” …you better start swimming or you’ll sink like a stone, for the times they are a-changing ” is a line from ” The Times They Are A-Changin’ ” written by the Nobel Prize winning songwriter, Bob Dylan. Having attended QBConnect in San Jose, California, at the end of October, those words are quite apt for the accountancy profession.
Big Change Coming
Apart from being a great opportunity to network and listen to some of the worlds leading accountancy professionals and entrepreneurs, QBConnect is a great opportunity to see what is about to be released in Quickbooks Online and also what is on the Intuit Roadmap.
Having attended in 2015, the enhancements on the software were significant but in 2016, for me, they were up on this two or three fold.
Coming Very Soon
Once I got back from California, Hemingway Bailey implemented the new Google App which is in Beta mode. This links your Google Calendar & Contacts into Quickbooks Online and for those businesses who charge by the hour, it will feed in your time worked into Quickbooks Online to automatically generate your sales invoice. A great time saver for contractors.
Very soon you will be able to take payments from customers via Paypal as Paypal becomes the integrated partner for payment online for clients with a Pay Now button. In addition you will be able to take payments via Apple Pay to increase your options for bringing your cash in. In addition the integration with GoCardless makes collecting payments by direct debit much easier.
I was particularly excited by the new video conferencing facility which will enable us to have a video conference with clients through the QBO software. A great way of improving client contact. At Hemingway Bailey we will be trialling this very soon.
Not Very Far Away
The really significant news for me was saved for the roadmap and the increasing growth of Machine Learning within the software. It is now not too far away where Quickbooks Online will have the following capabilities:
- Have voice recognition and so the equivalent of Apples Siri will be built into the software
- Over 80% of the worlds data has being generated in the past 2 years and the growth of Big Data is going to be included in QBO.
- Machine Learning will be making use of the Big Data to enable QBO to make recommendations to you based on what decisions have being made by other similar businesses in similar situations.
- The growth of the Internet of Things will be fully embraced by Quickbooks Online and trials are currently taking place of having it integrated into your car so when you are not driving or you are a passenger, you can be using the software. Examples shown were of the software telling you that you had a new client who had just signedup who was a couple of miles away and would you want the software to ring them to let them know you was going to pop in and introduce yourself.
- More improvements will happen with regard to reducing manual intervention on transaction processing
Become A Future Ready Business
As you would expect from an accountancy practice that was the UK winner of the Quickbooks Firm of the Future award for 2016, we place great emphasis on helping our clients make the most of new technology and software. All our business clients get Quickbooks Online included within their fixed fee accountancy support packages.
We want to work with clients that want to stay ahead of their competition and with our strong skills in software implementation, our accountancy and tax clients benefit from our knowledge as we help them implement solutions to take their businesses forward. All of the team are skilled in looking at your transaction processing and business processes and will help you with this.
If you want your accountant to be more than just someone who keeps you upto date with statutory requirements and tax returns, we would love to talk to you as we can be your Trusted Advisor and help you to stay ahead of your competition in these times of rapid technological change.
Accountants They Are A-Changing
Having started with a line from Bob Dylan, it is apt to conclude with one in relation to the coming changes in technology for the accountancy profession. There are still a lot of accountancy practices that have not embraced the cloud ( Hemingway Bailey are 100% cloud based ) and with all the changes coming and the increasing demand from clients for cloud solutions, these practices will be left behind.
“For he that gets hurt , will be he who has stalled , …, for the times are they a-changing ”