Intuit
 | The neutrality of this article is disputed. |
| Intuit Logo | |
| Company type | Public (NASDAQ: INTU) |
|---|---|
| Industry | Computer software |
| Founded | Palo Alto, California (1983) |
| Founder | Scott Cook Tom Proulx  |
| Headquarters | Mountain View, California, USA |
Key people | Scott Cook, founder Tom Proulx, initial developer Steve Bennett, CEO |
| Products | Personal finance, accounting and tax return software |
| Revenue |  $2.038 billion USD (2005) |
| 2,571,000,000 United States dollar (2022) | |
| 2,066,000,000 United States dollar (2022) | |
Number of employees | 7,500 |
| Website | www.intuit.com |
Intuit Inc. (Nasdaq: INTU) is an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. It is incorporated in Delaware and headquartered in Mountain View, California.
Profile
The company was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California.
Intuit makes the popular personal finance programs Quicken and TurboTax (and its Canadian counterpart, QuickTax), as well as the small business accounting program QuickBooks. In addition, they produce QuickBooks Point of Sale solution for small retailers, the market leading professional tax solutions ProSeries and Lacerte, and the Web-based corporate workgroup productivity solution QuickBase.
The company maintains a number of foreign sales offices. It has significant R&D activity in Intuit Canada headquartered in Edmonton, Alberta and Intuit India headquartered in Bangalore, India. International product versions are now predominantly produced by third-party localizers or licensees.
History
Intuit was reportedly conceived when Scott Cook, then an assistant product manager at Procter & Gamble, realized that personal computers would lend themselves as replacement for paper-and-pencil based personal accounting. On his quest to find a programmer he ended up running into Tom Proulx at Stanford. The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. The first version of Quicken was coded in Microsoft's Compiler BASIC for the IBM PC and UCSD Pascal for the Apple II by Tom Proulx and had to contend with a dozen serious competitors. Intuit struggled financially until they found their formula for success, which revolved around direct marketing campaigns, favorable reviews in industry and consumer magazines and word of mouth from satisfied customers. Intuit's focus on usability and customer support in its early years was legendary.
Although by 1988 Quicken became a best-seller in its market, the company wasn't a major success until the advent of Windows 3.0 in early 1990s, when sales of Quicken grew explosively. Roughly around the same time the company engaged John Doerr of Kleiner Perkins Caufield & Byers and diversified its product lineup. In 1993 Intuit went public and used the proceeds to make a key acquisition: the tax-preparation software company Chipsoft based in San Diego. The time after the IPO was marked by rapid growth and culminated by buyout negotiations with Microsoft in 1995, when Intuit's market capitalization reached $2 billion.
When the buyout fell through because of DOJ scrutiny, the company came under intense pressure in late 1990s when Microsoft started to compete vigorously with its core Quicken 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, it purchased a large stake in Excite and acquired Lacerte Software, a Dallas-based developer of tax preparation software used by tax professionals. It also divested itself of its online bill payment service unit and extended and strengthened its partnership with CheckFree.
On November 30, 2006, Intuit announced an agreement to acquire Digital Insight, a leading provider of online banking services, for $1.35 billion.[1]
Today, Intuit is one of the largest software companies in the world with about $2 billion in annual revenue and $10.8 billion market capitalization.
Intuit has been ranked in Fortune Magazine's "Top 100 companies to work for" for the past several years.[2]
Products
Quicken Incorporation Services
Quicken Incorporation is a document filing service.
JumpUp
JumpUp (formerly JackRabbit Beta) is a free social networking and resources site for small business owners and/or start-ups. Free tools and services include an interactive business planner, online training for developing a successful business plan, starting costs calculator, cash flow calculator, break even calculator, templates for business planning and sample business plans.
TurboTax
TurboTax is a U.S. tax software package. There are a number of different versions, including TurboTax Deluxe, TurboTax Premier, etc. TurboTax is available for both Federal and state income tax returns. The software is designed to guide users through their tax returns step-by-step. TurboTax became an Intuit product via the 1993 acquisition of its creator, the California-based company Chipsoft. In 2003 Intuit faced vocal criticism for its TurboTax activation scheme.[3] The company responded by removing the product activation scheme from its product. In 2005 TurboTax extended its offering by allowing any taxpayer to use a basic version of its Federal product for free as part of the Free File Alliance. By 2006 that offer has been limited to Free federal online tax prep & e-file for taxpayers whose adjusted gross income is $28,500 or less (or $52,000 for those in the military), and those 50 or under.
