Hot! Intuit Looks to Promote Growth through Mobile Software

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quickbooksIntuit’s CEO, Brad Smith, says the company is boosting its sales of its tax-preparation and financial software with online and mobile versions, and may also seek acquisitions to strengthen its portfolio of products, to compensate for the slowdown in the markets for desktop applications. Smith has capitalised on the growth of the software-as-a-service and online markets and has transformed Intuit from desktop-application company to a state-of-the-art provider of online services and applications and may also look to acquisitions to further increase its company growth.

The California-based company is widening its personal finance website, Mint.com, acquired in 2009 for $170m, and its product Quickbooks Online internationally, aiming to introduce Mint.com to Austrialia, New Zealand and the UK.  In addition, Intuit has introduced a new iPhone application for tax preparation that has already seen more than 500k downloads and marked the most profitable quarter year for the company, bringing with it a rise in the company’s shares in the region of 53%. Mint.com is recognised by Smith as helping to change the make-up of the quickbookscompany although, in real terms, its overall revenue contribution is small.

The iPhone app, SnapTax, introduced in January of this year, allows users who need to tile 1040EZ, to a photo of their W-2 forms, automatically complete the required documentation and then file their taxes for $20. Intuit is also developing a new release of its existing GoPayment credit card-swiping technology, aimed at tablet computers but that will also let small business iPhone users to easily process credit-card transactions.

Smith, 47, has been a fundamental influence in driving the company toward social and collaborative computing.  Intuit has now added community features in TurboTax that allows user to ask for help from other users and has brought new functionality for QuickBooks users to compare their own company’ expenses and revenue to others.  QuickBooks is probably the most recognizable name in arena of small business accounting software, which has also recently introduced Simple Start, their online entry-level billing service.

Over 1/4 of Intuit’s 250,000 QuickBooks Online users have also signed up for their online payroll software.

Small businesses are beginning again to increase their spending and take on new staff after the economic recession, Smith said. “It’s been a protracted, sluggish recovery,” he said. “It will take us four years to get back to 2007 levels at this rate.”

Author

Jan Birley

Jan holds a PhD in computing and started out in software development and IT training. She built a strong career as a project and program manager focusing on IT in the Health Service sector. Jan specializes in taking greenfield and immature services/departments to effective business-as-usual operation and is currently responsible for the delivery of clinical assessment forms into a high profile clinical system. Jan has authored 100′s of articles on project-management related topics.

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