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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 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.

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Comments (1)
  • User 6348921
    , contributor
    Comments (92) | Send Message
    Xero is possibly the biggest threat Intuit got at the moment. Xero competes with Intuit with it’s online only accounting platform. Xero has more than 200,000 global subscriptions from small businesses around the world. Note the important difference in the metrics between Intuit and Xero. Each of Xero business subscriptions can have infinite users. Intuit 500K is number of users subscribed instead of businesses using them.
    If you have used Quickbooks or QBonline you know very well how legacy software it is. Xero is more nimble player and built it’s kit set entirely online. Xero is currently largest cloud accounting software in the market when compared by number of subscriptions. Unlike Intuit, Xero growth came from multiple countries- Australia, New Zealand, UK and 100 other countries.


    Xero has more than 250 apps connected to it and thousands of Accountants and CPA use it’s dedicated Partner edition, Job management software. Kashoo and Workingpoint are no match to Xero at all. Peter Thiel (Paypal and Facebook ) is the early investor in Xero. Xero is listed in ASX and NZX.
    24 Sep 2013, 06:36 PM Reply Like
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