Intuit Inc. Strengths, Domain Expertise, and Key Differentiators
In the United States, Intuit has carved out a significant share of the small business market with QuickBooks, its popular accounting and ERP package. In addition, Intuit sells an array of applications and attached services for payroll, inventory tracking, time and expense management, payment processing, and services operations management for professional accountants. In the Cloud applications market, Intuit’s QuickBooks Online product subscribers growth is consistent with the solid performance of Intuit as it continues to demonstrate its commitment to the small business market with easy to use products that have won a huge following from its loyal installed base.
During its recent Investor Day, Intuit outlined growth of the $2,000 QuickBooks Advanced as it doubles its installed base to 75,000 customers over the past year with 30% of them adopting the SMB ERP apps for the first time. Our Buyer Insight Master Database traces migration path of many of these QuickBooks customers. Intuit is getting aggressive with its midmarket expansion plans, while meeting the needs of widget-selling companies as it picks up TradeGecko for inventory and order management capabilities, especially for eCommerce channel.
The AWS cloud is good enough for Intuit, evidently. The company first set up a few small apps tools to run online. Impressed with the results, the company then proceeded to move to the cloud one of its data centers that were coming up for lease renewal. Doing that cut costs by up to six times. In addition to cost savings, running on AWS brings Intuit a number of other advantages including the ability of developers to create services more quickly. If Intuit acquires a company that already uses AWS, the integration process goes a lot more smoothly. Intuit runs 33 applications, 26 services, and eight tools on AWS. The company’s popular Mint financial adviser service now runs on AWS. Over time, the company will move all of its offerings to the cloud.
Intuit Inc. Recent Developments
In August 2022, Intuit rebranded its ProConnect segment as the ProTax segment, maintaining its focus on serving professional accountants. The company, known for its financial technology platforms including TurboTax, QuickBooks, and Credit Karma, unveiled QuickBooks Solopreneur, a tailored product aimed at meeting the distinct needs of solo entrepreneurs. This comprehensive tool offers a range of user-friendly features to empower solopreneurs in managing finances, setting and tracking goals, handling business expenses, and fostering financial stability.
Additionally, Intuit announced the rollout of new e-commerce innovations for QuickBooks Online, geared towards assisting small businesses in efficiently managing inventory across various sales channels. These enhancements come at a crucial time, particularly during the holiday season, where customers are projected to increase their spending by 35% compared to the previous year, with a significant portion allocated to small businesses.
The new capabilities of QuickBooks Online automate inventory accounting processes and streamline sales channel integration, providing business owners with a centralized platform for accurate product, stock, and bookkeeping data. This consolidated approach equips entrepreneurs with enhanced visibility, enabling informed decision-making to drive business growth.
Intuit Inc. Mergers and acquisitions (M&A) Activities
In recent years, Intuit has strategically expanded its portfolio through a series of acquisitions aimed at enhancing its suite of financial and business management solutions for small and mid-market enterprises.
In November 2021, Intuit finalized its acquisition of Mailchimp, a renowned customer engagement and marketing platform. This move underscores Intuit's commitment to providing a comprehensive growth platform for businesses, enabling them to establish an online presence, effectively market their offerings, manage customer relationships, leverage analytics, and streamline financial operations.
Earlier, in February 2021, Intuit acquired OneSaas to bolster the integration of third-party e-commerce solutions with its QuickBooks platform. This acquisition facilitated the development of QuickBooks Commerce, empowering small businesses to manage omnichannel sales seamlessly.
Moreover, Intuit's acquisition of TradeGecko in August 2020 further strengthened its inventory and order management capabilities. By integrating TradeGecko's platform with QuickBooks, businesses gained access to robust tools for inventory synchronization, order fulfillment, and real-time insights across various sales channels.
In February 2020, Intuit expanded its financial products realm with the acquisition of Credit Karma, a consumer finance company. This strategic move enabled Intuit to offer users personalized financial recommendations while broadening its revenue streams through partnerships with banks and lenders.
Additionally, Intuit's acquisition of Origami Logic in June 2019 augmented its data analytics capabilities. By leveraging Origami Logic's advanced data integration and analytics platform, Intuit aimed to provide customers with personalized insights, thereby enhancing their success and confidence in utilizing Intuit's products.
