WSW - Podcast QuickBooks Credit Card
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[00:00:00]
Sales Tax Small Talk
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Dan DeLong: So how are you, Rachel?
Rachel Dauchy: Good. I was just submitting a sales tax return, so Fun,
Dan DeLong: fun, fun, said no one.
Rachel Dauchy: I don't mind it. As long as it's not... As long as I can easily [00:01:00] find the information.
If I have to go- on a wild goose chase, I don't love it. But if I can find everything where I'm supposed to find it, then I'm fine.
Dan DeLong: Let's... There. Let's put it side by side. That way we, you're not so huge compared to me in the little corner. All right.
Intuit Three Big Bets
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Dan DeLong: Today we're gonna talk about the QuickBooks credit card which is a, new thing.
But I wanted to, frame it a little bit in... Let me share my screen again, because we wanted to talk about why I think that they are doing these things. Okay, get out of here, you. All right. So back in May when Intuit laid off I, think about 10% of its workforce back then there was a note that surfaced to, from Sasan, the CEO of Intuit, to its employees to announce [00:02:00] what they were doing.
And in that they talked about three big bets that, they were, that, Intuit is focused on for the coming, years. And they reiterate, re- it reiterated all of this in their, annual earnings call, which was
Just last month. Yeah. Trying to think of what... No, it's in August. August of, August 1st is their fiscal year beginning, so they reiterated that for the prior year. So m- they had five big bets, now they're down to three. And those three big bets are scaling their AI-native platform to deliver easy done-for-you experiences.
Be the center of money for consumers and businesses, and accelerate our authority and right [00:03:00] to win in the mid-market. So those are their three things that they're really focused on, which is I think it's good to only have three things to focus on for a company that large.
Center of Money Explained
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Dan DeLong: But what I wanna focus on today is this be the center of money for consumers and businesses.
What does that mean to you, Rachel? I'm, curious what what your, take on that interpretation of being the center of money for consumers and businesses.
Rachel Dauchy: Right now The amount of banks that are out there that are options for small to mid-size businesses and, payment providers, are astronomical.
There's 1,000,001 different options for people. And those are all... They all [00:04:00] compete with each other. If you're using something that you don't like, then all you have to do is go find something else. The challenge is, that when you're... Like, let's say you're doing the bookkeeping and accounting for somebody, and then they've got lots of different-
No One: Hearing about that second half, wasn't that was interesting
Rachel Dauchy: they have lots of different banks and- They were
No One: looking at it, they were saying, "
Rachel Dauchy: See
No One: if we can help," by the court
Rachel Dauchy: notes ... financial things, that becomes a little challenging. And so I think that just 'cause you've got money movement all over the place, that I think that Intuit is aiming to streamline a lot of that stuff bring it under the umbrella of Intuit for two things.
For, managing everything under one umbrella to simplify things, and then also so they can reap the benefits of all of the fees that are [00:05:00] going to be incurred by their customers using Intuit banking products.
Dan DeLong: Yeah. Yeah. And Sandra, I... You just joined us, so I, what we're talking about is the three big bets of, Intuit that were announced for this coming fiscal year, and it's gonna play into our topic of, today about being the center of money for consumers and businesses.
So as Rachel was saying, yeah that, that seems to be definitely what they're leaning in towards as, as far as being the center of money movement, right? Because you, you think of all the things that a business done, does to move money around, whether that be with payroll, payments, bill payment, lending, right?
There's, a lot of ways to move money, and QuickBooks Online in the past was [00:06:00] very agnostic to all of that, with the exception of payroll and payments, right? Because they had always had a way to receive money to get paid, and a way to pay their employ- your employees with, payroll, and that, that money movement.
Now, since the dawn of QuickBooks Online really coming into the forefront, a lot of these other money movements has really come to the forefront. And it's interesting as, as you were saying your answer, Rachel, the, one of the... I, used to work in the, point of sale department at Intuit, which is, was the retail, establishment.
