely without having workflow software?”

Platforms like Karbon, Canopy, and Client Hub offer client portals, task management, team collaboration, and insights reporting features. By standardizing processes and centralizing information in one system, firms can boost efficiency, transparency, and accountability, even with distributed teams.

Blake shared a cautionary tale from his experience, where choosing the wrong practice management tool cost his firm weeks of lost productivity. The lesson? Prioritize ease of use and team buy-in when evaluating options to ensure successful adoption.

General Ledger & Payroll

In the realm of general ledger and payroll, Blake advised firms to curate a lean tech stack of best-fit solutions. Instead of accommodating every possible client need, he suggested choosing one or two options that cover the bases for core client types, focusing on scalability, integration, ease of use, and reporting capabilities.

For the general ledger, that might mean standardizing on QuickBooks Online for most clients, with Sage Intacct reserved for those with more complex needs. On the payroll front, Blake highlighted Gusto and OnPay as user-friendly options that automate compliance and integrate with popular GL systems.

Blake emphasized the goal of going deep on a few core platforms rather than spreading yourself thin across a dozen different tools. By strategically limiting your tech stack, you can streamline training, support, and processes while still meeting diverse client needs.

Accounts Payable & Banking

Turning to bill pay, Blake highlighted the spectrum of solutions available, from all-in-one platforms like BILL for larger clients with complex approval workflows to more streamlined options like Relay for smaller businesses. He emphasized the key is to match the tool to the client’s specific needs and design efficient processes around it.

For example, a large nonprofit with multiple departments and strict controls might benefit from BILL’s advanced approval routing and audit trails. A small business, on the other hand, may prefer Relay’s simplified workflow and flat-fee pricing. The right fit depends on factors like transaction volume, number of approvers, and accounting complexity.

Whichever tool you choose, Blake stressed the importance of clear client communication and well-defined processes. Establish expectations around bill submission, approvals, and payment timelines upfront, and consider designating a dedicated team member to manage the AP queue and troubleshoot any issues.

Artificial Intelligence

Finally, Blake touched on the exciting frontier of AI, noting that ChatGPT’s new offering for teams, coupled with Microsoft’s significant investment in OpenAI, has made the technology more viable for accounting firms than ever. He advised listeners to start exploring use cases like drafting routine documents.

For instance, firms could leverage ChatGPT to generate first drafts of engagement letters, email responses, or work papers based on predefined parameters. By automating the initial content creation, staff can focus on more strategic work like analysis and advisory.

However, Blake cautioned against an “AI-first” approach. Tools like ChatGPT should augment human expertise, not replace it. He recommended starting with narrow, well-defined pilots and keeping humans in the loop to review and refine AI-generated content.

The Path Forward

Across all these categories, Blake underscored the importance of approaching technology decisions with intention and a focus on client needs. Flashy features may generate buzz, but the true test of any tool is how well it supports your firm’s service delivery and client experience.

By aligning your tech stack with your strategic priorities, designing efficient processes, and investing in training and change management, you can harness the power of modern software to drive meaningful results. The key is to start small, iterate often, and never lose sight of the humans at the heart of your business’s heart – your team and your clients. Ready to dive deeper into Blake’s strategic technology playbook? Listen to the full episode and start charting your firm’s path to digital success.

How QuickBooks Online’s Latest Features Streamline Workflows and Boost Efficiency

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In the latest Unofficial QuickBooks Accountants Podcast episode, hosts Hector Garcia and Alicia Katz Pollock dive deep into QuickBooks Online’s recent enhancements, driven by user feedback and the need to help professionals transitioning from QuickBooks Desktop. The discussion highlights new features, such as improved navigation between invoices and estimates, credit limit settings, batch import of customers and vendors, and internal customer notes – all designed to enhance user experience and workflows.

Let’s explore how QuickBooks Online actively listens to user feedback, what specific pain points these updates address, and how these changes empower professionals to serve their clients better and grow their practices.

Seamless Navigation and Streamlined Workflows

One of the most significant enhancements discussed in the episode is the improved navigation and workflow between invoices and estimates in QuickBooks Online.  Alicia highlights the importance of the “Manage” button, saying, “All the options that you’re trying to find are all in there.” 