Overall, these acquisitions signify Intuit's strategic focus on innovation and expansion, aiming to offer comprehensive solutions that address the evolving needs of small and mid-market businesses in today's competitive landscape.
Intuit Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Intuit Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Intuit Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified QuickBooks, TurboTax, Mint, ProConnect customers.
Intuit Inc. Overview
Ownership: - NASDAQ: INTU
Number of Employees: 10600
Functional Market: Absence and Leave Management, Task Management, Time and Attendance, Core HR, Payroll, Compliance,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Intuit Inc. Key Cloud and HCM Applications
QuickBooks, TurboTax, Mint, ProConnect
Intuit Inc. HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Intuit Inc. Revenue Breakdown by Type:
Intuit Inc. HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
Intuit Inc. HCM Applications Revenues By Verticals, $M:
Intuit Inc. Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Intuit Inc. Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Intuit Inc. Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Intuit Inc. Customers
No. of Intuit Inc. Customers: 100 millon
No. of Intuit Inc. HCM Applications Customers: x
No. of Intuit Inc. Cloud HCM Customers: x
No. of Intuit Inc. Cloud HCM Subscribers: 34000000
Intuit has around 100 million customers around the world. Our customer database shows Intuit QuickBooks securing 21 million customers including both Cloud and on-premise accounts. QuickBooks Online customers total more than 5.1 million worldwide, while there are as many as 15 million desktop QuickBooks customers either with direct relationships with the vendor or through partners like accounting firms.
Over the past years, Intuit QuickBooks Online has been gaining tens of thousands of new subscribers every quarter. The online population growth is going to skyrocket for Intuit as it focuses its marketing efforts almost entirely on Cloud adoptions even at the retail level, as small businesses continue to shift to the Cloud.
Intuit Inc. Market Opportunities, M&A and Geo Expansions
In July 2020 Intuit QuickBooks launched a host of innovative product tools as part of its Summer Product Release to support small businesses in their recovery following COVID-19 and improve long-term resilience. The new tools include an updated cash flow planner; PayPal integration into the software; an updated payroll function to manage furloughed workers and streamlined product features for accountancy firms and construction SMBs.
Averaging a new QBO subscriber nearly every minute globally, Intuit continues to make international growth one of its key priorities. In addition to delivering localized versions of QuickBooks Online in Europe and Asia, Intuit plans to pursue the non-US accountant community with a vengeance. One of the approaches is through the Harmony toolkit designed to unify different Intuit user experiences across Intuit products, platforms, and devices.
The goal is to extend its ecosystem of more than 300,000 accountants that currently use its products (including the 230,000 that currently use QuickBooks Online for Accountants) to help it better package QuickBooks for a global audience through ease-of-use accounting, payroll, and payments features. The initial targets are users in Canada, the UK, India, Australia, and France. Users in 45 languages now run QuickBooks Online, which can handle requirements from 300 tax agencies and 560 customer tax rates. In addition to its core QuickBooks Online product, Intuit is also targeting the growing ranks of self-employed, 1099 tax-classified marketplace with its QuickBooks Online Self-Employed product.
The service, which makes it easy for the rapidly expanding population of freelancers and independent contractors to streamline their finances, is part of a broader initiative to reach the projected 43 percent of the US workforce that is expected to reshape the economy by 2020.
Intuit Inc. Risks and Challenges
Intuit faces internal and external risks, including competition in both on-premise and cloud applications markets, attrition rates among SMB customers, and go-to-market challenges in international expansion. Intense competition from local players and third-party service providers necessitates strategic pricing and differentiation strategies to maintain market share and relevance. Additionally, the pandemic-induced economic uncertainties amplify the need for agile response and risk mitigation measures.
Intuit Inc. Ecosystem, Partners, Resellers and SI
Intuit sales and distributes through mobile application stores and direct sales channel, many of Intuit products and services are sold directly through their websites and call centers, and retail locations across the United States. Intuit coordinates online, offline, and retail presence and promotions to support an integrated, multi-channel, shop-and-buy model. An additional sales channel is through selected alliance partners and accountants that help to reach new customers at the point of need and drive growth and market share by extending Intuit online reach.
Intuit Inc. Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- Intuit Inc. Public Cloud and Infrastructure (IaaS)
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- Intuit Inc. Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