And so retail companies, would buy QuickBooks point of sale and be able to turn their computer into a cash register. It would run a [00:07:00] drawer, it would pop open the drawer, it would scan the barcodes, print barcodes, all, all sorts of cool things that a retail establishment needed.
Near the end of my tenure there, they, A lot of times they shuffle the deck and put different products with different business units and all sorts of things like that. And I, found it really telling that there was a payments division for, taking credit cards, and they positioned the point of sale product underneath -
No One: Yeah
Dan DeLong: the payments division, right? So this business unit was for QuickBooks payments, and a whole product line was underneath that. And that really told me, okay, QuickBooks point of sale is really a mechanism to take credit cards with, right? Because that's what they did as far as [00:08:00] the structure was concerned.
They put payments as the business unit, and then within that was QuickBooks point of sale. Instead of the other way around, like that you have a product and then the product has services that you can attach, right?
Rachel Dauchy: Yeah. It- I always thought that was weird too. I don't know.
Risks of One Basket
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Rachel Dauchy: I- ... this, this idea for me is very scary.
I, don't-
Dan DeLong: Yeah
Rachel Dauchy: I, wouldn't... If it were me, I wouldn't want to put all of my money, the entire-
Package under the umbrella of Intuit, just because what if... Maybe you'll get to this, but what if you get locked out? Yeah. What if you don't have access to your clients anymore? What if... I always see these scary situations of somebody's kicked out, their access is all messed up, they don't have access to their clients anymore.
To me I, That fear is wor- is worth... I would never [00:09:00] recommend somebody to do that.
Dan DeLong: It... It's that old adage of don't put all your eggs in one basket, right?
Rachel Dauchy: Yeah. Exactly.
Dan DeLong: But that is what Intuit seems to be telling you, right?
Rachel Dauchy: Yeah.
Dan DeLong: Especially with the second one, "Accelerate our ath- authority and win the right to...
And win the right in..." Ugh, my goodness, I can't say it. I'll just, "Accelerate our authority and right to win in the mid-market." So that tells me-
Rachel Dauchy: Okay, that's definitely a little that's a little It's a lot ... c- overly confident. It's our Right.
Dan DeLong: Yes, we must win. But it tells... Looking at, the wall and reading, trying to read the writings that are on the wall, it's funny because we both at the same time.
I can hear, your your landscaper [00:10:00] and they're also mowing outside. Oh,
Rachel Dauchy: yeah, sorry. I'm muting myself 'cause my land-
Dan DeLong: Just a, point of note. But this one tells me, okay, Intuit Enterprise Suite, right? That's... They've clearly branded that as the future flagship product.
They're, leaning heavily into Intuit Enterprise Suite as a mid-market solution. And then of course tying... And, the, the benefit of Intuit Enterprise Suite is doing all the things in your one basket, right? You... If you do payroll, and payments, and bill pay, and the ment of number two in your mid-market product, which is the Intuit Enterprise Suite ERP solution that they're that they're marketing, right?
Tho- those two kind of go hand-in-hand, and you have that benefit, right? Because that's really their market [00:11:00] advantage of these money mo- movement solutions, that if you do these things inside of your QuickBooks, you'll have a better experience than them, than just doing them on their own, right? So- Your, concern, right?
Eggs in one basket. What if you don't have internet, right? You can't get into your QuickBooks. You can't send your money. You can't send an email asking for someone to pay their invoice online. You can't... You're essentially locked out, right? Or if you can't get into your QuickBooks for whatever reason, you can't do all these things that you're supposed to have these advantages to be able to do.
So that is part of the challenge of this, Promise, right? The promise of what, you're supposed to be able to do by doing all [00:12:00] these services and having them in your financial software, ERP or whatever it is that they're gonna call it today and tomorrow. If you can't do those things in those...
If you can't get into that product, you can't do those things, right? So-
Customer Service Reality
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Rachel Dauchy: I will say if customer service was top-notch, that would be a whole different story. If I knew that I had, I could call a- and I knew that I would receive somebody locally or I wasn't gonna be put through a runaround, and just some of these stories that I hear people say every single day, I would, greatly consider it.
