Global technology platform Intuit recently held a virtual forum, in partnership with BusinessWorld, last Oct. 2 to tackle recent advancements in the accounting profession and to give a brief preview of QuickBooks Online Advanced. The innovative accounting software aims to move beyond manual processes, streamline workflows, and provide smarter, data-driven financial insights.
In his keynote address, Cheah Chun How, managing director of High Pines Training and Consultancy, presented a brief assessment of the current Philippine accounting landscape, the challenges that it faces, and the need for more advanced systems for better efficiency in processes.
Mr. Chun How first gave a recap of the evolution of accounting from the use of pen and paper to the use of desktop and accounting software to the current utilization of cloud accounting software with automation and integration.
He also revealed the current accounting challenges, such as the increasing workloads in accounting-related work, the shortage of accountants with experience, inadequate knowledge of accounting, and increasingly complex compliance regulations from International Financial Reporting Standards.
Mr. Chun How also noted how artificial intelligence is reshaping accounting by automating manual tasks and driving efficiency across the industry.
“I’ve seen a big growth in artificial intelligence. Many software companies are starting to build AI tools to automate various processes, especially in accounting, where much of the work has traditionally been done manually,” he said.
How digital tools like QuickBooks Online Advanced streamline business operations and simplify accounting processes was also highlighted by Mr. Chun How.
“QuickBooks Online Advanced provides this service to help companies scale up. Even in accounting practices, this is what we commonly do. Instead of printing and signing on paper, why not just click a button on the screen inside QuickBooks Online?” he explained.
Mr. Chun How also stressed that accountants who adopt technology with automation and artificial intelligence will increasingly excel and get work done faster than accountants who insist on the non-adoption of new technologies.
The keynote speech was followed by a panel discussion that delved into practical case applications of QuickBooks Advanced across different industries in the Philippines and the value impact that the app will have on both the client and the accountant.
Members of the panel included Mr. Chun How, TnB Global Outsource Pte. Ltd. Managing Director Lily Tan, and UHY M.L. Aguirre & Co. Founding and Senior Partner Michael Aguirre.
The conversation began with an overview of how QuickBooks Advanced can help accountants go beyond basic bookkeeping and become real advisors to their clients.
Mr. Chun How, in this regard, says the future of accounting lies in analytics and technology, as clients increasingly seek data-driven insights and clear reporting, which the product can provide.
“Accountants should have, first, analytical skills. This is what many business owners look for in an accountant. Second is technology proficiency, especially with the rise of various software and AI tools. It’s an advantage for accountants to master software, data interpretation, and reporting. This is what our clients want — they want reports and analytical insights,” he said.
Efficiency and added value
For her part, Ms. Tan emphasized how automation and cloud-based tools like QuickBooks Online can improve business efficiency as a selling point.
“Without using a cloud-based system, there might be human errors. There are many automation systems, which is why, as accountants, we need to show business owners the benefits of QuickBooks Online — especially its banking system, which functions like a mini-[enterprise resource planning] system,” Ms. Tan said.
Similarly, Mr. Aguirre expounded on how QuickBooks Advanced helps accountants compete with bigger practices and offer more value. He said that tools like artificial intelligence aid in streamlining accounting tasks, making processes faster and more efficient.
“The influx of AI, or agent AI, allows automation in areas such as invoicing and bank reconciliation. I believe QuickBooks Online is moving in that direction. Even if some banks are not yet connected, we can use their ledgers and apply AI to perform reconciliations. You can see a simple workflow that completes the reconciliation in a minute — that’s the beauty of technology today,” Mr. Aguirre said.
Skills to focus on
As for skills that accountants should focus on now in order to be ready for the next wave of technology in accounting, Mr. Chun How brought attention to the growing need for accountants to stay adaptable amid rapid technological change.
“Accountants need to know the compliance requirements to make sure data is protected. They need to continuously learn new technologies. Today we have AI; tomorrow, something else might come along in a short time,” he said.
On the easiest ways QuickBooks Advanced can deliver for new businesses, Ms. Tan mentioned the importance of understanding clients’ business challenges before promoting software solutions.
“We, as accountants, need to start with the client’s pain points, not the software. We don’t talk about how good the software is, because every software has its own strengths. What matters most is tailoring the software to the real business world and addressing the client’s actual challenges,” she added.
Mr. Aguirre also shared how transparency in financial systems helps businesses track transactions accurately and identify opportunities for growth.
“When you have a cloud-based system like this, it’s accessible. You actually get to know the transactions and what’s happening. It’s about the risk of not knowing your transactions versus the advantage of understanding them and seeing how you can improve or grow your business over time,” he noted.
Themed “From Accounting to Advisory: Cutting-Edge Accounting with QuickBooks Online Advanced”, the webinar aligns with the company’s mission to power prosperity around the world. Intuit helps customers and communities overcome their most important financial challenges through its renowned products, such as TurboTax, QuickBooks, Credit Karma, and Mailchimp, which serve millions of customers worldwide.
Watch the recorded session by signing up at https://zurl.co/B65lF.
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