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Tuesday, Sep 24
Intuit updates QuickBooks, strikes deal with Square, reiterates guidance
- Intuit (INTU -0.3%) has given its QuickBooks Online accounting software platform (aimed at both SMBs and accountants) a big refresh. The update, which was influenced by the design of Intuit's Mint.com personal finance platform, delivers a simpler, less cluttered UI, integrates Intuit's Payroll and Payments tools, and (in an effort to create an ecosystem) allows developers to create apps/services that connect to QuickBooks. (PR)
- Intuit charges $125/year for QuickBooks Online, and has nearly 500K subs. The platform is facing growing competition from startups such as WorkingPoint and Kashoo.
- Along with the refresh, Intuit is announcing a Quickbooks integration deal with Square, whose mobile card readers now processing transactions at a $15B/year run rate. The tie-up comes even though Intuit's GoPayment platform competes with Square.
- Intuit is also reaffirming its FQ1 and FY14 revenue and EPS guidance. The reiterating comes a couple months after the company announced a deal unload its financial services unit to Thoma Bravo for $1.025B, and stated it would focus on consumer tax and small business products going forward.