But not with the state of customer service now.
Dan DeLong: Yeah. Yeah. It's 'cause, if there is a challenge, and there will be challenges of any of that money movement, money coming in, money going out, whatever that is, getting it [00:13:00] rectified is, paramount, right? It moves up to a, a level of priority that is way more than, if I just can't get into my QuickBooks, whatever that case may be.
I can't get in my QuickBooks to send an invoice. I can't get into my QuickBooks to pay my employees. I can't get into my QuickBooks to pay my bills, right?
Rachel Dauchy: Oh, yeah. So from- and we have so many different types of bill pay- Yeah ... systems that people are using. If... It would have to be better than all of those combined.
It would have to be better than Mercury's customer service or whatever, and I just- Exactly ... the chances of that happening are slim to none.
Dan DeLong: Now, I think in the grand scheme of things you're probably best suited that you have a backup plan for all of [00:14:00] things.
Rachel Dauchy: Yeah.
Dan DeLong: Because if, you are taking payments inside of QuickBooks and you can't get into your QuickBooks, it's always good to have a plan B.
And I think that's, the, case of the where we're at- The, these today, right? Until we get to that utopia of, QuickBooks solves world hunger Or whatever, that, that case may be sometime down the road where everything just works.
Introducing Intuit Card
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Dan DeLong: But this, this big bet of being the center of money, consumers and businesses is why we're seeing this new offering called the Intuit Business Credit Card.
So this is our topic of today, right? We're gonna be talking about-
Rachel Dauchy: Now, I'm guessing the way that this works is actually probably really great- Yeah ... and I wouldn't mind this, especially in the bank fees.
Dan DeLong: Cause this- ...
Rachel Dauchy: I think it's [00:15:00] probably a really good idea ...
Dan DeLong: and th- and this is the next evolution of what else does a business do?
Rachel Dauchy: Yeah.
Dan DeLong: That Intuit could be part of that, that entire money movement, right? So here's a business credit card, right? The, the spending part of money movement where it's not a bill where you have to s- send a bill payment. It's not an invoice that you're receiving money coming in. This is the routine charges that you would charge on your Amex or any other business type of credit card.
So it does make sense for this to be an offering. So we wanna talk about what that offering actually is.
Perks and Card Features
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Dan DeLong: So on, on the... Just talking about the... It is just a, a business credit card at this point. And the main things here, you get unlimited 2% cash back on all the purchases. The... Just using the card [00:16:00] you get 2% cash back.
That is, greater than I've seen others that are out there. So it's a- Yeah,
Rachel Dauchy: it's pretty cool ...
Dan DeLong: Ramp is one or 1.5% or things like that. I'm not sure it is a credit card. Yes, it is. And so it's a, a difference between like Ramp and some of those others Corpay, those are spending cards, not credit.
They're accepted at where credit cards are, are, accepted. However, if you carry a balance, it's more than it's way more than than if you carry a balance on your credit card, right? So this does seem to be a credit card as opposed to a spending card, in which a spending card, you accrue a balance, you have a grace period to pay it and, but you really wanna pay it in full rather [00:17:00] than carrying a balance from month to month.
So yeah, so there's no annual fee, but there is 2% cash back on every purchase, everyday purchases, 5% cash back on Intuit products and services. That's an interesting aspect. And your QBO
Rachel Dauchy: subscription on there.
Dan DeLong: Yeah. If you're, if you as a firm owner if you're doing ProAdvisor preferred pricing where you're paying for the Intuit product and then rolling that into your monthly service fees, that's amazing, right?
You could use this to pay for the subscription costs and you're getting 5% cash back for, doing that. It's very similar to, the Costco cash back things where you do things, you buy things that... more cash back than you do-
Rachel Dauchy: [00:18:00] Target has that, too. I have it.
Dan DeLong: Exactly. There is a bonus, a one-time bonus of $300 when you spend $3,000 in the first month.
