Intuit's Market-leading Cloud Accounting Software Marks One Year of International Expansion
LONDON, April 30, 2012 /CNW/ - QuickBooks Online, Intuit Inc.'s (Nasdaq: INTU) market-leading cloud-based accounting software, marks one year of international expansion this month, with products now available in Canada, the United Kingdom and Singapore.
Already the leading online accounting software in North America, QuickBooks Online is emerging as a growing force globally. There are more than 300,000 QuickBooks Online subscribers worldwide, mostly in the U.S., with thousands of businesses in international markets now joining the service each month.
In addition to expanding beyond the U.S into the U.K., Singapore and Canada, Intuit is starting to roll out the service to customers in India. Intuit customizes the offering for each market, based on deep customer insights gained by observing hundreds of small businesses in their own workplace. This knowledge creates a product tailored to the local needs of small businesses and the way they work.
QuickBooks Online helps small businesses stay on top of their finances whether in the office or on the road, saving them time and money. The product gives small business owners instant snapshots of their businesses, showing them what they're making, what they're spending, and who owes them money, all on a single screen. QuickBooks Online is PC and Mac-compatible and optimized for iPhone and Android devices.
Gaining Global Momentum
"Intuit is committed to helping small businesses improve their financial lives," said Alex Lintner, president of Intuit's global business division. "Small businesses around the world face similar challenges and see the power of an easy-to-use solution for managing their finances. We have seen a terrific take up in the first year, and this is just the start of our international journey. We want to help many more people around the world to save time and manage their business better with QuickBooks Online."
- United Kingdom: Intuit launched QuickBooks Online in the U.K. in April 2011 and continues to improve the service with regular updates of new and enhanced features.
Eugene Engelbrecht of London building firm Engel Construction said using QuickBooks Online for day-to-day invoicing, cash flow tracking and VAT gives him more time to focus on growing the business.
"QuickBooks Online has enabled me to go out there and look for work, rather than sitting in an office doing nothing but uploading invoices. >From that point of view, it's got me back to doing the things I need to do," said Engelbrecht.
Charlie Carne, founder of Charlie Carne & Co. Chartered Accountants and Business Advisers in London, said QuickBooks Online helps his firm be more efficient and profitable.
"Direct online access to a client's data means we can be much more proactive in our dealings with them and offer advice to avert problems before they arise," Carne said. "With access to data in the cloud, staff can work on the clients' books from anywhere and because it is so easy to use, even the least financially aware clients can raise invoices directly, reducing time taken for our staff to re-key data and allowing us to focus our attention on more value-added services."
QuickBooks Online is available directly at quickbooksonline.co.uk. It is also available through partnerships with Smarta and BCSG) as part of bundled SaaS offerings through leading high street banks, Royal Bank of Scotland, NatWest and Barclays.
- Singapore: Intuit launched QuickBooks Online in Singapore in April 2011 through a strategic partnership with SingTel (http://www.intuit.sg).
Over the course of the year, Intuit has added functionality and features that make it easier for Singapore's small businesses to stay on top of their finances and get paid in a timely manner as they look to grow their business.
Benedict Lim, Managing Director and Acting Chief Psychologist, http://www.iGROW.sg, a psychological consultancy, said his company was attracted by the simplicity, ease-of-use and flexibility offered by QuickBooks Online.
"QuickBooks Online gets my business organized, simplifies sales and expense tracking, and ensures reliable records for tax time. Being a cloud solution, I can check my business health anytime, anywhere, even on my mobile devices," Lim said.
- Canada: Intuit launched QuickBooks Online in Canada in March 2012 (quickbooksonline.intuit.ca). Product features include online banking integration, which safely links customers' accounts with their bank to import statements and removes the need to manually enter transactions.
Lynn Cheney of Lynn's Income Tax and Bookkeeping Ltd. in Airdrie, tested an early version of the product. "Having free user access for accountants to log in and check clients' records was a big advantage," she said.
"QuickBooks Online is better than other programs because of the fact it is online and the accountant can access it anytime," Cheney said.
Peggy Crawford of Renewed Business Strategies, a professional services firm in Ontario, was impressed by the ability to manage finances on the go. "I don't use a lot of mobile applications, but this was an interesting experience to create an invoice on the go," she said.
- India: The international expansion for QuickBooks Online continues with Intuit starting to roll out the service to customers in India (quickbooksonline.in). With around 2 million broadband-connected small businesses, India offers huge growth potential for cloud-based services. QuickBooks Online complies with Indian norms and accounting formats with support for local tax compliance for VAT and Service Tax.
Somasekhar.BS runs a printing solutions company, ECompat Printing Solutions in Bangalore. His company was among the first in India to start using QuickBooks Online. Having previously relied on manual methods, creating invoices in Word documents and tracking income and expenses in Excel spreadsheets, Somasekhar estimates he is saving between four and five hours a week using QuickBooks Online to manage all his business processes in one place.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal year 2011. 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 http://www.intuit.com.
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