Intuit Inc. is a business and financial software company that develops and sells financial preparation, accounting, and tax software and related services for small businesses, accountants and individuals. The company is headquartered in Mountain View, California. More than 95% of its revenues and revenues come from its activities in the United States.
Intuit produces TurboTax, consumer tax preparation applications, small business accounting programs QuickBooks, professional tax solutions ProSeries and Lacerte, and some payroll products. In April 2016, Intuit completed the sale of its flagship product, Quicken, to H.I.G. Capital.
The company has offices in eight other countries around the world: UK, Australia, France, Singapore, India, Brazil, Canada, and Israel.
Video Intuit
Histori
The company was founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California.
Intuit is conceived by Scott Cook, who previously worked at Procter & amp; Gamble helped her realize that personal computers would be a substitute for personal accounting based on paper and pencil. In his quest to find a programmer, he finally meets Tom Proulx at Stanford. Both started Intuit, which initially operates out of the modest spaces at University Avenue in Palo Alto. The first version of Quicken is encoded in the Microsoft BASIC programming language for IBM PC and UCSD Pascal for Apple II by Tom Proulx and has to compete with a dozen serious competitors.
In 1991 Microsoft decided to produce a competitor for Quicken called Microsoft Money. To win the retailer's loyalty, Intuit includes a $ 15 discount coupon, redeemable for customers purchased at their store. This is the first time a software company offers discounts.
Approximately around the same time the company involved John Doerr of Kleiner Perkins Caufield & amp; Byers and its diversified product lineup. In 1993 Intuit went public and used the results to make a key acquisition: the Chipsoft tax preparation software company based in San Diego. The time after the IPO was marked by rapid growth and culminated with a purchase offer from Microsoft in 1994; currently Intuit's market capitalization reaches US $ 2 billion.
When the purchase failed because of the US Department of Justice's disagreement, the company came under intense pressure in the late 1990s when Microsoft began to compete hard with Quicken's core business. In response, Intuit launched new web-based products and solutions and put more emphasis on QuickBooks and on TurboTax. The company made a number of investments around this time. Among others, he bought a large stake in Excite and acquired Lacerte Software, a Dallas-based tax preparation software developer used by tax professionals. He also broke free of his online bill payment service and extended and strengthened his partnership with CheckFree.
In May 2018, Intuit had over $ 5 billion in annual revenues and a market capitalization of about US $ 50 billion.
Intuit was ranked in Fortune "Top 100 Best Companies to Work" in 2007.
Intuit was ranked at Fortune 's "the most admired software company in America" ​​in 2007.
In June 2013, Intuit announced it would sell its financial services unit to private equity firm Thoma Bravo with $ 1.03 billion.
In June 2015, Intuit laid off about 5% of its workforce as part of the company's reorganization.
Maps Intuit
Online community
Intuit has several online communities, some of which offer integration or cross selling to other Intuit products. QuickBooks online community for QuickBooks users and small business owners, Quicken Online Community for Quicken users and those who need help with personal finance, and Online Accounting Community and Jump Up. Each includes blogs, expert locator maps and event calendars, forums and discussion groups, podcasts, videocast and webinars and other user-generated content.
JumpUp (previously named JackRabbit Beta) is a free social networking site and resource for small business owners and/or new companies. Free tools and services include interactive business planners, online training to develop successful business plans, start calculating the cost of a calculator, a cash flow calculator, a break even calculator, a template for business planning and an example of a business plan.
Intuitlabs.com is Intuit's website that is created to get new solutions into people's hands quickly. Initial versions of these products and services are called roughcuts, and they are offered for free so people try and provide feedback to allow for quick upgrades and ensure they solve real problems well.
TaxAlmanac is a free online tax research resource. Content at TaxAlmanac is written by tax professionals from across the country and takes advantage of the knowledge of academics and practitioners. This site includes key information including the Internal Revenue Code, the Regulation of the Minister of Finance, the Tax Court Case, and various articles.
