| Intuit Gets More from Its Tax Pro Customers |
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| Written by Bob Scott | |||
| Friday, 21 August 2009 03:16 | |||
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*The number of active QuickBooks Enterprise Solutions units grew to 37,000 at the end of fiscal 2009, up from 33,000 a year earlier. That 12-percent increase represented a slow-down, but compared favorably to double-digit declines in product sales by traditional mid-market vendors. *QuickBooks units sold increased to 1.84 million, up 2 percent, while the dollars generated fell 2 percent to $578.8 million. *The number of consumers filing returns did not grow, which happened in prior recessions, a factor holding down TurboTax growth. Intuit expects that trend to continue during the current fiscal year. Overall, net income grew to just over $447 million, down 6.2 percent from $476.8 million for the prior fiscal year. Revenue hit just over $3.18 billion, up 3.6 percent from $3.07 billion. That came as product revenue dropped to $1.38 billion for the most recently ended year, down 7.5 percent from just under $1.5 billion the prior period. The company told analysts this reflected a continuing shift from the sale of products to the sale of services. Intuit continues to seek expansion in the market by reaching customers who do not use software or a service for tax and payroll. Smith said the company believes it can use its QuickBook base as a source of customers for PayCycle.
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About the Author: Brett Owens is CEO and Co-Founder of Chrometa, a Sacramento, Calif.-based provider of software that records activity in real time. Previously marketed to the legal community, Chrometa is branching out to accounting prospects; gains include the ability to discover previously undocumented billable time, save time on billing reconciliation and improve personal productivity. Brett is also blogger and founder at CommodityBullMarket.com and ContraryInvesting.com, as well as a regular contributor to two leading financial media sites, SeekingAlpha.com and BeforeItsNews.com. |