WSW - QB Live Announcement Podcast
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[00:00:00] [00:00:30]
[00:00:38] Dan DeLong: Good God, I hate technology when it doesn't work.
[00:00:44] Rachel Dauchy: What happened?
[00:00:45] Dan DeLong: Between last time we went on we had a workshop and this time Meta. Parent company for Facebook decided to make some changes because they [00:01:00] can and our streaming platform that we have, that we are able to broadcast out to multi multiple channels is Before all this, we were able to just add various Facebook groups and it was, the video would show up right there.
Oh so the change was, eh, we're not going to let you stream into a group anymore.
[00:01:25] Rachel Dauchy: Oh.
[00:01:27] Dan DeLong: So now there's four different, [00:01:30] Possibilities or workarounds while they're working to try to, make this work and one was, Oh, just stream it, just share it in to the group from a public source, which, our school bookkeeping page allows us to do that.
During the little countdown video, I was like, okay I'll just do that while the video's playing and that'll be great. And everything like that. There's like a 30 second delay. So by the time it went [00:02:00] live, I'm sitting here. Oh, we're on. So maybe I need two minutes.
[00:02:09] Rachel Dauchy: That's really confusing.
Question. Am I frozen or am I not?
[00:02:15] Dan DeLong: I see you just fine. Are you
[00:02:17] Rachel Dauchy: okay? Okay. Yeah. And one little, you are in Michigan. Are you
[00:02:20] Dan DeLong: cold?
[00:02:26] Rachel Dauchy: Yeah. But then on the little screen I'm not frozen. So I [00:02:30] just wanted to make sure.
[00:02:31] Dan DeLong: Okay. So if anybody's watching and they're able to see, give us a heads up is Rachel frozen? Okay. So I seem to have been able to do that while we were chit chatting there to put it in the ABO Facebook group.
But we'll see what we can do next time. Hopefully what I liked about this platform that we were using is that it was a set it, forget it type of thing. I just had to click the Glo Go live button, and it was everywhere. [00:03:00] Leave it up to Mr. Zuck Zuckerberg to decide to , make changes.
This is all reminiscence. I having PTSD with go with our Google partnership that Intuit had back in 2007. They just constantly were changing things because they could . It's you know how hard it is to make training material. Thank you, Adrienne. She is live. Excellent. You know how hard it is to make training material screenshots of something to teach [00:03:30] tech support agents?
[00:03:32] Rachel Dauchy: I know. And the screenshot changes the next day. It's really hard. Although, Dan, have you tried Scribe,
[00:03:41] Dan DeLong: like ScribeHow?
[00:03:43] Rachel Dauchy: Yeah, ScribeHow.
[00:03:44] Dan DeLong: Yeah, I've heard about that, but I have not looked into it yet. It's really
[00:03:48] Rachel Dauchy: cool. I'll show you. And then you can see, it's really cool. It's basically it'll create dots.
Click here. And actually, really what you're doing is it'll follow your clicks. Huh. For instance, I [00:04:00] want to create a tutorial for somebody, I'll go to the website that I want, it'll screenshot the website, and it'll create a little dot on every click I do. So it'll say, click here, and then there, and it'll follow what I'm doing, so then when, then I can send it to them, and then they can know, I go into this thing, and then I click on there, and then I open up that, it's really cool.
[00:04:25] Dan DeLong: Yeah, it's very helpful to, to show people how to do things as opposed to [00:04:30] just typing them out.
[00:04:31] Rachel Dauchy: Yes, exactly. And one thing I'm thinking of and that I have done is adding an accountant user in QuickBooks for, a new client or something like that. You go to the gear, and then you go here, and then you go there.
Yeah it's nice.
[00:04:44] Dan DeLong: And then they go, Oh, it's changed because
[00:04:46] Rachel Dauchy: that's what Intuit does as well. And they're like, wait a minute. It doesn't say bank anymore. It says transaction.
[00:04:53] Dan DeLong: Yeah, exactly. Just just enough to keep you on your toes.
[00:04:59] Rachel Dauchy: [00:05:00] Yay, Intuit! Woo! And I think that's what we're talking about today.
Yeah.
[00:05:06] Dan DeLong: Yeah. We our main topic is to show the QuickBooks online mobile app and the expense side of things. But while we were away Intuit made an announcement. So thanks again for, now they're turning into the large company that can do whatever changes they feel like doing.
Just like they're the Facebook of accounting.
[00:05:29] Rachel Dauchy: Although I don't know [00:05:30] if it's now they're doing that. I think they've been doing that.
[00:05:33] Dan DeLong: Yeah. Yeah. It was definitely this is not a brand new behavior. So what we're talking about first, and we just wanted to get it out of the way because we're still trying to digest what this means for the accounting community in general.
Okay. Let me go ahead and share my screen. Especially for pro
[00:05:50] Rachel Dauchy: advisors in specifically.
