The Accounting Technology Diaries: QBConnect 2018 Recap

Australia’s accounting ecosystem is still changing, with Quickbooks Online emerging as a solid competitor in the accounting technology market. Last Thursday’s QBConnect certainly met my expectations after attending last year’s event. And yes, my head was quite sore the following morning! I was also lucky enough to be the recipient of the first TSheets Raffle of the day, and won an awesome backpack and a pair of Beats headphones!

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Smart Connections, Smart Money, Smart Decisions

Nicolette Maury opened QBConnect with an update on what Intuit’s aims are for the year, and what they have been working on. In Nicolette’s words, “You don’t back down”. 

  1. Smart Connections – Intuit has been investing heavily in the Pro-Advisor platform to make smarter connections between businesses, suppliers, accountants and bookkeepers. They have also enabled an Apps tab so that the accountants and bookkeepers can see which apps integrate with QBO, set them up and integrate them for their clients.
  2. Smart Money – QBO released BAS E-lodgement through QBO as of yesterday. This means that accountants, bookkeepers or their clients can lodge their BAS with the ATO through their QBO instance without needing to log in to the Tax Agent Portal or Business Portal.
  3. Smart Decisions  – QuickBooks Assistant has been made available for Australian customers and is live now in the self-employed app. It helps business owners to make better business decisions every day.

Key Takeaways from Speakers at QBConnect

Melanie Perkins – Canva, and Scott Cook – Intuit Founder

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  • “Rejection should be looked at like planting seeds, one will grow at some stage, so be okay with rejection. Just refine after every rejection.”
  • “the most important things to learn are 1. It is hard. There is no such thing as overnight success. You will be rejected, there will be ups and downs, and at times you feel like nothing is working. And sometimes things will happen that give you hope. 2. It is possible. Try really hard. 3. Do what you can with what you have to make the world a better place. Use ethical suppliers, make your employees feel valued and what they’re doing makes a difference”.
  • Find that big unsolved customer problem. Find something that customers are desperate for. Find an outcome metric, work with others. Figure out how the customer would measure success.

Nic Marchesi – Orange Sky Laundry

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  • Find a business partner who is genuinely aligned with the mission of your business.

Collette Dinnigan – Fashion Designer

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  • You never think you’re on top of everything as a new problem will always come up to be solved.
  • Build a brand and stick to your laurels. Produce something ethically.
  • Everything is about change and keeping up with change.
  • Be passionate. Take risks.

Mark Bouris

Mark Bouris’ keynote was one of the most engaging talks I have been privileged to hear in a long time. He calls on his resilience and perseverance in order to be successful, with one of his key drivers to his success can easily be seen by his insistence on sticking to routine no matter what.

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Mark drove home the point that you need to be kept accountable if you say you are going to do something. This is key to ensuring that you stay motivated, as you don’t want to let the person who is keeping you accountable down.  

Technology Key Takeaways

My key takeaway on a technology side of things from this event in terms was that if you have clients who have different, unique use cases, you might find that QuickBooks Online is a good fit for them as:

  • It interacts with ecosystem partners – PI, Receipt Bank, HubDoc, and Spotlight Reporting to name a few.
  • It enables accountants and bookkeepers to improve processes and efficiencies for clients.
  • The self-employed app is great for small, uncomplicated businesses.  

Bring on next year’s event!

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