You can do receipt capture and in- there's instant card, and then you can do the, things like wi- creating the employee cards. What I don't see is where y- if you can limit spending, put a an amount or certain transaction types or vendors. Ramp r- has a really good, restricti- res- restrictive, aspect to, to that.
Applying Inside QuickBooks
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Dan DeLong: So the, the application is, actually really simple. When you click on apply, it actually takes you into your QuickBooks. So if you click on apply, it takes you into the landing page inside of QuickBooks Online [00:19:00] for the credit card. So if you just wanna go and see it, you would click on the lending app.
And that brings up all the QuickBooks banking options with the QuickBooks checking and the, l- short-term loans and those types of line of credits, those types of things. And then there's just an option there for credit card, which is neat because you can just apply in there, and then it pulls data from with inside of your QuickBooks to help you fill out the application.
So you don't have to put in your address or EIN or all of that stuff because it's already in your QuickBooks to do that. And then it sends off a, an application and you get a, a- decision based off of that.
Denied Application Surprise
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Dan DeLong: I tried it and I got denied. So it was really simple.
Rachel Dauchy: What? What do you mean you got denied?
Dan DeLong: I did it right before we went on, [00:20:00] just to see what that process was like, and immediately got, the, decision. So-
Rachel Dauchy: But it looks at your balance sheet and calculates your ratios?
Dan DeLong: It gave me the... Let me see if I can pull up the, decision email.
Joel Slatis: Intuit can tell a bad apple when it sees one.
Rachel Dauchy: Exactly. We
Dan DeLong: don't want this guy. Thanks, Joel. Let's see here. Da, da, Oh, it probably got thrown in my marketing, or promotional spam thing. It was there a second ago.
Joel Slatis: Where'd it go?
Dan DeLong: Oh, there. Nope, I've lost it. It's basically saying that my debt-to-income ratio was too high, which is funny because I don't have any debt.
So I, guess my income is really low or something. I have no idea. But I'll, look into in- into that in the future. But that is, [00:21:00] that, that's the, the, the gist, of this of this credit card. But yet another thing that it now has in the money movement aspect of a, business.
Rachel, wanna weigh in?
Will Clients Switch Cards
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Rachel Dauchy: Yeah, Intuit. I just, in terms of a large corporation this is what I would expect them to do, I would expect them to do, so good on them for doing it. I guess it's the natural progression. But I just I If I were to say, "Oh, hey," list of clients that I have, "Here's a new Intuit credit card," half of them would say, "No, I don't wanna switch," because already they don't wanna switch to something like Ramp, 'cause they don't wanna give up their airline miles.
So g- getting... I'm not really in the business of getting customers to switch to all these [00:22:00] different things. If somebody were to come to me and say I have maybe one or two clients that every once in a while they'll come to me and say, "Hey, I saw that Intuit now offers this," and, I'll be like, "Oh yeah, sure.
I'll facilitate it for you." but I'm not really gonna go out of my way and try and sell these things for Intuit anymore. So I, I, to me I like the incentive cash back $300 thing. That's pretty cool. And I like the, the 5% return on Intuit spend. I think those are comparable things.
But I know a lot of people really depend on this for the airline miles. So unless they really have that, I, don't know how many or how successful it's gonna be to get people to switch.
Dan DeLong: Yeah that's, a bigger, That's a bigger question, right? Is that a lot of these things that deal with money, they're [00:23:00] grudge purchases, right?
You have to have a bank account.
You have to have a payroll service. You have to... These days you have to have a way to receive funds electronically.
Rachel Dauchy: Yeah.
Dan DeLong: You have to have a credit card, right? So once you already have all those things, it takes a lot to switch them to something else.
Rachel Dauchy: Yeah, it really does. You have to be compelled. And then there's the people that kind of game the system and have all the different credit cards for all the different perks and fees, and they rotate and they have it to a science.
This doesn't-
Dan DeLong: like the extreme couponer.
