QuickBooks Online Passes 1 Million Paid Subscribers
June 04 2015 - 5:00PM
Business Wire
Cloud Technology Changes how Small
Businesses Work
Intuit Inc. (Nasdaq:INTU) announced that QuickBooks Online has
more than 1 million paying subscribers, cementing its market
leadership as small businesses shift to the cloud.
“Crossing the 1-million paid subscriber threshold is a testament
to the commitment of our employees, and of our accountant and
developer partners to building an operating system that fuels small
business success,” said Dan Wernikoff, senior vice president and
general manager of Intuit’s Small Business Group. “The biggest
thank you goes to our customers for allowing us to be a part of
their small business dreams as they move online.”
Intuit has served small businesses and accountants with
QuickBooks for more than 20 years. The company was an early
innovator in cloud accounting when it first launched QuickBooks
Online in 2001. Today, small business owners are turning to the
cloud in record numbers. Intuit research shows that:
- U.S. small businesses currently spend
an average of four hours per day running their business online.
Their top three tasks: accounting, generating invoices and taking
payments, and engaging their customers.
- Seventy-eight percent of small
businesses will run their business online by 2020.
- QuickBooks Online growth mirrors these
trends, posting eight consecutive quarters of accelerating growth,
including significant expansion outside the U.S.
Working with developers, accountants and bookkeepers, the
QuickBooks team is creating an ecosystem of innovative products and
services that make it easy for small businesses of all sizes – from
the self-employed to the mid-size enterprise – to tackle complex
business management tasks. There are three priorities to deliver
for customers:
- Everything works
together: Entrepreneurs use an average of 18 apps to run
their small businesses. As an open platform, QuickBooks Online
ensures that all solutions work together seamlessly, providing
small business owners the vital information and insights they need,
when they need them.
- Simplify complex
tasks: QuickBooks automates the bookkeeping, so whenever
an invoice is sent, a customer makes a payment or an employee gets
paid, small business owners can be confident that the information
is tracked and updated. For accountants and bookkeepers, this means
less time entering data and more time providing valuable business
insights to clients.
- Personalized for and by small
business: Regardless of size, industry type or geography,
small business owners can customize QuickBooks Online to fit their
individual needs. They also have access powerful and always
up-to-date business insights about their performance at a click of
a button.
What customers are saying
Small Businesses
“I have a home business and often times I am out in the field
and need access to either my financials or a new app and QuickBooks
Online has made it extremely simple. They have created automated
ways to do things that make life easier. All you have to do is go
to the QuickBooks Online App store and pick out the ones that will
help your business, such as QuickBooks Payments and Payroll that
you can simply plug in.”
Laura RedmondOwner of Redmond Accounting in
Menlo Park, CA
Accountants
“By having our customers on QuickBooks Online, we are able to
work with them side by side. When we access their data and work in
their file in real time, we communicate with them regularly; we are
well-informed and better prepared to provide advice right
away.”
Peter CullenFounder and owner of Core
Performance in Newport Beach, CA
Developers
“Whether you’re an established developer or just getting
started, partnering with Intuit is a great opportunity to expand
your offering. We love the open platform and the energy from
Intuit’s team as we build a combined solution, focused on
supporting small businesses globally.”
Kim FordCEO, ServiceM8, an Australia-based
cloud solution for service businesses
Company Guidance
The company reiterated QuickBooks Online subscriber guidance of
1 million to 1.025 million for the fourth quarter of fiscal 2015;
the company originally provided this guidance on May 21,
2015.
About Intuit Inc.
Intuit Inc. creates business and financial management
solutions that simplify the business of life for small businesses,
consumers and accounting professionals.
Its flagship products and services
include QuickBooks®, Quicken® and TurboTax®, which
make it easier to manage small businesses and payroll
processing, personal finance, and tax preparation and
filing. Mint.com provides a fresh, easy and intelligent way
for people to manage their money, while Demandforce® offers
marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit's leading tax preparation offerings
for professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its
fiscal year 2014. The company has approximately 8,000 employees
with major offices in the United States, Canada,
the United Kingdom, India and other locations. More
information can be found at www.intuit.com.
Cautions About Forward-looking Statements
This press release contains forward-looking statements,
including the statements under the heading “Company Guidance”.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from the expectations expressed
in the forward-looking statements. These factors include, without
limitation, the following: inherent difficulty in predicting
consumer behavior; consumers may not respond as we expected to our
advertising and promotional activities; product introductions and
price competition from our competitors can have unpredictable
negative effects on our market position; as we upgrade and
consolidate our customer facing applications and supporting
information technology infrastructure, any problems with these
implementations could interfere with our ability to deliver our
offerings. More details about the risks that may impact our
business are included in our Form 10-K for fiscal 2014 and in our
other SEC filings. You can locate these reports through our website
at http://investors.intuit.com. Forward-looking statements are
based on information as of June 4, 2015 and we do not undertake any
duty to update any forward-looking statement or other information
in these materials.
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Intuit Inc.Steve Sharpe,
650-224-2362stephen_sharpe@intuit.comorAccess CommunicationsSteve
Imm, 415-844-6286simm@accesspr.com
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