TurboTax normally releases its new version in mid-November of each year. TurboTax for Tax Year 2006 was released mid-November 2006.
ProSeries
Intuit's ProSeries tax software evolved from TurboTax and grew over the years to become a full-fledged professional preparer product and a leader in the market. It serves full-time tax preparers. In 2004 two additional ProSeries versions were released - ProSeries Basic and ProSeries Express.
Lacerte
Lacerte is tax preparation software. It is used by professional accountants who prepare taxes for a living. It is a sister product to ProSeries; however, it is generally used by larger firms with more complex workflows and clients.
Lacerte was originally produced by a company of the same name; this company was acquired by Intuit in 1998.
TaxAlmanac
TaxAlmanac is a free online tax research resource. Content on TaxAlmanac is written by tax professionals from across the country and takes advantage of the knowledge of academia as well as practitioners. The site includes key information including the Internal Revenue Code, Treasury Regulations, Tax Court Cases, and a variety of articles.
Modeled after Wikipedia, TaxAlmanac was launched in May 2005. The June 6, 2005 edition of Time magazine featured an article entitled "It's a Wiki, Wiki World"[4] on Wikipedia in which TaxAlmanac was highlighted as "A Community of Customers". The November 21, 2005 edition of Business Week[5] magazine featured an article titled "50 Smart Ways to Use the Web" in which TaxAlmanac was selected as one of the 50. TaxAlmanac made the short list as one of the 7 in the collaboration category.
QuickBase
A web-based collaborative database application. QuickBase was created when Intuit acquired Turning Mill Software in 1999. The application is hosted by Intuit and sold by subscription.
Quicken
Quicken is a personal finance management tool, with a vast array of features. After a few years of ownership Quicken becomes crippleware, in which all Internet features are intentionally disabled according to Intuit's sunset clause.[6] There are several versions of Quicken including, but not limited to: Quicken New User, Quicken Basic, Quicken Deluxe and Quicken Premier. Each version of Quicken also tends to have the release year in the product name, (eg. Quicken Basic 2007). Other editions are listed below. Development of the UK version of Quicken was discontinued in January 2005.
Quicken Kids & Money
Web-based program that aims to help parents teach five- to eight-year-old children how to earn, spend, save and share money.
Quicken Health
Quicken Health is a free online tool for health care consumers enrolled in participating health plans. The product will "allow members to manage and direct their health care finances, view and organize medical expenses, payments and service histories, and download and organize personal health claims data," according to an April 2007 story in the San Jose Business Journal.
Quicken Medical Expense Manager
MEM is a desktop software tool for managing healthcare paperwork, tracking claims and payments, and consolidating related information.
Quicken Rental Property Manager
QRPM is a desktop software tool for managing rental properties, tracking tenants, expenses, payments and producing tax reports.
QuickBooks
QuickBooks is the most commonly used small-business accounting and financial management software in the U.S..
QuickBooks Online Edition
QuickBooks Online Edition is the web-based version of QuickBooks. Some features in the desktop version of QuickBooks are not present in the Online version. Like other web-based software, this is strong for small distributed organizations with limited resources. As of September 2005, a 20% discount was offered for non-profit organizations. Despite being web based it requires Internet Explorer 6.0 or newer, which is currently available only on Microsoft Windows.
QuickBooks Point of Sale
QuickBooks Point of Sale is software that replaces a retailer's cash register, tracks their inventory, sales, and customer information, and provides reports for to managing their business and serving their customers.
Innovation.intuit.com
Innovation.intuit.com is a website Intuit created to get new solutions into people's hands quickly. The early versions of these products and services are called roughcuts, and they're offered for free so people try them and give feedback to enable rapid improvement and make sure they solve real problems well.
QuickPayroll
QuickPayroll is the company's successor to the QuickPay add-on to Quicken. Sporting a similar interface to QuickBooks version 5, the software is used for processing payroll in house. Updates to tax tables and software updates, once offered on floppy disks by mail are offered online on a yearly subscription basis.
QuickTax
QuickTax is a Canadian tax software package. The software is designed to guide users through their tax return step-by-step. It is available on CD-ROM or online at QuickTaxWeb.ca. ImpôtRapide is the French version of QuickTax, mostly used by residents of the province of Québec.