Rachel Dauchy: Yeah. And I saw this really cool documentary one time on these people that do this, and they... They're, the non-risky people. They're the people that never hold a balance. They're, the ones that have tons of money, but they s- but they, they use all these different cards and get all this, this extra miles and, perks and benefits and [00:24:00] stuff from it.
It's cool. And it's actually the stuff that... They're, the ones that the, the credit card companies hate. There's a very small percentage of them, but they hate these guys. But they game the system, and this isn't something I would think would be appealing to them.
Dan DeLong: Yeah. And, it with any grudge purchase, it's like a, a plumber, right?
Everybody needs a good plumber, but they don't go out looking for what's the best plumber today until they have a problem that n- that is a, a triggering event for them to look for said plumber.
Rachel Dauchy: Yeah.
Dan DeLong: Nobody looks for a new bank- Or if they're like, "Oh, I am"- ... or a new credit card until they have some kind
Rachel Dauchy: of trigger.
Yeah, or if they're, or if they're like, "You know what? I have heard that there's some other cards with some really cool benefits, so I am willing to switch my card. Let me shop around and see what the best one I can get is." So that's another time that they switch.
Dan DeLong: That's the main reason that we wanted to at least just talk about this topic today, so that [00:25:00] people that are aware, so now Joel and, Sandra, they now know that this thing even exists and that Dan was denied.
Rachel Dauchy: I can't believe it, Dan. I'm really shocked
Dan DeLong: Yeah, I was surpri- I was surprised too. I was like, "Wait a minute, my credit score is eight to 15, so how could you possibly deny me credit?" but anyway, that's that's one of the main reasons that we wanted to just at least talk about this, this topic so that people coming into the workshop listing later and watching this, wh- what is this all about?
So that when a customer says, "Oh, I got an email or something about this Intuit credit card. What is it?" So now you can actually speak with a little-
Rachel Dauchy: Yeah. That's always really helpful. I think it's a kinda- A little authority and a little
Dan DeLong: confidence.
Rachel Dauchy: Exactly. I like to stay at at ... I, [00:26:00] it's impossible for me to know a lot about everything, so I like to keep a bare minimum knowledge of all of the things, so that way if somebody does reach out, I'm like, "Oh, okay.
I kinda sorta heard about that one time. Dan."
If
you, know a guy-
Dan DeLong: Dan from before ... if you know someone who knows more than you do, then you can ask that person.
Rachel Dauchy: Yeah. I know.
Dan DeLong: Sandra, what, any thoughts that you had- I have seen this stuff. You're the expert ... Sandra, about, about this? I know nothing. I know you were going in and out with, business going on there.
Do you do you have any thoughts or comments about the, about the Intuit credit card? Does that kind of ring true to what we're talking about here today? You're muted, by the way.
Joel, any thoughts about this?
Airline Miles Debate
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Joel Slatis: I have an Amer- American Airlines card through Citibank that I've had for a million years, and being, [00:27:00] a CEO, I get to spend all the credit card money for the company on my card and then take the miles. So I'm, happy because I put, for the last 30 years really, I've been putting 20 to $30,000 a month on my card and getting miles for all of it every single time.
So-
Dan DeLong: Yeah ...
Joel Slatis: I haven't paid for a long distance airline ticket in... I'm one of these people they hate, right? Because-
Rachel Dauchy: Yeah.
Joel Slatis: Rachel, y- Yeah. Because I, I don't... I'll run up a balance of $20,000, but I'll pay it off.
Rachel Dauchy: Yeah. But
Joel Slatis: I'll
Rachel Dauchy: get all the tickets with miles. There's actually a term, I, and I can't remember from the documentary.
It was really interesting. There's a term they call them I forget. It's a really, it was really funny and it made me laugh, but I'm the same way. I have, but I do Delta and I we've gone on- All over the place. So many trips ... we've gone on family vacations with, totally on miles. So yeah, there's no way I'm switching.[00:28:00]
Dan DeLong: Yeah. Yeah. My, wife- we, we- My wife is the same way. She's- We, we flew first class to- she's not gonna get off the the, the American Airlines card.