[00:05:52] Dan DeLong: Yes. It has to do with QuickBooks Live, which is a trigger word, I think, for a lot of people in the [00:06:00] accounting industry. And you actually have an interest because one of your employees does work for QuickBooks Live, right?
[00:06:06] Rachel Dauchy: Yeah. And I actually, our firm specializes in stuff that QuickBooks Live doesn't do. So it never affects me actually. I don't, QuickBooks Live doesn't bother me. But we'll get into this and then I'll yeah.
[00:06:20] Dan DeLong: So what they're, what they've announced on Monday and what it is currently being tested is QuickBooks Live [00:06:30] Assisted.
Bookkeeping service. Books live is I as it's gone through its iterations, I likened it to the Uberization of accounting, right? Sometimes, people need some extra work to do and they're, and they don't have the clientele or the experience to do that. So they can become QuickBooks Live employees and.
Work for Intuit and Intuit will offer these services and they will get paired up [00:07:00] with with clients. And do you know if they actually stick with the specific accounts or do they have a bucket of accounts that they work with? Or could it be the new clients every day? Do you know?
[00:07:14] Rachel Dauchy: I am not sure. I know somebody that did work for QuickBooks Live for quite some time and She was really sharp and she actually had a, I think she really liked her team that she was on and she really liked her supervisor and [00:07:30] she had a really positive experience with it. I feel like they stuck with the same clients.
And then I also know some of my My clients have also come from QuickBooks Live and not had a good experience. But I feel like remembering what they've said, I feel like they had the same, like month to month, I think they had the same bookkeeper. I feel like.
[00:07:59] Dan DeLong: Okay, [00:08:00] I just got a message with on the streaming platform that something went wrong and it's wanting me to refresh Which I don't think I want to do Because then that might leave you alone But what I was trying to do was I was trying to Post the the article that I'm sharing here into the comments.
And it looks like it went through, yeah, it looks like it went through on Facebook, but it wasn't showing in the chat overlay there,
[00:08:26] Rachel Dauchy: but
[00:08:26] Dan DeLong: okay. Yeah. And sometimes twice. [00:08:30] All right. So we want to draw a distinction that QuickBooks live for service and QuickBooks live assisted. Are two different offerings.
So these are two different things and they're starting a testing on QuickBooks Live Assisted. So the natural question is probably in the tip of your tongue is. What do they mean by assisted, right? And that's what this article that I just shared will walk through the [00:09:00] basic, if I had to summarize a sentence, it is QuickBooks tech port given by accounting professionals.
So, from, for years now, the gripe of the especially from the accounting community is when I call or contact QuickBooks, I end up having to. teach them what it is that I'm talking about. Right. And
[00:09:25] Rachel Dauchy: When we as pro advisors, excuse me, contact them [00:09:30] for help.
Choked
[00:09:30] Dan DeLong: up. They're the
[00:09:31] Rachel Dauchy: ones that have to tell them is what you're saying.
[00:09:34] Dan DeLong: Yeah. Or and as a profession, as an accountant professional, who's QuickBooks for 20 years, I would assume that I would know more than, someone who's just starting out, supporting QuickBooks.
There is so much to know about what QuickBooks can do. It, it takes time, to get that familiarity with working in QuickBooks. Yes. And even after [00:10:00] years, there's still more to learn. QuickBooks online subscriptions always included. Customer care, tech support, whatever it is that, that Intuit is calling it these days.
Back in my day when I was there as tech support, and then, it started to evolve and with different softer words, very Disney esque, like cast members, as opposed to, employees, so customer care as opposed. Do you
[00:10:25] Rachel Dauchy: mean though, do you mean tech support as in.
There's something [00:10:30] wrong with the with, I can't log in, or accounting support, meaning I don't know what, I don't know if this is, I don't know what income means, I don't know what statement this goes on, I don't know various accounting questions.
[00:10:47] Dan DeLong: Yeah. So that's a great question, right?
Because it was always the policy, right? The of, and it all came down to can versus should, right? What QuickBooks can do versus [00:11:00] what you as a business should do. Those are often two different. And it was all, same thing with TurboTax, right? If somebody contacts TurboTax for, Hey, where should this number go?
I can't tell you that I can tell you it can go here. It could go here. It could go here. Talk to your accountant.
I did one tax season at Intuit for the pro tax the Intuit tax online, and it was [00:11:30] just individual returns and. Every day there was somebody who would be like, can I give you my return?
And you tell me if it's right. I'm like, no, you do not.
[00:11:40] Rachel Dauchy: They want tax advice rather than, where do I go in the software? Yeah.
[00:11:45] Dan DeLong: So there's always been that, that line of, when if you're doing it this way, I would frame it like the other businesses that I've talked to do it this way.