The new “Manage” button and “Suggested Transactions” feature allow seamless navigation between related invoices and estimates. This update addresses a common pain point for users transitioning from QuickBooks Desktop accustomed to a more efficient workflow.

Enhanced Customer and Vendor Management

The new credit limit feature allows professionals to set credit limits for each customer, helping them manage risk and maintain financial control. This addition provides a valuable tool for professionals to ensure their clients remain within acceptable credit boundaries, fostering healthier financial relationships.

Furthermore, with its spreadsheet-like interface, the batch customer and vendor import feature streamlines the process of adding and updating customer and vendor information. Alicia praises this update, saying, “You’ve always been able to import a spreadsheet to add to customers and vendors. But seeing the grid in the software is a step forward.”

The Power of Collaborative Insights and Diverse Expertise

Throughout the episode, Hector and Alicia’s discussion highlights the value of collaborative insights and diverse expertise in navigating the evolving landscape of QuickBooks Online. Hector, as an ex-banker, provides unique perspectives on the implications of QuickBooks’ new financial offerings, such as the “Get Paid Up Front” feature becoming a line of credit.

Meanwhile, Alicia shares her hands-on experience with the software, offering suggestions for further improvements and highlighting the importance of staying current with the latest features and best practices. She mentions her updated book, “QuickBooks Online from Setup to Tax Time,” as a valuable resource for professionals looking to deepen their understanding of the platform and adapt to its ongoing changes.

Embracing Change and Thriving in the Digital Age

From improved navigation and workflow to enhanced customer and vendor management, these updates provide professionals with the tools and insights they need to streamline their work, better serve their clients, and grow their practices. To learn more about these exciting updates and discover how QuickBooks Online can revolutionize your practice, listen to the full episode of the Unofficial QuickBooks Accountants Podcast.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!

Mastering QuickBooks Lists: Tips from the Unofficial QuickBooks Accountants Podcast

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If you’re a QuickBooks user, you know how important it is to keep your lists organized and up-to-date. In a recent Unofficial QuickBooks Accountants Podcast episode, hosts Hector Garcia and Alicia Katz Pollack shared their expert insights on mastering list management in QuickBooks Online, particularly after converting from QuickBooks Desktop. Let’s dive into their top tips.

Chart of Accounts

First up: the Chart of Accounts. Hector and Alicia recommend using account numbers strategically to ensure optimal reporting layout rather than relying on alphabetical order. They also advise merging duplicate accounts and inactivating unused ones to keep your COA lean and clean. Be cautious when deleting accounts with balances, as this can impact your financial statements. Lastly, sub-accounts should be employed effectively to maintain an organized hierarchy.

Products and Services

Next, let’s talk about Products and Services. After completing your data cleanup, inactivate any unused products to streamline your list. Utilize product categories for better organization, and leverage custom fields like “Income Account” for precise mapping to your COA. These steps will make your bookkeeping more efficient and your reports more accurate.

Locations and Classes

Hector and Alicia have some great advice regarding location and class tracking. Use Locations to track performance by store, department, or other relevant segmentation. Understand the differences between Locations, Classes, and Projects in QBO, and recognize that QBO has some limitations on Classes compared to Desktop. Choose the right tracking tool to get the most meaningful insights.

For more QuickBooks tips, listen to the full episode

Other list management tips from the podcast include streamlining recurring transactions (and considering bank rules as an alternative), customizing invoice terms and payment methods to match client needs, optimizing custom form styles for a professional look, and managing attachments effectively within QBO.

The benefits of list cleanup are numerous. You’ll enjoy improved reporting accuracy and efficiency, time savings for your bookkeeping team and clients, and enhanced customization and scalability of QBO. A little bit of list maintenance goes a long way!

Mastering your QBO lists is key to making the most of this powerful accounting platform. By following the expert advice from Hector and Alicia, you’ll be well on your way to a cleaner, more organized QuickBooks Online company file. For even more insights, listen to the full podcast episode.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!