Growing businesses that outgrow entry-level accounting software face a difficult decision: stick with it or rely on a mid-market ERP that promises automation but often comes with costs and disruption. Artificial intelligence now offers financial software providers the opportunity to close this gap without forcing companies to undertake a risky migration.
Intuit Inc. is driving finance automation and its midmarket strategy targets companies caught between small business tools and legacy systems. According to Ashley Still (pictured), executive vice president and general manager of mid-market at Intuit, these companies face success challenges like more customers, more businesses and more currencies and need technology to help them scale.
“In fact, 50% of midmarket ERP implementations fail,” said Still. “So 50% of companies that abandon their existing financial platform to move to what they think is a better platform actually fail at that implementation. The cost is typically $60,000 and six months.”
Still spoke with Alison Kosik and Christophe Bertrand at Intuit Connect during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed why ERP migrations fail in medium-sized businesses, how Intuit Enterprise Suite fills the gap, and how AI agents take over routine financial tasks. (*Disclosure below.)
Closing the ERP gap in medium-sized businesses with AI
Intuit’s answer is the Intuit Enterprise Suite, which allows growing businesses to scale on the platform that already stores their data, rather than having to start from scratch. Intuit has added industry-specific editions for construction, manufacturing, and nonprofits. Still described the product as the CFO’s command center.
“First, for the first time they can actually get a complete view of the company, all of their units in one place, consolidated financial data,” she said. “This is truly groundbreaking because it gives them the ability to make decisions in real time.”
Still said accounting firms are central to the plan because 70% of mid-sized companies work with an accountant or consultant. Intuit automates routine work like categorizations and matching, while its new Agent Studio allows a business or company to create a customizable agent by simply describing what it needs. She noted that accounting firms Citrin Cooperman and Sorren have already put agents into production through the tool.
“The point is that more and more of the tedious work is expected to be done for a finance team or a company, rather than them having to do it all themselves,” Still said.
Here’s the full video interview, part of SiliconANGLE and theCUBE’s coverage of Intuit Connect:
(*Disclosure: TheCUBE is a paid media partner for Intuit Connect. Neither Intuit, the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over theCUBE or SiliconANGLE content.)
Photo: SiliconANGLE
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