Joel Slatis: Yeah.
Rachel Dauchy: You guys flew first class, Joel?
Joel Slatis: I was first class. Yeah, me and the wife were first class to London last year. And- Oh my gosh ... And, it cost me 300 bucks- Wow
because you have to pay the taxes, but that's all they- Yeah. And when we fly to LA, it's like, you can get to LA for from s- we're in the Bay Area, and so it's a one-hour flight, and you can get there for at the right time, 7,500 miles. And so I'm earning a round trip to LA and back every month for free- Yeah
just spending miles. 'Cause I spend- It's huge ... more than 15,000, it's usually more than that, but you can get a good ticket if you're flexible, and we're flexible. We work from home, so yeah, it's a good deal. The, the airlines ticket thing is a real good deal. They're counting on you not using it.
And if you pay your balance off every month... And my wife, by the way, she [00:29:00] was really good, Rachel, at moving her balances when she was... Before she met me. She had she was a single mom. She had a lot of debt, and she was excellent at getting those zero debt cards, transfer your balance, zero debt for a year, and she would do all the work and to get that to happen.
And so for years she was able to carry debt at zero balances because she did, she was she, did the work, to, move that money around when-
Rachel Dauchy: Yeah. And then you know what else? If you- ... Amex too. If you do Amex and then you... So now this has turned into what's the best credit card to have?
The ones that if you spend- Clearly not
Dan DeLong: the Intuit one.
Rachel Dauchy: Yeah. If you spend X amount before a date and then, so you plan and get that card when you know you're going to spend 'cause we, I don't know, we got it- when we knew we were putting a vacation or something on. So we knew we'd hit the threshold, and then we were like, "Okay, now [00:30:00] we're gonna switch and now we'll use this other card.
We still have this open, but we'll use this other card now because now we don't need to put that kind of balance on this card." So anyway, we, we- we've taken advantage of those incentives.
Joel Slatis: So what was the deal? 'Cause I came in late. Dan, I'm so sorry. I just, I kinda wanted to see how you how, things go in here and and I haven't- Yeah
really been to one yet. How, what's the whole the premise that this is anoth- another offering that you can offer to your customers because Intuit now offers it? Is that the deal?
Workshop Format Updates
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Dan DeLong: That's that's kind of the underlying message of the of, the workshops is just casual conversations for serious workflows.
And we wanna make sure that people are aware what this is so that if a client or- They get a, a, marketing message about what this is, they can at least speak to it, right? It, it's great that you're here, Joel, because I [00:31:00] wanted to talk about some upcoming changes that we're gonna be doing to the workshop.
We wanna have, essentially a monthly series topic of the workshop. And because AI is so prevalent in-
In accounting these days Joel has graciously accepted that mantle of coming on with us. But I still have... I'm still working on the schedule. So I'm glad you made it, but it wasn't your, it wasn't your week.
Joel Slatis: Yeah, no, I just wanted to listen in and see what you do when I- Yeah ...
Dan DeLong: when it's not my week. Yeah. Yeah.
So.
we're gonna have regular series, so AI- Yeah ... and accounting will be one of them. And since Joel and I are, kinda working on cohort or workshop topics about how you can embrace [00:32:00] AI in, in this day and age as, an accounting professional Joel will be, Joel and I will be talking about use cases and, ways to do those things in, as part of the wor- the workshop with, of course, Rachel with us. We will have other sessions where they... where we'll just kinda cover the, the, the latest feedback and roadmap of QuickBooks Online. So we'll just do that once a month, so like something like this would be part of that topic for, the workshops. So we're not gonna have our, workshop next week or the week after 'cause there's Intuit Connect and I'll be at Women Who Count. I don't know how I got included in the- In the Women Who Count. So there's the, the Dans Who Count conference.
Rachel Dauchy: You count too, Dan. I'm
Dan DeLong: all about
Rachel Dauchy: it. I can't go to either. I'm really bummed out.