But I'm going to refer you to, to confer, I'm deferring to your accountant on where it should go. [00:12:00] And I'll tell you what it can do. It could go here, it could go here and you're allowed to do, QuickBooks, isn't going to stop you, nor is it going to warn you that you're doing it wrong.
It's going to just allow you. All right. And this assisted as they're building it as a do it with me experience they're very clear on what they want. Don't do
[00:12:21] No One: right.
[00:12:22] Dan DeLong: Won't do is they won't get into your books. They won't do. Where is it? Where did they, I saw it here a second ago.
Yeah,
[00:12:29] Rachel Dauchy: that looks [00:12:30] like a, what they will do. Is there an area that it says what they want?
[00:12:33] Dan DeLong: It is all about this. It is teaching. The business, the best practices.
[00:12:40] Rachel Dauchy: I'll hold my hand. It's a hold, hold my hand while I'm doing this because I don't know QuickBooks. And so I need somebody to do it with me and help me.
As I'm going along the software.
[00:12:54] Dan DeLong: Here's what's not included. They don't edit, add, or make changes to transactions [00:13:00] inside or outside
[00:13:01] No One: QuickBooks. They don't
[00:13:02] Dan DeLong: form any bookkeeping tasks. They don't provide consulting, budgeting, or advisory services. They don't provide tax advice or tax preparation services.
They don't prepare, compile. I'll review or audit they won't prepare 10 99s or provide payroll services. So as I was reading,
[00:13:23] Rachel Dauchy: they won't help with any kind of cleanup or anything that's wrong. They won't help you at it. [00:13:30] Yeah.
[00:13:31] Dan DeLong: So they, there's a lot of things that they won't do. And then of course it asks about what do they do?
So they answer specific questions related to the customers, books in their business. But with, falling short of providing any consulting business, right? So they can, they can answer the questions they get, customer would need to know what questions to ask, right? Why is it this way?
There'll be, basically they're a QuickBooks [00:14:00] interpreter, right? Like why is it this way? QuickBooks says it's this way. So as I was reading through all of this, I was like this was me, right? This is what I did when I worked there is, after 18 years of working with the software, I could speak QuickBooks, right?
[00:14:20] Rachel Dauchy: So does that mean that you were in tech support, you were subject to those same limitations, like you can't give, you can't do their bookkeeping. But if they want to know. [00:14:30] How, where do I go to pull a transaction? By vendor report. You point them in that direct right direction.
[00:14:35] Dan DeLong: Exactly. So then the question is, why is this not general quick support, regular customer care.
And so this is advanced. Yes. What this seems to be boil, boiling down to this is. tech support, which is going to be handled by someone in the accountant, accounting profession, right? You know what it feels like to
[00:14:57] Rachel Dauchy: me? It feels more suited [00:15:00] for I'm a business owner. I just signed up for QuickBooks.
I'm not really sure what to do. I don't know where to look in QuickBooks for all these things. So I'm going to reach out to Assisted Bookkeeping.
[00:15:13] Dan DeLong: Somebody who works with, works with, in QuickBooks.
[00:15:17] Rachel Dauchy: Yes.
[00:15:17] Dan DeLong: For other clientele to be able to tell you, oh, you just go over here and do that.
Yes. Yeah, that's
[00:15:24] Rachel Dauchy: really important to be pointed in the right direction and because it's not [00:15:30] intuitive And if you don't know anything about accounting if you don't know double entry
[00:15:33] Dan DeLong: Changes too.
[00:15:34] Rachel Dauchy: Yeah, and it changes
[00:15:36] Dan DeLong: like oh, wait a minute. It was where'd the bank feed go? It used to be called banking now called transactions while somebody who's in it every day Would be able to recognize that and answer those questions pretty quickly rather than them texting you as their accountant or bookkeeper, and then, oh, I've got to interrupt my day to answer their question, right?
[00:15:59] Rachel Dauchy: [00:16:00] Yeah and then also, I'm sure you're probably the same, Dan, in that a lot of your clients, they do front load, Not all, but some of the things, meaning they add bills, they'll add invoices and they'll add things like that. They don't necessarily know how to do the heavy lifting or even apply something out of the bank feed sometimes.
And that's really where I see the bulk of errors come from is that they're doing the bank feeds, which I actually don't allow. But [00:16:30] and so that's, that is the source of a lot of error and duplication. And so it's very interesting to know that they won't go and edit and undo and all these things that we'll typically do in a cleanup.
But I like the fact that they can have this handholding for. Okay, I need to add a bill. I need to add a purchase order, and then receive it, and then it turns into a bill. A lot of these workflow things in QuickBooks Online that, you don't [00:17:00] necessarily know, I, okay, I want to add an estimate.
Okay, I want to add a PO. Things like that is, is very helpful to have somebody like this that you can call. I can't do that for them.
