AI, accountants high on Intuit’s priority list, product VP says

“Over the last years, Intuit has been building for the end customer. And for the first time, we are actually making a huge effort and a huge investment to build for the accountants,” he said. 

Previously, Fernandez explained, Intuit built platforms focused on end customers, such as small- and medium-sized businesses (SMEs). This meant that accountants often had to do a lot of “stitching” between different customers’ files.

“We recently announced Intuit Accountant Suite, which is the first product that we actually have for the accountant in itself,” he said.

“We actually built a solution that actually works for accountants and with accountants in mind. The beauty of it is that it dramatically reduces the time and the money that they invest in software, and it helps them focus more … on what I call high yield activities.”

One of the key goals of the IAS was to tackle the “fragmentation tax,” Fernandez’s term for the additional costs businesses incurred when juggling multiple apps to complete various functions.

“I come from a family owned business, so I saw it firsthand. They had to juggle around between seven to 25 different apps just to stay afloat,” he said. 

“And that is a huge consumption on two aspects. One, financially, because you actually have to pay for those apps and for that software. And two, it's a time dragger.”

He said that the IAS sought to tackle this “fragmentation tax” by compiling multiple functionalities into a single app.

“We started, as always, with the customer in mind. And what we started to think is, what are the main jobs to be done that both accountants and small and medium businesses have?” he said.

“And based on that, can we construct an all in one platform that basically satisfies and meets the needs of the customers? And this is what we are building.”

Fernandez also said Intuit was investing heavily in AI – something he believed would help accountants work more efficiently.

“I think that AI will turbocharge accountants. I really do. I don't think that the skills will become obsolete, per se.”

“I think what really gives human beings an edge is that critical thinking and that ability to be thought leaders and think holistically and challenge the outcome that you have.”