New Era in Accounting: Intuit Leverages Automation and AI for a Flexible Workforce

In recent years, many tax and accounting professionals in the United States have shifted to remote working and hybrid scenarios. This change toward remote work had already been developing in the business world, but the pandemic served as a catalyst.

Before the pandemic, only 29% of financial services firms had at least 60% of their workforce working from home at least once a week, according to a PwC Remote Work Survey. These figures have changed: 41% of finance and accounting professionals plan to job hunt in early 2023. Among them, 63% want hybrid roles, and 47% prefer fully remote positions, according to a report by Thomson Reuters.

As a result, the accounting industry has had a profound impact. “Accountants became required workers during the pandemic period,” Jim Buffington, Advisory Services Leader at Intuit Accountants, told the California Business Journal. Accounting and tax professionals were integral in processing stimulus funds and aid through tax legislation, which meant they had to adapt quickly to remote working conditions. This rapid transition was facilitated by technological advancements, particularly in video conferencing tools. “The technology just went through the roof,” Buffington added.

The shift to remote work also required significant workflow adjustments to support employees and clients. Despite the challenges, Buffington highlights the potential benefits of these changes: “While many workflows still need adjustment, firms that seize this opportunity can significantly update their practices, transform their operations, and greatly enhance their workforce,” the professional said.

New Points of View

The new generation of tax and accounting professionals prioritizes flexibility and meaningful work over long hours. Unlike previous generations, who took pride in working 60-hour weeks, today’s professionals value experience and impactful client relationships. This shift opens opportunities to redesign services and leverage automation tools to reduce compliance work. This is where fintech Intuit offers support.

“At Intuit, our mission is to empower small businesses and family-run firms by supporting our accounting partners. By automating compliance tasks with tools like ProConnect Tax, we enable accountants to focus on advisory roles, enhancing their work experience and the prosperity of their clients. This transformation is crucial for attracting and retaining the younger workforce,” Buffington said.

Intuit offers an open platform with a single collaborative workflow supporting bookkeeping, tax preparation, and advisory services. This platform allows firms to manage clients securely and efficiently with one login, integrating various applications to enhance workflow.

“ProConnect Tax, Intuit’s cloud-based solution, automates tasks like tax form autofill and digital organizers, reducing manual data entry and streamlining the tax process. This automation increases productivity by minimizing the need for repeated client interactions. The books-to-tax integration seamlessly transfers data from QuickBooks Online to ProConnect Tax, eliminating manual input. Workflow dashboards provide real-time updates on client status, facilitating collaboration and enabling employees to work flexibly. This system enhances productivity and supports a better work-life balance for accounting professionals,” Buffington said.

Intuit’s platform leverages APIs (Application Programming Interfaces) to integrate seamlessly with various tools, enhancing its core solutions like QuickBooks Online, QuickBooks Payroll, ProConnect Tax, and Intuit Tax Advisor. An API allows different software applications to communicate and work together. This openness enables additional tools like Ignition to plug in and automate tasks like engagement letters and pricing proposals, streamlining front-end communication and lead management.

Open to Efficiency

“Unlike other closed tax solutions, Intuit’s open platform supports best-of-breed third-party solutions, improving client collaboration. For example, a Shopify application can integrate online transactions with accounting records. This interoperability ensures that accountants can use the best tools available, regardless of the specific systems they already use,” Buffington said.

The cloud-based nature of Intuit’s platform offers continuous background updates, ensuring real-time status visibility for both firms and clients. This always-on approach simplifies processes and enhances productivity by keeping dashboards up to date without manual intervention, providing seamless and efficient workflow management.

Another benefit of the cloud is security. “We deliver enterprise-level security, crucial for protecting taxpayer data. Our platform uses a single sign-in, allowing easy user management and client access control. We’ve met all Internal Revenue Service (IRS) security requirements, including threat monitoring and multifactor authentication, and go beyond these standards to ensure system reliability and uptime. Compared to our cloud solutions, server-based systems require frequent manual updates and are more vulnerable to security threats, impacting productivity,” Buffington said.

The United States faces a significant staffing shortage in the tax and accounting sector, with fewer graduates entering the field and increasing retirements. Still, the sector’s workload has never been more significant and will continue to rise, thanks to the rapid spread of business opportunities and the growing number of enterprises.

“Our system addresses this by enhancing productivity through automation and supporting outsourced staffing. As a cloud-based platform, it allows global access, enabling firms to onboard international users easily and manage client access securely. User roles can be tailored to restrict or allow specific tasks, such as view-only access for accounting or data input for tax returns. This flexibility helps firms effectively augment their workforce with overseas talent,” Buffington said.

The finance solution also deploys artificial intelligence (AI) to streamline processes. After its initial introduction to Intuit Tax Advisor, Intuit Assist is integrated across the whole platform to recommend tax-saving strategies for clients.

“As a cloud-based platform, we leverage extensive data while ensuring firm data privacy and security, preventing the sharing of private information (PII). We’re incorporating AI into various applications to enhance and automate workflows. For example, AI can automatically notify clients of e-file acceptances, personalizing and streamlining these tasks to augment the work professionals do,” Buffington said.

Tackling Global Challenges

Intuit is a global platform; therefore, its solutions are tailored to different countries. While tax systems like income tax, payroll tax, sales tax, and goods and services tax (GST) are highly localized, and Intuit supports many countries globally, not all are covered. Still, the platform allows third-party integrations for areas they do not support directly.

“One aspect we’re proud of is our QuickBooks ProAdvisor program. This program trains individuals to use our tools to help businesses succeed, creating a global network of skilled advisors. Many outsourced firms undergo this training, enhancing their capabilities and adding value to small businesses worldwide. This initiative aligns with our mission to power prosperity by elevating the skills and impact of accounting professionals globally,” Buffington said.

As the business landscape evolves, compliance work will increase. Automating related tasks is crucial to eliminate tedious processes, freeing up time for accountants to focus on advisory roles. This shift allows accountants to engage clients with meaningful questions about their goals and business aspirations, transforming the profession from a volume-driven compliance role to a more fulfilling advisory service.

“This evolution can attract more graduates as they see the potential for making a real difference using advanced technology. Automation will also benefit small businesses, which spend 21 hours a week on non-value-added tasks. Businesses can become more productive and focus on their core passions by automating these tasks. This future is possible as we continue to enhance our platform and collaborate with other innovative companies,” Buffington concluded.

Christian Keszthelyi, Senior Writer, California Business Journal

Christian is a corporate storyteller who has been a business journalist, copywriter, and communications professional for over a decade. In addition to the California Business Journal, his work appeared in the Budapest Business Journal, the THINK Magazine, The Times of Malta, The Malta Independent, and the Malta Business Weekly; and he has supported the media communications and marketing campaigns of various international brands.