Modeled after the English Wikipedia, TaxAlmanac was launched in May 2005. The June 6th issue of Time Magazine featured an article entitled "This is a Wiki, Wiki World" on the English Wikipedia where TaxAlmanac is highlighted as a "Customer Community". The November 21, 2005, edition of Business Week featured an article titled "50 Smart Ways to Use the Web" where TaxAlmanac was selected as one of 50. TaxAlmanac makes short lists as one of 7 in the collaboration category.
Intuit turns out TaxAlmanac effective June 1, 2014. Many users have migrated to a new site called TaxProTalk.com.
Zipingo is a free website where users can rate services like contractors, restaurants, and other businesses. Ratings and comments are entered from the website or through Quicken and QuickBooks. This site was closed by Intuit on August 23, 2007.
Acquisition and carve
1990s
In 1993, Intuit acquired Chipsoft, a tax preparation software company based in San Diego.
In 1994, Intuit acquired Best Reston Program's tax preparation software program, VA. That same year, Intuit acquired Parsons Technology from Bob Parsons for $ 64 million.
In 1996, Intuit acquired GALT Technologies, Inc. of Pittsburgh, PA.
In 1998, Intuit acquired Lacerte Software Corp, which now operates as a subsidiary of Intuit. The Lacerte subsidiary focuses on tax software used by professional accountants who prepare taxes for life. These are generally used by large companies with more complex workflows and clients.
On March 2, 1999, Intuit acquired Computing Resources Inc. about $ 200 million. This acquisition allows Intuit to offer a payroll processing platform through its QuickBooks software program. In December 1999, Intuit bought Rock Financial for $ 532 million. The company changed its name to Quicken Loans. In June 2002, Rock Financial founder Dan Gilbert led a small group of private investors in buying Quicken Loans subsidiaries back from Intuit.
2000s
In 2002, Intuit acquired Management Reports International, a real estate management software company based in Cleveland. The company changed its name to Intuit Real Estate Solutions (IRES) and offers real estate management solutions for Windows and the web.
In 2003, Intuit Inc. acquired 'Innovative Merchant Solutions' (IMS). IMS provides merchant services for all types of national businesses. This acquisition gives Intuit the ability to process credit cards through their core products, QuickBooks, without the need for hardware leasing. They can also provide traditional terminal-based credit card processing and download transactions directly to the QuickBooks software.
In November 2005, Intuit acquired MyCorporation.com, an online business document archiving service, for $ 20 million from original Philip and Nellie Akalp founders.
In September 2006, Intuit acquired StepUp Commerce, a localized localized product list syndicate, for $ 60 million in cash.
In December 2006, Intuit acquired Digital Insight, an online banking service provider.
In December 2007, Intuit acquired Electronic Clearing House to increase the processing power of checks.
In December 2007, Intuit acquired Homestead Technologies which offers the creation of websites and e-commerce tools targeted at small business markets, for $ 170 million.
In April 2009, Intuit acquired Boorah, a restaurant review site.
On June 2, 2009, Intuit Inc. announced the signing of a definitive agreement to purchase PayCycle Inc., an online payroll service, in an all-cash transaction for approximately $ 170 million.
On September 14, 2009, Intuit Inc. agreed to acquire Mint.com, a free online personal financial service for $ 170 million.
2010s
On January 15, 2010, Intuit Inc. issued Intuit Real Estate Solutions (acquired by Intuit in 2002) as a stand-alone company. The new company picked up the previous moniker, and is now known as MRI Software.
On May 21, 2010, Intuit Inc. acquired MedFusion, the leader of Cary, NC from Patient to Provider communications for about $ 91 million.
On August 10, 2010, Intuit Inc. acquired Cha-Ching's personal financial management application.
On June 28, 2011, Intuit Inc. acquired banking technology assets Web Mobile Money Ventures, a provider of mobile financial solutions, for an undisclosed amount. The acquisition is expected to put Intuit as the largest provider of online and mobile technologies to financial institutions.