[00:17:12] Dan DeLong: Yeah, there's and that's, that was something that they were talking about when they were telling us about this on Monday, is that you'll see the customer will see.
something, and then the accountants will see something else. And, so they had them side by the screenshot side by side. [00:17:30] And on the accountant side, it said, it's talking about this QuickBooks live assisted service and it's called, they're calling it a complimentary service now. Me being a horrible speller, I didn't even know there was a difference between complimentary as in no charge and complimentary as like side by side, right?
Oh,
[00:17:52] Rachel Dauchy: Like this compliments that. Yeah.
[00:17:54] Dan DeLong: Yes. This is a complimentary as in side by side that, so they're billing it, marketing it for [00:18:00] accountants that, Hey, This is an extra service that your clients can sign up for that might help you, right? And I feel like they should
[00:18:09] Rachel Dauchy: pick a different word.
That's too confusing.
[00:18:11] Dan DeLong: That was my feedback because, I didn't know that they were spelled differently. So when I'm reading it in my head, I'm like, Wait, right below, you're saying it's 50 a month. How is this complimentary?
[00:18:24] Rachel Dauchy: Let's call it an add on service or, an add on help [00:18:30] desk or something like that.
[00:18:32] Dan DeLong: There's two words that they are stuck on, right? That complimentary, right? So they're definitely. All in on that complimentary word. Whereas it is a side by side service or a service that complements your services and then expert, they, the experts are all the word export is expert is all over this this QB live,
[00:18:58] Rachel Dauchy: Subjective,
[00:18:59] Dan DeLong: [00:19:00] right?
Because, and that was the biggest feedback from those that were, hearing this for the first time was that, Hey, one person's expert is another person's doofus, right? Like just
[00:19:14] No One: because
[00:19:14] Dan DeLong: they're called an expert and the same goes for, those outside of Intuit, the Intuit walls, right?
Just because I'm a pro advisor or a certified pro advisor doesn't mean I'm any good. It means I've had
[00:19:26] Rachel Dauchy: A CPA, I'm looking at this list, active CPA. [00:19:30] Do you know how many errors I have fixed that CPAs have made? Journal entries hitting inventory when you've got active product service items. It's crazy.
[00:19:42] Dan DeLong: Yeah, it's like a house that has a pool, right? It just, it doesn't mean that the pool's any good. Maybe it's got holes in it. But yeah, it's got a pool and maybe it's a kiddie pool. Or
[00:19:53] Rachel Dauchy: it could be filled with sulfuric acid.
[00:19:56] Dan DeLong: Yes, you can do that. You can swim in it once. [00:20:00]
[00:20:00] Rachel Dauchy: Yeah, I like, that would be my main thing is yes, I can see this list of very knowledgeable people doesn't mean they know how to apply things coming in from the bank feed to clear out accounts payable.
If it's not getting a match, if you're getting a false match, right? Like it doesn't mean. That you can do that correctly.
[00:20:20] Dan DeLong: Now, so as you were pointing out, so who, they even say it, who are the experts answering these questions? So the assisted bookkeeping team, they are badged Intuit [00:20:30] employees, right?
They're not the Uber driver that just, Decides to log in for
[00:20:36] No One: right while they're
[00:20:36] Dan DeLong: waiting at the cell phone lot or whatever at the . So it's not a gig person, right? They are. You gotta clock in, you gotta, you gotta be somewhere at any, at a certain time. But their qualifications at clues, at least one of the following, they're an active CPA, they're an active certified bookkeeper.
They have a bachelor's degree in accounting and finance. Or three plus years managing [00:21:00] books for a small business. That's have that one of those. And all of them are pro advisors and active QuickBooks online or online advanced certification and a minimum of one year of experience. Oh, that actually makes me feel
[00:21:14] Rachel Dauchy: better because I was going to say bachelor's in accounting or finance.
Okay. Guess what? I'm getting my master's in accounting and there's no accounting software being used at all whatsoever. 1000 percent Excel.
[00:21:27] Dan DeLong: My my son's mother in law is getting her associate's [00:21:30] degree in, in accounting. And I was like how many classes did you have in QuickBooks?
One,
And that was an eight week course, right? Knowing how, Booksmart doesn't necessarily mean QuickBooks.
[00:21:43] Rachel Dauchy: And knowing the fundamentals of accounting are important, but also really being an expert user at QuickBooks is equally as important because I'm doing a cleanup right now where, there's tons of duplications in accounts payable.
Tons of cogs not right and [00:22:00] things like that, where we really have to go back and fix a lot of incorrect stuff. And it seems like this isn't suited for that. And so what I almost feel like is if there's this. very specific list of what we will do and what we will not do.
And what we will not do really falls into the realm of what you and I do, Dan. So for me I think this is a pretty positive thing. I would be, Super stoked if they [00:22:30] helped, handheld, and helped these people apply a bill correctly. Show what QuickBooks Payments does. It'll find the match for you.
