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Intuit (INTU) Ups Quickbooks Business Network's Availability

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Intuit (INTU - Free Report) recently announced that it has increased the availability of its QuickBooks Business Network solution among millions of small and mid-market businesses in the United States. This move will enable eligible QuickBooks Online customers based in the United States to easily connect with each other in the business-to-business (B2B) network to accelerate B2B payments, leverage automation for simplification and streamlining administrative tasks and get access to better collaboration and connection possibilities.

With the expansion of QuickBooks Business Network’s availability, Intuit will be creating one of the largest B2B networks aimed at accelerating and automating B2B payments while enhancing the overall cash flow of small and mid-market sized businesses. Through Intuit’s QuickBooks Business Network, QuickBooks Online customers raise requests to get contact information provided and updated by their customers and vendors, send and receive invoices automatically without manually creating bills for review. The automation strategy for B2B payments lessens manual work, speeds up payment timings for the small business owners and enables better cash flow forecasting and management.

The QuickBooks Business Network also features accounts payable automation that automatically adds bills to books, once reviewed and approved by the owner after receival of invoices. This feature ensures automatic reconciliation of the books while saving time and effort of the businesses. However, it must be noted that this feature is unavailable for Simple Start customers.

 

Intuit Inc. Price and Consensus

Intuit Inc. Price and Consensus

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

INTU is benefiting from strong momentum in online ecosystem revenues and solid professional tax revenues. The company’s strategy of shifting its business to cloud-based subscription model will help it generate stable revenues over the long run.

Last month, the company entered into an agreement to acquire financial health startup SeedFi. This will enable Intuit to accelerate and upscale its Credit Karma business members’ financial progress through SeedFi’s Credit Builder technology.

In November 2022, the company renewed its partnership with the National Football League (NFL) for another four years. Per the extended contract, Intuit encourages NFL fans to participate, increase awareness on the importance of setting financial goals and celebrate its financial milestones. INTU will continue to act as the official financial and accounting software sponsor of the football league through 2026 and will include additional brands and business operations in support of its business.

Nevertheless, macroeconomic and geopolitical headwinds might significantly hurt small business operations, thereby posing risks for Intuit’s top-line growth in the near term. Higher costs and expenses due to increased investments in marketing and engineering teams are likely to continue impacting the bottom line in the near term.

Zacks Rank & Key Picks

Intuit currently carries a Zacks Rank #3 (Hold). Shares of INTU have lost 29.2% in the past year.

Some top-ranked stocks from the broader Computer and Technology sector are Axcelis Technologies (ACLS - Free Report) , Bandwidth (BAND - Free Report) and Zscaler (ZS - Free Report) . While Axcelis sports a Zacks Rank #1 (Strong Buy), Bandwidth and Zscaler carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Axcelis’ fourth-quarter 2022 earnings has been revised 41 cents northward to $1.46 per share over the past seven days. For 2022, earnings estimates have improved by 8.5% to $5.21 per share over the past seven days.

ACLS’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 23.2%. Shares of the company have risen 62.3% in the past year.

The Zacks Consensus Estimate for Bandwidth’s fourth-quarter 2022 earnings has been revised by a penny to 4 cents per share over the past 90 days. For 2022, earnings estimates have moved north by 25 cents to 37 cents per share in the past 90 days.

BAND's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 301.8%. Shares of the company have declined 67.8% in the past year.

The Zacks Consensus Estimate for Zscaler's second-quarter fiscal 2023 earnings has been revised 3 cents north to 29 cents per share over the past 60 days. For fiscal 2023, earnings estimates have moved north by a penny to $1.24 per share in the past 30 days.

ZS' earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 27.3%. Shares of the company have declined 55.3% in the past year.


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