On May 18, 2012, Intuit Inc. acquired Demandforce, a business communications and business communications provider for small business auto SaaS of approximately $ 423.5 million.
On August 15, 2012 Intuit, Inc., announces an agreement to sell your Grow Your Business business unit to Endurance International. The carve outs include the Intuit site and Weblistings products formed from Homestead Technologies and the acquisition of StepUp Commerce.
On July 1, 2013 Intuit announced an agreement to sell their Intuit Financial Services (IFS) business unit (formerly known as Digital Insight) to Thoma Bravo for more than $ 1.03 billion.
On August 19, 2013 Intuit announced that it has sold its Intuit Health business unit (formerly known as MedFusion) back to MedFusion founder Steve Malik.
In August 2013, Intuit Inc. obtained Good April tax planning software for an undisclosed amount.
On October 23, 2013 Intuit acquired Level Up Analytics, a data consulting company.
On October 30, 2013, Intuit Inc. acquired Full Slate, the developer of appointment scheduling software for small businesses.
In May 2014, Intuit Inc. buy Invitco to help bookkeepers place billing processing in the cloud.
In May 2014, Intuit Inc. acquired Checks approximately $ 360 million to offer bill payment across all small business and personal finance products.
In December 2014, Intuit Inc. acquired Acrede, a global, cross-border, and cloud-based payroll service provider in the UK.
In March 2015, Intuit Inc. acquired the HR Playbook.
In January 2016, Intuit Inc. announced an agreement to sell Demandforce to the Internet Brand.
On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital.
On March 8, 2016, Intuit announced plans to sell Quickbase to private equity firms Welsh, Carson, Anderson & amp; Stowe.
On May 1, 2017 Intuit announced to sell TruPay.
Intuit acquired Bankstream in 2017.
On December 5, 2017 Intuit announced the acquisition of TSheets for $ 340 million.
Controversy and lobby
Intuit has been criticized for changing some of its formats from free versions to being licensed, and to lobbying federal and state governments against providing free services that will compete with Intuit itself.
Users and reviewers criticize the termination of corporate support for QIF formats everywhere and supports QFX formats. This format is used to download information from financial institutions such as banks and brokers. Despite the free use of QIF, banks are required to pay licensing fees to Intuit if they wish to enable their customers the ability to download financial data in QFX format.
In 2007, Intuit lobbied to ensure taxpayers could not electronically file their tax returns directly to the IRS by negotiating an agreement that prevented the IRS from setting up its own Web portal for e-filing.
In 2009, Los Angeles Times reported that Intuit spent nearly $ 2 million in political contributions to eliminate free online state tax filings for low-income residents in California. According to the New York Times, in 2009-2014, Intuit spent nearly $ 13 million lobbing, as reported by the Open Secret, as much as Apple. Intuit spent $ 1 million on a race for state financial superintendents to support Tony Strickland, a Republican who opposed ReadyReturn, against John Chang, a Democrat who supported ReadyRun (and won). Joseph Bankman, a professor of tax law, Stanford Law School, and an archiving simplification advocate, believes that the campaign warns politicians that if they support free archiving, Intuit will help their opponents.
On March 26, 2013, ProPublica reported how the company lobbies against the recent free-return submissions. One year later, ProPublica reported that the company appears to be related to a number of op-eds and letters to Congress in an advocacy campaign against direct tax filing supported by Computers & amp; The Communications Industry Association, the Intuit advocacy organization is a member.
By 2018, some businesses suddenly - and without warning - are interrupted when Intuit stops processing credit card payments due to sales related to weapons. Some payments were stopped even not involving firearms, but T-shirts, coffee cups, and security-grade rifles.
See also
- Comparison of accounting software
- Payroll APS
- Automatic Data Processing (ADP)
- H & amp; R Block
- TaxACT
- Paychex
- Paylocity Corporation
- Box (payment service)
- SurePayroll
- Sage Software
- Xero
- Record
References
- General
External links
- Official website
- QuickBooks support
Source of the article : Wikipedia
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