It'll receive the payment for you. And that kind of stuff, I actually am all for. I'm like, Teach these people that data entry into the system as much as possible. We're still there to do the bookkeeping work for them, but I would love for them to be more skilled in business owners that don't necessarily know what's going on.
I would love for [00:23:00] that to, oops, sorry. I forgot to turn off my notifications. I, for me, I find that to be a very positive thing. And if it's. Complimentary or compliment. That to me is very confusing. I would feel like all they have to do is spell it wrong. And then they have somebody disputing the charge.
I,
[00:23:18] Dan DeLong: why did you charge me for this complimentary service? But that's only, that's on position for an accountant.
And as it sits today, only the only the [00:23:30] customer. Can purchase it like accountants can't pay for it under their wholesale billing those types of things.
That it's independent of all of that. So there's no discount for accountants to, to utilize it. It's direct billed to the customer. I think the. The, I can't think of the word, but like the trepidation around, the account, the accounting community at large, those that have, that, that are very triggered by any new, QuickBooks live offering [00:24:00] is that aha.
Here it is, another option for QuickBooks to take my clients, right?
[00:24:05] Rachel Dauchy: Yeah,
[00:24:07] Dan DeLong: and that is a valid concern, right? Because, they don't have a great track record of leaving your customers alone.
[00:24:14] Rachel Dauchy: And then also who knows what this is going to lead to, as I feel that's how a lot of pro advisors feel, but I almost feel like.
I'll refer them to this because, I don't necessarily have the time to handhold them [00:24:30] with, again, don't touch my bank feeds, but with, they, they need to add invoices or they need to add various things. I don't necessarily have the time for that handholding. So I would for certain clients I maybe not e commerce clients, but for other clients that are entering things into, maybe they need help with entering a receipt or something like that.
I am inclined to point them towards this. And I also think, guess what else? I also think that it's an opportunity [00:25:00] for them, the client, to go to QuickBooks Live Assisted and go Oh, I need help with this, that, and that. And then QuickBooks says, no, we can't do that for you. And then, okay, I really have to get my pro advisor or find a pro advisor to help me with this because now Intuit has told me they'll only do, very simple things.
So it's, to me, it's if you, depending on how you want to see it, it could be more validation that, no, you [00:25:30] need an expert user to help you with that more advanced stuff.
[00:25:33] Dan DeLong: And so that is, and somebody brought up a valid point that like, 50 a month for unlimited calls to, somebody, a QuickBooks professional that, that works in, that has worked in it for more than a year.
Is way more economical for a client than I need to schedule some time with Rachel or someone on team to teach me the same [00:26:00] things, right?
It is, of course, now, truth, remains to be seen as to how this is gonna play out, right? Because there are those that, that, that believe Rightfully that any conversation with someone in QuickBooks Live is only an invitation for other services or other options that, may be Thank you.
You as the accounting professional want to be managing, right? So the main thing is that you want to make sure as as an accounting professional [00:26:30] that you're aware that this service exists for one so that you're not, so that you're not surprised. When the customer says I just talked to this person over at QuickBooks and they helped me out or they said you were doing this wrong or, or something like that, where now you're surprised, right?
One of the other accountants said that, they might use this as an opportunity to change their engagement letters so that. Any new service or any [00:27:00] new offering, whatever it is, it could be a new app or anything like that needs to be, you need to make me aware as the accounting professional of something that might change your books and your financial, position.
Yeah. I
[00:27:13] Rachel Dauchy: always put that in my engagement anyway. I, cause I, I have to know if there's new things coming in.
[00:27:19] Dan DeLong: Yeah. Yeah. So this could be something to add to, that list of things that would, that could potentially modify the workflows or the way things that are coming [00:27:30] in. Being aware of the
[00:27:31] Rachel Dauchy: wrong way to do something I'm sorry, but they could.
[00:27:35] Dan DeLong: Yeah. You asked an accountants, how, what's the best way to categorize the bank feed? You'll get 10 different answers.
[00:27:40] Rachel Dauchy: Yeah, because there's more than one way to skin a cat and I can guarantee I do things like deposit to a clearing account and I don't, a lot of people don't do it that way.
So yeah I totally get that. And I feel like I almost feel like if they're not offering bookkeeping, why are they calling it Live Assisted [00:28:00] Bookkeeping? They need to call it Live Assisted QuickBooks Troubleshooting or something like that. Why are they calling it Live Assisted Bookkeeping?
That makes no sense.
[00:28:10] Dan DeLong: My, my feedback was instead of calling them experts, call them a QuickBooks coach or something like that. But then somebody who is actually a, a certified coach brought up the point is coaches are designed, if you're a licensed coach whatever that, And whatever that is, business coaching, life [00:28:30] coaching, whatever kinds of coaching that, that you specialize in you're trained or paid to listen and provide guidance.
