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Intuit (INTU) & Practice Ignition Boost Productivity of Tax Pros

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Intuit Inc. (INTU - Free Report) recently announced that it is partnering with automated proposal and payment management software — Practice Ignition (PI) — to improve end-to-end workflow for tax professionals.

The partnership will enable tax professionals to automate compliance and other administrative tasks, enabling them to focus on the long-term tax goals of their clients, thus increasing their productivity.

Intuit’s ProConnect Tax Online, combined with PI, will also help small businesses plan their finances and recover from the COVID-19 blow. PI will help professionals engage with their clients, while ProConnect will help them quickly and efficiently work on their tax returns.

Intuit offers professional tax offerings — Lacerte, ProSeries, ProFile and ProConnect Tax Online — through its Strategic Partner segment, which serves professional accountants in the United States and Canada who are essential to the success of small businesses and also tax preparation and filing.

Intuit Inc. Price and Consensus

Intuit Inc. Price and Consensus

Intuit Inc. price-consensus-chart | Intuit Inc. Quote

The company has been proactively assisting small businesses with information and guidance regarding financial and tax benefits amid the pandemic.

In February this year, Intuit’s TurboTax launched a new campaign — Little Lifts — to help Canadian individuals and small businesses struggling financially due to COVID-19. As part of the campaign, throughout Canada’s tax season, the TurboTax team identified Canadians who needed support in finances and taxes and provide that support wherever possible.

Moreover, in January, the company updated Intuit Aid Assist (IAA), a free website, with two interactive tools to help eligible small business owners and the self-employed assess their eligibility for federal relief and related tax credits from the Coronavirus Response and Relief Supplemental Appropriations Act.

Moreover, partnerships with key companies are helping Intuit gain market share. Last month, its personal finance app, Mint, and Rocket Mortgage, part of Rocket Companies, announced an extension of their partnership where Mint users can get approvals to purchase a home entirely digitally, within the Mint app - powered by Rocket Mortgage’s API.

Further, in February, Intuit announced its partnership with Octopus Energy to empower its employees and QuickBooks Online (QBO) customers in the U.K. to transition to renewable energy as part of its 2030 climate positive goal.

These partnerships and humanitarian efforts are helping Intuit gain customer loyalty and broaden its customer base.

Zacks Rank & Stocks to Consider

Intuit currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader technology sector are Ubiquiti Inc. (UI - Free Report) , Vishay Intertechnology (VSH - Free Report) and Etsy, Inc. (ETSY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term earnings growth rate for Ubiquiti, Vishay Intertechnology and Etsy is currently pegged at 32.94%, 20.26% and 25.25%, respectively.

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