October's QBTalks being held October 23, 2024 at 2:00 PM Eastern time looks at Intuit's New Enterprise Suite. REGISTER HERE
Intuit is making waves in the accounting world with the introduction of Intuit Enterprise Suite (IES), a new solution aimed at mid-market businesses that are outgrowing QuickBooks Online but still don’t need the complexity of an enterprise resource planning (ERP) system. Designed for companies with annual revenues of $3 million or more, IES picks up where QBO Advanced leaves off, with multi-company management, construction reporting, and dynamic dimensions.
QBTalks will dive into what we know so far about the Intuit Enterprise Suite, its key features, and why it’s set to be a game-changer for businesses aiming to scale. A summary of some of what we know is provided below.
What Is Intuit Enterprise Suite?
Despite the name, Intuit Enterprise Suite is not just QuickBooks Desktop Enterprise in the cloud. Instead, the suite combines multiple Intuit offerings, including QuickBooks, QuickBooks Payroll, QuickBooks Time, Mailchimp, QuickBooks Payments, and Bill Pay, into one seamless package.
This suite is especially aimed at companies that require multi-entity management, robust reporting, and enhanced project management tools—all while leveraging Intuit’s familiar interface.
Key Features of Intuit Enterprise Suite
Multi-Entity Functionality
One of the standout features of IES is its ability to manage multiple entities within a single platform. This is a game-changer for businesses operating multiple subsidiaries, as they can manage intercompany transactions, allocate costs across entities, and easily switch between company files. IES enables businesses to record transactions that impact multiple entities, automating what has traditionally required coordinated Due To/From accounts.
Enhanced Project Management Tools
Designed with construction in mind, IES offers enhanced tools for managing projects from start to finish. New reports like “Committed Costs by Project” and “Open Balances by Customer and Project” allow businesses to monitor project performance in real-time, track budgets, and keep an eye on profitability. The addition of Change Orders, a crucial element for many industries, long missing in QBO, adds another layer of project control.
Advanced Reporting
One of the most exciting aspects of IES is its advanced reporting capabilities. Businesses will have access to robust reports that weren’t previously available in QuickBooks Online, starting with the construction reports that have long been available in QBDT Enterprise. Additionally, IES offers consolidated financial reporting across multiple entities, making it easier for companies to report on their performance as a whole. Many reports are built on Intuit’s modernized reporting platform, which allows for greater customization and filtering.
Custom Dimensions
A standout feature of IES is a new feature, custom dimensions, which allow businesses to track transactions across multiple variables. These dimensions work similarly to classes or tags in QuickBooks, but with much greater flexibility. Businesses can create up to 20 custom dimensions, allowing for detailed tracking and reporting based on specific needs, such as departments, regions, or cost centers.
AI-Powered Profitability Monitoring
IES leverages artificial intelligence to help businesses monitor profitability and spot anomalies in their financial data. By analyzing budgets and tracking variances, the system can flag unexpected expenses or trends that might impact profitability. This proactive approach allows businesses to address issues early, ensuring they stay on track with their financial goals.
AI also powers forecasting tools, which can help businesses predict future cash flow and profitability based on historical data. These AI-driven insights are especially valuable for companies that need to stay agile in a rapidly changing market.
Industry-Specific Customization
One of the most exciting promises of IES is industry-specific customization. Intuit plans to roll out tailored versions of the suite for various industries, starting with construction. This means that businesses in different sectors will benefit from tools and reports specifically designed to meet their unique needs. While this is pure conjecture, we expect to see similar customizations for industries like manufacturing and non-profits as IES evolves.
Customizable, Modular Pricing
Because Intuit Enterprise Suite is highly customizable, pricing will depend on how many companies a business operates, the features needed (such as project management or payroll), and the number of users. Unlike QuickBooks Online, where pricing is tiered by version, IES offers bespoke pricing that adapts to each company’s unique requirements. This modular approach ensures that businesses only pay for the tools they need, making it a cost-effective solution as they scale.
To subscribe to Intuit Enterprise Suite (IES), prospective customers need to arrange a consultation with Intuit’s sales team. ProAdvisors enrolled in the QBOA Revenue Sharing program can earn a $1,500 bonus when their referred clients successfully sign up.
The Road Ahead for Intuit Enterprise Suite
As more details emerge, businesses and accountants alike will be watching closely to see how IES delivers on its promises.
If your business is outgrowing QuickBooks Online Advanced but isn't ready for the complexity of a full ERP system, or if you’ve wanted to migrate to QBO but it didn’t have the features you required from Desktop, Intuit Enterprise Suite may be the perfect solution to take your operations to the next level.
Find out more:
Alicia and Hector Garcia break down the September In the Know when Intuit introduced IES. Listen in at https://uqb.show/57.
In this month’s QB Talks, Alicia will highlight Intuit Enterprise Suite. REGISTER HERE
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