And that's not this at all. This is, and then people were like what about QuickBooks buddy? Or, something like that. But now you see how we're lessening the impact of the word expert, right?
[00:28:51] Rachel Dauchy: Yeah. And and this could potentially really help them in with basic stuff.
So yeah, again, it's one of those things [00:29:00] where it's, if I let it bother me and get myself all worked up about it, my state of mind will be nothing but stress if I choose to look at it, like Well, okay, maybe it'll help them clean some stuff up as far as some of the data getting in there, it's fine.
And, it really makes me realize that, that it's more important than ever to think of myself as more of an advisor and add in, [00:29:30] additional things and specialize in inventory and all these things that you and I, collaborate on down of, these extra things that, are intuitive or easy to understand in QuickBooks.
I live in that space and. feel more of an app consultant and that kind of stuff. So this kind of stuff doesn't really bother me or affect me. And that keeps my, myself from feeling less stressed out about it.
[00:29:54] Dan DeLong: Yeah. And I can definitely see a variety of
[00:29:58] Rachel Dauchy: Jamie [00:30:00] does not tell them about it.
[00:30:01] Dan DeLong: Yeah, when I saw that first, I was like, Oh, this could be a way for accountants to farm out those tech support types of. Types of questions, if they could like white label it right? Oh, yeah, here, talk to my quick specialist, and then they get their question answered or go through this category, but.
It's not there yet. And, the main challenge I think is that, Intuit has not had a great track record when it [00:30:30] comes to partnering with the accounting community as of late. So there's a, you know, it's a water dripping of, okay, this went away or this is now gone or this has changed.
And those that aren't in the the road to ho I don't even know if that's a saying, you're not in the, in the place, the direction that we're heading you're going to get your feelings hurt.
[00:30:56] Rachel Dauchy: If you're not
[00:30:58] Dan DeLong: evolving.
[00:30:59] Rachel Dauchy: [00:31:00] You really have to evolve in, understanding how this is working in the cloud and that QuickBooks syncs with all these things and, a little bit more forward thinking, I feel and, but there's still a lot of ProAdvisors that do work in desktop and maybe they go into client's offices and things like that.
And I don't, I think that there's still going to be a need for that kind of thing, but I do think that. For all of these changes that are being [00:31:30] made and I do think that the people that are willing to embrace more of the tech and more of the automation and, more of this stuff, I think are going to be better off in the long run.
[00:31:47] Dan DeLong: Yeah. And last week I wasn't here because I was up in New York city doing a condensed version of the reframe conference that you went to the two day event. Yeah. I got the cliff notes virgin version in one [00:32:00] day.
[00:32:00] Rachel Dauchy: Yeah.
[00:32:02] Dan DeLong: And his, some of the nuggets that, that kind of resonated with me is, some of the things that he's talking about was, the.
The evolution of technology and every time there's some kind of iteration of, okay, this is going to kill accountants and whether it's spreadsheets or accounting software or cloud accounting or now a I so now this is all of these things are coming in and. [00:32:30] And accountants who have embraced and evolved with it are the ones that, rise above it.
And something he mentioned was, that we should automate workflows, but we always humanize the relationship as long as you embrace that, right? We're, There's things machines can't do and they can't humanize a relationship and a conversation with a client, right?
So being ahead of that, I think that will [00:33:00] ultimately be way that those, live and thrive, not just survive, this next iteration.
[00:33:07] Rachel Dauchy: Yeah, I totally agree. And I'm totally in Hector's camp. lump me in with that group of folks that's innovate. And for me, it's my way of being creative.
And and I love, I like how he talks about humanizing. Cause I'm just thinking of an example. We have one client that sometimes he'll ask and this is something he could ask QuickBooks, live assisted bookkeeping. Hey, how do I pull a [00:33:30] P& L by class? Or how do I. customize a report so I can just see this or that and the other.
I am more than happy to have my team help with that kind of thing because that's the human relationship and I, that's what they're paying for. That's what I feel.
[00:33:47] Dan DeLong: Yeah. Those conversations that, you know, where you read the tea leaves.
[00:33:53] Rachel Dauchy: Yeah, exactly. I like to feel useful. I like that, clients feel like we're there to help [00:34:00] them and.
I guess I, I guess the way I feel is for basic stuff, and maybe we're overloaded or whatever, we can refer them to that. I feel like I'm, we have our finger on the pulse of everything that's new and coming down the road, so I'm not too worried about it. But I totally get when yeah I totally like that too, Jamie, when they get the light bulb moment.
I yeah, but I totally get how, other folks that maybe aren't, as advanced or maybe that, [00:34:30] they do very standard bookkeeping and they're used to being that source for their client. I can see how, they might feel worried And that's just, unfortunately, it's just part of change.
