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The technology driving accounting professionals forward

Digital tools have quickly become vital for empowering accounting professionals to scale and accelerate small business success

Overhead view of several laptops on a tableBy automating manual tasks, Intuit QuickBooks helps accounting professionals go beyond bookkeeping to focus on high-value tasks such as strategic planning

From generative artificial intelligence (AI) to machine learning, advancements in technology are revolutionizing the way we work with numbers—enabling and accelerating accounting professionals and Canadian small businesses alike. By augmenting manual routine tasks with digital systems that offer real-time analyses and greater accuracy, accounting firms can remain future-proof and competitive. It all starts with selecting the right financial management tools.

Intuit QuickBooks helps accounting professionals streamline their workflow and automate time-consuming tasks by providing a range of features and benefits powered by the latest technology to manage financial data. The cloud-based and AI-driven platform provides accounting professionals with the solutions they need, from books to tax, all in one place.

It offers customizable dashboards that provide a real-time overview of information, enabling accounting professionals to stay informed of their clients’ financial status without spending hours sifting through spreadsheets. By automating manual tasks such as data entry, invoicing, expense categorization, and accounts payable, Intuit QuickBooks helps accounting professionals go beyond bookkeeping to focus on high-value tasks such as strategic planning and business advisory.

“As many Canadian businesses continue to navigate the challenges of inflation, production costs, and supply chain insecurity, accounting professionals are important partners in providing qualitative advice and strategic financial support," says Gary Drysdale, Director of Sales at Intuit. “By leveraging QuickBooks Online’s tools and insights, accounting professionals can leverage timely financial data to help increase their value to clients, identify opportunities for growth, and recommend strategies to help achieve their financial goals.”

Today’s fast-paced business environment demands a lot from our workforce, and while accounting professionals are eager to adopt new technology to improve efficiency and deepen client relationships, they also know it drives professional development and provides opportunities for upskilling.

In March 2023, Intuit QuickBooks surveyed 2,000 Canadian accounting professionals who use QuickBooks to determine the state of hiring and retention, as well as the impact of and increasing demand for technology in the industry. Nationwide, 99 per cent of accounting professionals reported wanting to use technology to dedicate more time to professional development, networking, mentoring, and consulting with clients. Additionally, amidst a shrinking supply of young professionals within the accounting industry, opportunities to advance professionally were determined to be the top appeal in recruiting new talent.

“Young accounting professionals believe that investing in their development and adopting new technology will give them a competitive edge,” says Drysdale. “There’s an appetite for them to engage with and leverage emerging tech, like generative AI, for example, to help improve productivity so they can focus on the high value work that best serves their clients.”

Technology has long been an important tool enabling the accounting profession, and its significance is only increasing, with 97 per cent surveyed reporting using it to meet clients’ evolving needs over the past two years—with growing intrigue from within the industry. At the top of the list: AI.

Automation and AI are the leading areas of improvement planned to better serve business growth. There is a growing number of accounting professionals looking to further harness the power of AI in service of their clients and QuickBooks is accelerating AI innovation to help its customers work smarter by automating, predicting, and personalizing their experiences and shifting from products that enable our customers to complete tasks to a platform that completes tasks for them with their approval.

At Get Connected, a cross-Canada event designed to empower accounting professionals through a day of learning and networking, QuickBooks presented some of the ways its AI-driven platform continues to innovate and provide its customers with the tools and technology they need to help serve their clients and grow their business, including:

  • Building efficiencies with QuickBooks Online’s new Multi-Currency Bank Matching, an end-to-end solution that switches transactions into home currency for matching purposes, and the latest advancements in Accounts Payable automation, helping small businesses and their accounting professionals save time on reconciliation and manual data entry.
  • New features within QuickBooks Online Advanced, the newest QuickBooks Online solution, built to serve larger and more complex small businesses, such as SpreadSheet Sync, Revenue Recognition, and deeper customization through the Customer Report Builder, all of which give accounting professionals better integration, more customization and more streamlined accrual accounting workflow, powered by the latest technology.

In QuickBooks’ report, A Tech-Forward Future: Accounting in Canada 2023, 97 per cent of Canadian accounting professionals reported feeling confident using AI in day-to-day work, while 89 per cent believe AI can have a positive effect on the industry. As the technology continues to evolve, the needs of clients will evolve as well, and QuickBooks is committed to building the solutions and technology accounting professionals need to support small businesses.

To get the latest report findings and accounting and technology trends, visit quickbooks.ca/accountant-tech-trends-survey.