Business and financial management solutions provider Intuit Inc. (INTU - Free Report) recently unveiled the latest version of QuickBooks Online. The new offering provides improved solutions to manage payroll, inventory, sales and other needs of a small business.
This latest version of QuickBooks is not only visually engaging but also facilitates smooth operations. Being cloud-based software, it can be accessed via an Internet-connected PC, Apple’s (AAPL - Free Report) Mac, iPhone, iPad and Google’s Android-run devices. These new offerings are expected to increase Intuit’s customer base going forward.
The software includes marketing tools, merchant services, product and supplies and training solutions. It is available in more than 100 countries and in more than 10 languages. It also provides real-time data updates that help to solve problems faster, thereby saving time and providing instant accounting solutions for small businesses.
QuickBooks Online will be available to new users beginning late October while existing users will be able to access the service in 2014. It is priced at $12.99 per month or $124.99 per year, which includes a 30-day free trial service. Though the product has been well received so far, there has been some criticism regarding the limited functionality of QuickBooks.
Intuit reported total revenue of $634.0 million in the fourth quarter of fiscal year 2013, up 11.8% from the year-ago period. The year-over-year improvement was mainly due to broad-based strength in segmental revenues. Financial Management Solutions revenues increased 18.0%, driven by higher subscription for QuickBooks Online and QuickBooks Enterprise.
Founded in 1983, Intuit is a leading provider of business and financial management solutions to small and medium-sized businesses, consumers, accounting professionals and financial institutions. The recent realignment of its operations is expected to yield long-term positive results.
We are positive about Intuit’s growing SMB (small & medium business) exposure and believe that the Demandforce acquisition will continue to provide support to the segment. However, competition from leading payroll solution provider, Paychex Inc. (PAYX - Free Report) in the SMB arena, seasonality of Intuit’s tax business and the ongoing uncertainty in the economy concern us.
Currently, Intuit has a Zacks Rank #3 (Hold).