Dan DeLong: So we'll miss- I'm gonna be at Connect ... we'll miss hanging out with you. [00:33:00] You'll be at Connect? Oh,
Rachel Dauchy: you'll be at Intuit Connect, Joel?
Joel Slatis: I will. Yep. I'm gonna parasite through the crowd 'cause I can't get to both.
Dan DeLong: But you used your airline miles-
to get there,
Joel Slatis: no, I actually paid cash for that one.
Dan DeLong: Oh. Ah.
Joel Slatis: It was 300 bucks in company money, so I'd rather use the airline miles for Aruba that kind of thing. You've
Dan DeLong: got airline miles for-
Joel Slatis: I do. I have- ... quite a few. Yeah.
Dan DeLong: There you go.
Joel Slatis: They're building back up after our big London trip a couple of years ago.
That cost 400,000.
Joel Intro and Nitwit
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Joel Slatis: By the way Dan had mentioned that I was gonna be helping with the AI stuff, and for those of you who don't know me, I'm the CEO of Timesheets.com. We're like TSheets before they got purchased. And I'm also the CEO of a new company I started about nine months ago, called Nitwit.
And Nitwit is an AI product that's different than, And I'll just- I- Is it okay if I explain for just two seconds? Yeah. Give context. Go right ahead. Sorry, Dan, I didn't wanna [00:34:00] hijack. No problem. AI, Nitwit is a prompt-centric product. In other words while everyone else is, writing agents and I had a need myself personally, for a really long prompt, and that spawned this whole company, 'cause there wasn't really a good tool to write a 50, 60, 70-line instruction prompt when the AI just gives you that little text field to type into.
And I ended up building a product that is very prompt-centric, and because I work in the accounting community, I'm working on ways to make it useful for people who do accounting. And and so that means things like a prompt library, sharing prompts, auditing prompts, reusable prompts, and workflows that go around those, like being able to, for instance, get a profit and loss analysis or something along those lines, and then the prompt is saved, the file from last [00:35:00] month is saved.
You replace that file with this month's file and run your prompt again, and you get your report. And you can say, "Write me an AI prompt that analyzes this P&L," or you can use a product like Nitwit and say, "Write me an AI pr- prompt that- Puts this information into column one and this information into column two, and so on.
And that way you get repeatable... It's a longer prompt, but you can do that with Nitwit, that's what it's for. But the result is you get extremely predictable results from your AI searches instead of a long, it's different every time kind of report, right? And so having
QuickBooks Credit Card: the
Dan DeLong: ability- You don't have to tell it every time that there are only, that there are three Rs in strawberry.
Like some of
Joel Slatis: those contextual- yes, that's... Yeah, that's, Or, a better example is getting a, an output format for the CEO who wants the data that is consistent from month to month. You can only do that if you have a very [00:36:00] specific prompt that you're writing in AI. And if you're gonna do all that work, it becomes intellectual property of the company, so you need a place to store it.
And and you wanna be able to run it and iterate through it quickly, and you wanna be able to maybe send it to different LLMs. Maybe you wanna try Claude versus GPT. So you can do all those things with Nitwit. So that's what Nitwit is. Not to take any more of your time, but I wanted to at least give a little context on this and where I'm coming from and why I would be involved in AI 'cause you probably didn't know anything about that.
So now you'll understand. I have an AI company that's specifically focused on helping people write prompts, save prompts, share prompts, audit prompts, and run, eventually run them.
Next Sessions and Wrap
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Dan DeLong: So we're not gonna have another workshop until the 4th of November. We'll be talking and we'll be unpacking the pro partner program as opposed to what it is currently, the pro advisor program.
We'll, talk about the, the announcements there. And then Joel will come back on the 11th to [00:37:00] join us to talk about AI in accounting on that workshop. So hopefully everybody has- Oh ... a great week ahead and we will see you next time on the workshop. 11/4 will be our next scheduled one.
Have a great day, everyone. [00:38:00]
