Vanity would have me believe that Intuit sometimes does thing just 'to spite me', but I don't believe that... I think they would prefer to 'jump out ahead of rumors' even if I have already started spreading them.
This past Monday I wrote in my QB Monday Minute that I was anticipating Intuit to release a new single AI-driven platform that incorporated QuickBooks Online Accounting including QuickBooks Live or Assist, Payments, Payroll, Capital, and Mailchimp. This wasn't pure guess work on my part, but rather a little 'analysis' of statements that Intuit's CEO made in his Fourth-Quarter Conference Call when he said things like: "In fiscal 2025, we are accelerating investments to better serve customers who have more complex needs, such as more sophisticated accounting and reporting requirements, business intelligence, money solutions, human capital management, professional services, and customer acquisition solutions with Mailchimp, all assisted by AI-powered human experts." and, "Looking ahead, we are bringing QuickBooks and Mailchimp together to create a single growth platform, differentiated in the markets where we have product market fit...", "We are in a great position to win as an end-to-end platform...".
I was however expecting the formal announcement of the new product which I predicted would be called "Intuit (something other than QuickBooks)" at their "Accountants Innovation Showcase" in early October.
As it happens, they published an announcement regarding "Intuit Enterprise Suite" yesterday within the 'Intuit Blog,' which we ran as "Breaking News." (Apparently, my crystal ball gets a little fuzzy looking at timelines!)
In announcing the new offering today, Intuit's CEO Sasan Goodarzi said, "Intuit Enterprise Suite fuels growth by helping customers run their business on one end-to-end business platform. This mid-market solution is powered by Intuit’s data and AI platform, boosting productivity through powerful automation, and unlocking business intelligence with actionable insights."
When it comes to what's included in the new product, you might say, "Everything at Intuit but the kitchen sink." Here are just some of the features and functionality it will offer:
Industry-Specific Customization
Will afford deeper insights with reports, KPIs, and integrations tailored to construction, non-profit, and project-based businesses. Access ready-made construction reports or choose from 15 new reports, including job status, profit and loss by project, and job costs by vendor and project detail. Track progress with 10 construction-specific KPIs.
Image: Intuit media content
Custom Roles and Permissions
Designed to empower your team by assigning users to standard roles or creating custom roles with controlled permissions, ensuring each member has access to the information they need for their role.
Multi-entity Management
Growing multi-entity, mid-market businesses can experience powerful and intuitive financial management capabilities. Allows a subscriber to manage their users, entities, locations, and subsidiaries using a single sign-in. Businesses will be able to create intercompany transactions that post properly in any all related subsidiaries. Users can also access consolidated reports across their entire business structure.
Image: Intuit Media content
Project Management
Businesses can deliver projects that support their growth goals with a customized, industry-specific, 360-degree view of project management and financial data in one place. Take charge of your projects and finances by utilizing a dedicated project manager role and seamless data integration across third-party apps. Automate change orders, workflows, and tasks to keep projects on track. Set project goals and monitor profitability with real-time job costing, detailed reporting, and custom fields. Access transaction-level data and filter reports by project manager.
Payments
Businesses can stay on top of their cash flow and get paid four times faster* with instantly payable invoices. Optimize cash flow using integrated workflow automation and advanced controls, including preferred transaction rates. Businesses can set custom rules to automate their invoicing by assigning specific user roles that control access to the company's books.
Bill Pay
Automate bill recording and matching, bill approvals, and create pre-filled bills with bulk uploads and email forwarding. Speed up payments and schedule them up to 90 days in advance, while efficiently tracking payments and projecting cash flow.
Multi-dimensional Reporting
Businesses can manage their financial and accounting processes in one place with the ability to prepare consolidated or individual financial statements. Save time with standard reports or prepare custom reports with up to 20 dimensions for investor-ready presentations. Categorize data across payments and accounting by line item and generate comprehensive reports quickly.
Image: Intuit media content
Insights and Intelligence
Make more informed decisions on resourcing, budgeting, and future projects with connected workflows and dynamic analysis, all driven by AI-powered recommendations.
Financial Planning & Analysis
Track budgets and cash flow more effectively, automate revenue recognition, and plan for the future with AI-generated forecasts and detailed insights.
Payroll & HR
Efficiently onboard new employees, manage team information, and streamline administrative tasks with HR tools. Pay your team accurately and on time with connected payroll processing, time-tracking, and accounting functions.
Image: Intuit media content
Built-in Marketing
Intuit Enterprise Suite includes Mailchimp’s marketing technology, helping businesses find, retain, and manage customers through email and SMS campaigns and leverage customer data from QuickBooks to find untapped revenue opportunities. Seize control of your marketing efforts by personalizing campaigns using customer data from Intuit Enterprise Suite. Create emails with generative AI, and streamlining processes with automation via Mailchimp integration.
Pricing
When it comes to pricing, Intuit says they will 'negotiate' with customers to find a price-point that works for them based on their requirements.
I suspect this means some sort of formula about number of entities being tracked, number of users in the product(s), number of employees (and direct deposits) for payroll/HR, number of 1099 contractors being tracked, and other similar factors.
Businesses that might be right for Intuit Enterprise Suite
This new product is really designed for businesses that operate multiple US-based entities, generate over $3-million in annual revenue, need multi-dimensional reporting, and make numerous monthly inter-company transactions.
It doesn't appear to be 'prime time' when it comes to companies with both U.S. and international subsidiaries dealing in 'mixed currency.' Personally I'm surprised that they are targeting companies with revenues as low as $3-million per year. (Murph)
What it means for ProAdvisors
For ProAdvisors and Accountants participating in the the ProAdvisor Revenue Share Program, Intuit reported that 'to thank accountants who refer clients to Intuit Enterprise Suite, they are offering $1,500 for every new signed contract (of course they have an * disclosure, as they do with most things, that involve terms or conditions.)
However, with Intuit Enterprise Suite users having a direct line to assigned account and customer success managers and professional service experts that will provide guided setup, training, coordinated customer care and professional services... "what else is left for a ProAdvisor to do than 'sell it'?"
Insightful Accountant will have more details about this new offering as soon as they become available. Between now and then...
I hate to say 'I told you so...',
"...but, I told you so!" (Murph)
Disclosures
Some content (including graphics) within this feature is based on Intuit media source materials. Some referenced products may be registered trademarks of Intuit® Inc., a publicly traded corporation headquartered in Mountain View, California. Content adapted or referenced by Insightful Accountant from Intuit sources is furnished for educational purposes only.