For business owners, financial accounting is a complicated and time-consuming process. In order to streamline the accounting process, a quality accounting software turns out to be helpful as one can track how much money they have at a given instance, where it’s coming from, and where it’s going. According to Statista, the percentage of small business owners using accounting software is 64.4%.
When it comes to bookkeeping and accounting, the first name that pops up in the minds of every accounting professional is QuickBooks software. Almost all small business owners and accountants use QuickBooks software for fast bookkeeping and business accounting.
But, with the advancements in accounting technology over the years, an accounting software installed on the local system is certainly not enough. According to Accountancy Age, the percentage of small businesses that will solely rely on cloud accounting by 2020 is 78%.
Therefore, small businesses these days opt for cloud-based accounting solutions that are robust, flexible, scalable, and cost-efficient. One such cloud solution offered by Intuit is QuickBooks Online, which gives accountants the ability to access QuickBooks from any remote location with the help of smartphones, laptops, and tablets.
Another cloud solution Hosted QuickBooks allows businesses to host their QuickBooks Desktop on the servers of third-party cloud provider to enable remote access to the software, similar to QuickBooks Online.
Here are some statistics about QuickBooks and Intuit of the year 2019.
According to Intuit Investor Day 2019 –
- Combined with QuickBooks Desktop Enterprise and Online Advanced, QuickBooks is now serving more than 200,000 customers in the mid-market.
- With over 800M global small businesses and self-employed customers, and 56M prospects visiting QuickBooks every year, Intuit is focused on ensuring the right first user experience and bringing them into the right financial management software space.
- It took QuickBooks 15 years to build its first million customers QuickBooks Online (QBO) base and are now serving 4.5 million global QuickBooks Online customers with a net add of 1.1 million new customers in FY’19.
- 40% of QuickBooks Online customers are small businesses, out of which 30% are product-based businesses.
- QuickBooks promises to deliver at least 30% online ecosystem revenue growth each year but delivered more than promised, i.e., 38% online ecosystem revenue growth in financial year ’19.
- QuickBooks experienced a 34% growth in online services like payments and payroll.
- For QBO Worldwide, Average Revenue generated from each customer increased for each product in FY’19. In QuickBooks Desktop, strong growth was seen in the Enterprise solution in FY’19 and is expected to continue.
- The number of QuickBooks Online subscribers nationwide.
- While the total number of QuickBooks paying customers increased by 1.2M in FY’19, the number of QB Desktop subscribers remained sticky as customers new to QuickBooks preferred QBO.
According to Annual Shareholder Meeting –
With the focus on driving durable, double-digit revenue growth, Intuit aims at solving a wider range of customer problems.
- 4M businesses use Intuit Payroll globally.
- In FY’19, Intuit’s performance was strong across each of its businesses to achieve 13% revenue growth at the company level.
- ~80% of Intuit’s FY’20 revenue is expected to come from existing customers.
- Solid Customer Growth was seen in the era of mobile and cloud for Intuit.
- Strong Revenue Growth was seen between FY’10- FY’18
- Ranked 24th on the Fortune 100 Best Companies to work in 2019
- Ranked 70th on the Glassdoor top 100 Companies to work for in 2020
With all this achieved by now, there’s no looking back for Intuit. On the mission to power prosperity around the world, Intuit aspires to achieve some bold goals by 2025, including Prosperity– to improve the SMBs success rate, Reputation– to remain in the Best-in-Class companies list, and Growth– to achieve more than 200M customers and accelerate revenue growth.
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