The online version of QuickTax is named QuickTax Web, or ImpôtRapide Web for the French language version.
Customer Manager
A CRM application that focuses on integration with other tools such as QuickBooks, Microsoft Office Outlook, and more.
Zipingo
Zipingo is a free website where users can rate services such as contractors, restaurants, and other businesses. Ratings and comments can be entered from the website or through Quicken and QuickBooks. The site was closed by Intuit on August 23, 2007.
Intuit Real Estate Solutions
In 2002, Intuit acquired Management Reports International, a Cleveland-based real estate management software firm. Renamed Intuit Real Estate Solutions (IRES), the company offers Residential, Commercial, and Corporate Real Estate management solutions for Windows and the Web.
Intuit Eclipse
Eclipse is an enterprise management software for wholesale distributors. Eclipse is a centralized database (UniVerse) residing on AIX, (an NT based version is available as well) with client stations connecting via a simple terminal emulator and a thick, Java based, client. The basic software has such features as support for multi-branch operations, integrated interface for emailing and faxing (using VsiFax), customer calling queue (troubletickets), and several add-ons are available for an employee punch-clock, RF warehousing, Digital Imaging, Proof of Delivery/Signature Capture, and many others.
Criticism and Controversies
Intuit has generated controversy with some of its business practice decisions made in recent years. The most notable cases of criticism from users and reviewers include:
Business Policies
- policy changes in customer support which have limited free support to installation issues only[citation needed]
- perceived poor quality related to the use of off-shore customer support[citation needed]
- an activation scheme from Macrovision in 2002 TurboTax,[7]
- Intuit's phasing-out of support for the ubiquitous QIF format in favor of the QFX format. These formats are used for downloading information from financial institutions such as banks and brokerages. While use of QIF was free, banks are required to pay a licensing fee to Intuit if they wish to allow their customers the ability to download financial data in the QFX format.[8]
Aggressive Upgrade Tactics
- sunset policy that stops online features from working after a certain amount of time.[6][9]
- forced payroll table updates in the 1999 version of QuickBooks[10][11]
Software Quality issues
- Programming issues which cause QuickBooks versions prior to the 2007 to be incompatible with Microsoft Windows Vista[12]
- Intuit's products for Mac OS X have drawn some criticism for being less feature-rich in comparison to their Windows counterparts.[citation needed]
References
- ^ "Intuit to buy banking software rival". MSNBC. 2006-11-30. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ "100 Best Companies to Work For 2007". Fortune. 2007-01-22. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ Metz, Cade (2003-10-01). "Intuit's TurboTax Activation Scheme Irks Users". PC Magazine. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ Taylor, Chris (2005-05-29). "It's a Wiki, Wiki World". Time. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ "The Web Smart 50". 2005-11-21. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ a b Musgrove, Mike (2005-02-06). "'Sunset Policy' Stymies Loyal Quicken Users". Washington Post. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) Cite error: The named reference "wpsunset" was defined multiple times with different content (see the help page). - ^ Becker, David (2003-02-27). "Intuit sued in TurboTax flap". CNet News. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ "QIF Data Import Resource Center". Intuit. Retrieved 2007-06-13.
- ^ "Retirement of online services for older versions of Quicken". Intuit/Quicken. Retrieved 2007-06-13.
- ^ Foster, Ed (2001-04-30). "Study the saga of QuickBooks". Infoworld. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help) - ^ Foster, Ed. "Twist in Intuit's crippleware techniques doubles the cost of its tax-table service". Infoworld. Retrieved 2007-06-13.
- ^ Ou, George (2007-01-25). "QuickBooks Vista problems are six years in the making". ZDNet Blogs. Retrieved 2007-06-13.
{{cite web}}: Check date values in:|date=(help)
- Taylor, Suzanne E. (2003). Inside Intuit: How the Makers of Quicken Beat Microsoft and Revolutionized an Entire Industry. Boston, Mass.: Harvard Business School Press. ISBN 1-59139-136-9. - recounts the early years of Intuit, including the aborted acquisition by Microsoft.
- Import issues with QFX and Quicken for Mac
- Intuit to Make Health 'Quicken' - Health Data Management, April 13, 2006
- CIGNA to offer members Intuit's Quicken Health - San Jose Business Journal, April 25, 2007
- Business tax software: Take control of your tax claims - review of QuickTax Business Incorporated 2007 and Business Unincorporated 2007