A2X Newsletter | My take on Intuit Connect & the ecommerce angle
Intuit Connect is the biggest cloud accounting event of the year – and if you’re an accounting professional, it’s an event that’s worth paying attention to (even if you were unable to attend).
In this second edition of the A2X Newsletter, I’ll share my observations at the event, the themes and general vibe, and how it all relates to the world of ecommerce accounting and the role of accountants and bookkeepers within it.
Quick introduction: My name is Geoffrey, and I’m the Head of Marketing at A2X (I also previously led marketing teams at Xero and Hubdoc). I’ve been partnering with accounting and bookkeeping practices for almost 8 years, and have attended close to 50 accounting conferences during that time. They all have a general theme and vibe, but this one felt different and worth dedicating a newsletter to.
The themes: Intuit focused on 3 major pillars this year
- AI & automation, aka “done for you experiences”
- Mid-market, aka keeping businesses on QuickBooks as they scale, and away from ERPs like NetSuite
- Accounting partnerships, aka, in Intuit’s words, “advisory”
Let’s start with the easy observation: mid-market
A focus on mid-market with Intuit’s recently launched Enterprise Suite is smart, IMO.
You don’t want your largest, most profitable customers graduating off of your platform to NetSuite and other ERPs – who are actively pouring $$$ into ads and sales outreach to compete. That revenue is important to retain, and based on feedback from the community, it feels like Intuit is on the right track here. Now, there wasn’t much retail or ecommerce functionality to speak of (yet), but I’d be surprised if it wasn’t coming down the pike.
This is also a trend we’re seeing at A2X. As online sellers scale, there’s been more interest in NetSuite and mid-market accounting functionality such as deferred revenue, B2B, faster month-end close, and more. Even though we’ve built a NetSuite integration at A2X and are making in-roads on mid-market features, customers staying on QuickBooks wouldn’t be a bad thing for us or our accounting partners. Less implementation risk and headaches.
Side note, let me know if your clients are requesting more mid-market functionality and I can relay the message to our product team.
The harder observation: The AI/automation and accounting partnerships pillars
These pillars were at odds for me at Intuit Connect…
Although there’s always been a delicate balance between automation and the accounting profession, historically, the partnerships between general ledger companies and practices have been strong – especially with Intuit.
The automation and accounting partnership we’ve been used to…
Over the last decade, automation has been about taking away repetitive, time-consuming, and error-prone tasks like data entry (for the most part), freeing up a practice’s time to take on more clients and scale.
During this era, accounting professionals have become technologists. Wickedly good at building and managing tech stacks, handling exceptions and edge cases, helping businesses with compliance and tax, delivering financials, and providing advisory services.
What’s changed with the introduction of AI and Intuit’s promise of “done for you experiences”?
When you pull back the curtain, nothing’s really changed…
BUT we’re in a weird new era. A limbo “AI hype cycle” state, if you will. One that is creating a lot of FUD (Fear, Uncertainty, and Doubt) in the accounting profession, its partnerships, and clients.
And whether or not it’s intentional, Intuit’s mixed messaging on accounting partners with QuickBooks Live and TurboTax Live is adding to the confusion, even though those services are targeted toward smaller, more price-conscious businesses. Nuance gets lost in 30-second ads and promotional emails.
I do believe Intuit’s new AI functionality and promise of “done for you” experiences, supplemented by accounting experts, stands to benefit the profession as a whole. It’s already becoming an old maxim, but “professionals using AI are the ones who will replace those who aren’t, not AI on its own”. And as long as clients continue to be human people, we’ll continue to need accounting humans to support them, IYKYK.
In fact, I’m quite optimistic about AI for productivity in the short term. Early adopters stand to benefit a tremendous amount. But I don’t have a crystal ball, and I can’t read minds and tell you what Intuit’s long-term objective is. I’m choosing to believe them when they say that accounting partnerships are important to them and these AI enhancements are good for everyone (the power of a 3 day Intuit event).
Which leads me to my last observation: The critical, lasting part accounting professionals play in the world of ecommerce.
Ending on a high note with an inspiring ecommerce accounting session
In the context of ecommerce, I can’t see a world where A2X operates without its accounting partners. Sure, we’re also all about automation, but in the complex world of sales channels, products, SKUs, inventory, payment gateways, multi-country/currency, tax obligations, and more → you need human, nuanced expertise.
That’s why I was so happy to close out my Intuit Connect with Brittany Brown from LedgerGurus and Dan Luthi from Ignite Spot’s session “Ecommerce 201: Margins, Advisory, and Workflows.”
Both speakers did a wonderful job illustrating why ecommerce businesses continue to need accounting professionals, despite advancements in automation, and how we can collectively provide them with maximum support and value. We see this every day at A2X. I can’t tell you the number of support tickets we get that have nothing to do with the product but everything to do with general accounting.
From helping clients understand revenue and sales performance, pricing and discount strategies, inventory management, cash flow forecasting, contribution margin and profitability analysis, and so much more… Businesses selling online will continue to need the human touch of accounting professionals for a very long time to come. Because this stuff is hard.
Let me know if you’d like me to ask them to do a digital version of the “Ecommerce 201” session!
Wrapping up
Intuit Connect 2024 was a reminder of just how fast things are moving in our industry and how head-spinning it can be at times. Mid-market, AI/automation, and partnerships – they’re all taking on new shapes, and it’s clear that Intuit is betting big on each of these areas.
I’m a fan of Intuit’s mid-market strategy and their attempt to keep businesses within their ecosystem as they scale. And despite the messaging confusion, I think there’s a lot of potential in the “done for you” experiences, especially when paired with the expertise accountants bring to the table. But as we all know, this is still a balancing act, and time will tell how these priorities evolve.
P.S. Despite my, and I’m assuming our collective, interest in this evolving topic, the best part about this event has, and will always be, about the people and community. For that alone, Intuit Connect is worth attending.
If you’d like to dive deeper into how these trends play out in ecommerce, or if you’re interested in a virtual version of Brittany and Dan’s ecommerce session, let me know. Always happy to keep the conversation going.
P.P.S. Join us on Wednesday, November 13 at 3pm ET for a live webinar with accounting professionals called “What’s Your End Game? A Panel Discussion on Building for the Future, Buying to Grow, or Selling Your Accounting Practice” – learn more and sign up here.
Hope you enjoyed the second edition of the new and improved A2X newsletter. Subscribe here.