[00:34:43] Dan DeLong: Yeah. Yeah. It's definitely we are in a season that is changing, that, that thought process or that, uh, this is changing at a more. Rapid paced and you know a lot of people were prepared for right? Yeah, and I will
[00:34:59] Rachel Dauchy: say [00:35:00] I've only been a pro advisor for Maybe almost five years. I haven't been Indoctrinated into the old school.
I came in when a lot of this automation and AI was getting going So it's all I know in, with QuickBooks Online, of course I've used other softwares. Yeah
[00:35:18] Dan DeLong: you're the you're the 10 year olds of today, right? Yeah! That don't know, they don't know anything different than a smartphone.
[00:35:25] Rachel Dauchy: Exactly. Or a tablet,
[00:35:25] Dan DeLong: they don't know what it was like before that.
[00:35:28] Rachel Dauchy: Exactly. And a really long [00:35:30] time ago, I worked as a bank teller and they, they told me straight out, we don't want anybody that's been a bank teller at other banks, like long term bank tellers. We want brand new people that have no idea what they're doing.
And I was like, okay. So they sent me to training and they taught me how to do it. And of course, I picked it up. It's very easy, but. I, they want me doing it their way. That's it. No other way, their way. And so this is a little bit, I feel like similar to that in that, I, my [00:36:00] experiences with other desktop softwares.
And so I really wasn't using any other kind of cloud. It's not like I was a zero user and then I switched over to QuickBooks online or anything like that. But but I will say for example, yesterday I was on the Appy Hour and we were talking about. AI and really what that means to sometimes clients will ask a lot of times I'm dealing with onboarding new prospects and that kind of stuff.
And they'll ask, what's this AI? Does this mean that machines will do all the work and you're just charging me? And I'll [00:36:30] explain no, all it really does is speed up our process so we can scale and for example, we use a tool that helps with the month end close, and it'll just filter out the stuff I don't need, and it'll highlight the things that need to be changed, so we have them right on our dashboard right in front of us things like that, where it's like or I get a new client.
It adds a new field in this one thing, like just little repetitive tasks like that. It certainly doesn't [00:37:00] do the accounting for them. And when I explain that, they're usually like, Oh, okay, I get it.
[00:37:06] Dan DeLong: Yeah, the biggest thing is that I think right now, I think in general A. I. is it should be viewed as an intern, right?
It's it's not somebody that's going to, talk to clients or, do the end thing, but it will allow you as a professional to scale. And and do a lot more. And so that you do, the final [00:37:30] draft, right? Like my sister's CPA, she just became a partner in her firm.
She's I'm like, what does that mean? I said she's I'm not, I'm no longer preparing the tax returns. Okay what do you do? It's I review. The prepared tax return, so she now goes to the next level and then, has that face to face conversation.
[00:37:48] Rachel Dauchy: You still have to do the work.
[00:37:50] Dan DeLong: Yeah.
[00:37:51] Rachel Dauchy: The work changes from what you were doing before to something else. And I use AI every single day of my life. You know how I view it. I view it [00:38:00] as Dan, I've named my chat GPT, Gary, but so I chat with Gary all day. And like I said, I'm getting my masters.
I do not. And it's not even because it's an ethics thing. I don't get the answers from Gary. But what I do is I'm like, wait a minute, is this right? And then I'll go to Gary and I'll be like, okay, tell me how I can get the net present value for da, and it'll like, it'll write out the steps and I'm like, Oh yeah, I [00:38:30] did do it that way.
Or I'll tell Gary, no, that's not right. You're showing me the wrong way to do it. And then, so then I, for me, I feel like it's, I've got a, I've got a friend, I've got a friend right here. I'm bouncing ideas off of. And I'll catch errors all the time, but for me, it's a, And that friend
[00:38:49] Dan DeLong: does not take a break.
It does not go on lunch.
[00:38:53] Rachel Dauchy: And he doesn't sass me, he doesn't sass me, like my kids do. But but what I do like it is [00:39:00] because I'll say, I, wait, this, my textbook is showing me how to do it this way, but I always thought I had to average that out. Let me just check with Gary. So it's. It's not a, I'm going to have Chachapiti do all the work for me.
It's a, I check myself and let me see, okay, there are different ways to skinny cat. Let me see if there's a different way to do it that makes more sense in my head. So that's how I use it.
[00:39:26] Dan DeLong: Yeah. And I think the thing that is ultimately scary [00:39:30] about this whole Gary thing is that Gary's not going to unlearn.
Yeah. So he is he is going to only get better. So maybe today he's an intern, but tomorrow he might be an entry level employee, and the, but he's not going to regress to, being an intern, he's going to learn
[00:39:51] Rachel Dauchy: everything.
[00:39:52] Dan DeLong: There's countless movies that artificial intelligence is a bad idea. I know
[00:39:58] Rachel Dauchy: they can start feeling [00:40:00] emotions. No, but I, even still, Dan, I, Gary gets it wrong all the time. I'm telling you. And I know a lot of people, even Hector, they'll say, yeah, they're, they catch errors and stuff all the time.
I don't necessarily see how it can be a bookkeeping employee because I just see nuances all the time that a human has to understand. Especially. Sales tax and things like that. I don't know. I just, I [00:40:30] feel like can Gary do it if he gets better, like you say, and doesn't regress and gets better and gets better, maybe to where they can do 60 percent of it.
But we still need a human mind, refining everything and dealing with issues. Can they spot and filter out and point out duplication? Yes.
[00:40:53] Dan DeLong: Yeah. Yeah. Somebody was talking to me the other day and she's I'm trying to reconcile. I don't understand why [00:41:00] this is wrong.
It gave me the, the screenshot and I'm like, Yeah, you're you're ending balance is not what you said it was right.
[00:41:09] No One: It's
[00:41:10] Dan DeLong: There's your difference of 20 as you, you type the two instead of a four for the ending balance. I don't know if a, if AI would be able to do that, but that is a, that is human error that, that was easily picked up by another human. I don't know if that's going to be [00:41:30] where AI is going to go and, yeah. Here we are. We haven't talked at all about
[00:41:35] Rachel Dauchy: Yeah, what's
[00:41:36] Dan DeLong: online mobile app. I guess we'll have to do that next week
[00:41:39] Rachel Dauchy: next time But you know what? I was gonna say dan before we go.
I was gonna say listen in a world where that I can't even get the Self scanning thing at the grocery store to work right without having to have an employee come over I don't know. I feel like this is all very useful and maybe they can get maybe a I can get close and You [00:42:00] And, but I don't see it completely taking over.
I just don't.
[00:42:05] Dan DeLong: Yeah. It's at least maybe not in, who knows what tomorrow or the next month or the month after that, cause a lot of times these things are easy to spot the AI images that are totally fake of a guy with six fingers, right. Once AI learns. Oh, all humans have six, have five fingers, or at least most normally do have five, five fingers, unless you're a bad [00:42:30] carpenter.
Then it's going to realize that for the next time. And it will never create, an AI generated image of a guy with six fingers.
[00:42:40] Rachel Dauchy: Yeah. And maybe Jamie just said, accountants aren't going to go anyway, anytime soon. We still need to understand the. Updates to, IRS changes.
Now meals are 50%, not a hundred percent. Things like that, you, we still have to have accountants or
[00:42:58] Dan DeLong: hunt or hunting [00:43:00] trips,
[00:43:00] Rachel Dauchy: You have to, but maybe it's a people with the understanding of accounting rules are monitoring and reviewing like your sister. There is going, we're, we still have to have accountants.
[00:43:16] Dan DeLong: Yeah, there's definitely a place for them. And this could certainly help with some of the challenges that the accounting community is facing, the lack of short, shortage, the 150 hour, work week during tax season and all that stuff. [00:43:30] This will help. Technology is going to help with that.
But the getting back to the QuickBooks live assisted. Yeah, that could be another tool in your toolbox as an accountant or a small business owner. But it's not going to take the place of humanizing that relationship that is, is the true value of what accountants and bookkeepers can really do for a small business owner.
[00:43:52] Rachel Dauchy: Yeah. In small business owners, they just want to feel taken care of, they want to feel that they have somebody on their team. That is [00:44:00] taking care of them. And then they have this peace of mind. I love being that. And I'll just leave with this one thing though, is I, this just dawned on me.
The more AI apps there are, now there's a zillion, how many apps are in the Shopify app store, a zillion, you still need a technical advisor to help decide, do I use this or do I use that? What's the best thing to use? So there's in my opinion, there's always [00:44:30] somewhere to go and specialize in to help these clients.
And so maybe you're pushed out of one space, but There are other spaces to go into if you're willing to be a little flexible and want to have a great career for yourself. It's, I feel like it's there. It's there if you want it.
[00:44:49] Dan DeLong: Yeah. And it's going to be a while until we have how 9, 000 saying, what are you doing?
Rachel? This is highly irregular. [00:45:00]
[00:45:00] Rachel Dauchy: I know. Did you
[00:45:01] Dan DeLong: open the pod bay doors?
[00:45:02] Rachel Dauchy: Did you see free guy with Ryan Reynolds?
[00:45:06] Dan DeLong: Yes.
[00:45:07] Rachel Dauchy: Yes. Yeah. Blue shirt guy. He just, he had his own emotional thing, right? He what do they call it when AI
[00:45:15] Dan DeLong: self aware.
[00:45:16] Rachel Dauchy: Yeah. They become self aware. Yeah.
Yeah. It could happen.
[00:45:19] Dan DeLong: Yeah. But in the meantime, You've got workshop Wednesday to to keep the company. So next time we'll go [00:45:30] through the QBO, a mobile app the expense side of things, and we'll continue on with this conversation. And we appreciate you joining us here and we hope you have a great day.
