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Intuit QuickBooks is accounting software using by small and medium sized companies in Australia.QuickBooks is one of the most popular accounting software focused on modern approach towards effective accounting and facilitating small businesses to maintain their accounts effectively and in a manner by which they can take strategic decisions. QuickBooks is developed by Intuit a United States based company founded in 1983 in California, USA. There are various functions which can be performed by this accounting software. This is basically a cloud based computing advance accounting software but there are performed functions like electronic payments, online banking and reconciliation, payroll assistance and outsourcing, bookkeeping, bank synchronisation, inventory handling, cash flow management, multi-currency transaction, invoice handling and provides other online services related to effective accounting in business of small and medium size (Tsuruoka, 2012). QuickBooks has segmentations of products and the company has acquired some companies like Fifo to enhance its service quality and reach to the customers.
Scott Cook and Tom Proulx founded Intuit in 1983 in California, USA. As initial QuickBooks was launched in DOS version and was not able to function as double entry system which made it ineffective. The software was easy to use without any kind of training which made it popular within small and medium businesses. But there are various loopholes in this accounting software which increases the requirement to change suggested by professionals.For overcome the gaps and inefficiencies Intuit developed software with basic and pro version in 2000 and in 2003 company launched specified software targeting specific industry and department of industry. Company developed various versions for different users like manufacturer, wholesaler, retailer, professional firms, and non- profit entities (Tsuruoka, 2012). QuickBooks is handling more than 6,24,000 subscribers as an online accounting software and providing access to different countries and expanding its reach as most affordable and effective easy to use financial accounting software for small and medium sized businesses.
Intuit QuickBooks was developed by a US based company Intuit which is focusing on providing modern tools for managing effective and appropriate financial accounts to small and medium business owners who are not professionally trained.Initially QuickBooks simple startsoftware provided basic accounting and book-keeping services to the owners of very small sized businesses. Then the category of products is developed in which QuickBooks pro which provides financial accounting to businesses with requirement of payroll.There are various products developed like QuickBooks payroll, QuickBooks premier, QuickBooks Enterprise Solutions, QuickBooks online addition which are usable and suitable for owners of different types of businesses of small and medium size. The vision and mission of the company is to develop a range of software which can provide accounting, tax assessment, and other important aspects related to managing and developing business by taking effective decision making based on real time. Intuit developed software for the niche area which can be integrated by the QuickBooks and resources and marketing tools are developed for the software development kits (Intuit, 2015). A version of QuickBooks is developed for UK which integrated to VAT and tax system.
Adoption and Acquisition
The company adopted or acquired StepUp commerce, Inc worth $80 million, Digital Insight Corp. an online banking technology provider is acquired by the company worth $ 1.33 billion in 2007. Fifo was acquired by the company to improve the effectiveness of cloud computing facility. TurboTax, Mint, and proconnectare the products under same flagship.
Current market size of company
Intuit QuickBooks is one of the most popular and affordable accounting software in the Australian market. The company is providing most effective tools and technologies for managing financial accounts for the companies of small and medium size. QuickBooks Pro is highly ranked accounting software of Australia. This software is subscribed by more than 500000 subscribers in Australia and covering more than 80 % market share of small businesses in North America.The company is serving 1397000 businesses. The company has partnership with various applications like Mail Chimp, Shopify, Big commerce, Square, PayPal, and receipt bank to expand its reach and market share (Intuit Inc Investor Day - Final 2015).
Leaders in the Australian marker
In the Australian market owners of small and medium businesses are using accounting software by selecting the most appropriate and effective according to the type of business after analysing their attributes and features which can make impact on success of the business. There come few names which are leading in the Australian market for providing effective financial accounting to the small and medium sized industries (Tucker, et. al 2016).
Saasu- This is called as future based accounting software focusing on providing variety of functions and products to satisfy customers demand by customised servicing which is making this software easy to connect with the e-commerce activity and CRM. This software is capable of transacting in more than 50 languages which is becoming as core competency of this software.This helps in enable the business economics. to do foreign businesses and manage foreign currency accounts and transactions are automatically converted into the basic currency of the country.
Myob- MYOB is just not an accounting software it more than that, as in it helps in making strategic decisions by providing effective analysis and assistance to financial activities in the businesses. Real- time value is provided by this software. MYOB can be subscribed or purchased as $ 50 to $ 99 per month depending on the versions of the software. The software comes on a free trial base for 30 day trial. Competitive advantage of this software is that it is providing effective services to make up-to-date compliance and due diligence of financial accounts in the small and medium size businesses.
Reckon- Reckon is aiming and making efforts to be the best financial accounting software in the Australian market having a huge number of subscribers and users. In the race of providing cloud computing accounting, this software is proving as the most affordable and suitable for the small businesses which is providing platform for accepting and making payments from debit and credit cards via phones. The software is performing point of sale (POS) transaction system which is integrating with desktop software and developing as a competitive advantage (Tucker, et. al 2016).
Xero- Xero is known as the most popular financial accounting software in the Australian market which is providing its services to the owners of small and medium businesses. This software is covering a huge part of Australia, New Zealand and 24 states United States.It is providing speedy services of online invoicing by using a range of mobile and desktop platforms. The company is also acquired different companies and software to increase the market reach and becoming leader of the market. Pricing of the software is ranging from $ 9/ per month to $ 70/ per month depending on the version of software.
Intuit QuickBooks=this software is developed any a USA based company Intuit which is providing variety of products that making effective decisions for managing financial accounts of small and medium businesses. The software engineeringcomes in affordable price and level of comprehensible features which is making this software one of the best accounting software in the market.
Challenges encountered by users
Although QuickBooks is one of the most famous accounting software of Australian market which is focused on customers demand and needs and developed comprehensive and segregated level of features of software. Still there are some challenges which are facing by the users of this software which are as follows.
- QuickBooks online is facing some outages which are not even planned and expected which is making a huge loss and inconvenience to the users and making them angry about using this software. This can be due to ineffective IT solution which is making this cloud computing software ineffective sometimes.
- There are variety of products containing different attributes which is making every product specified for a specified industry and business. There is lack of combined features in software which is appropriate to fulfil the requirements of accountant (Q3 2016 Intuit Inc Earnings Call - Final 2016).
- Intuit QuickBooks is not listed on the Australia Stock Exchange which is leading to lack of transparency in defining number of customers, revenue and cost.
The company should get listed on the Australia Stock Exchange by which transparency of number, cost and revenue of the company can be increased and opportunity can be provided to the customers to compare. There are still some owners of small businesses and SME’s in Australian market which are not using any accounting software and 50 % of these start-up business owners are not having basic financial knowledge to manage their accounts by using modern approach. Company should focus on these business owners to make them aware about easy use of this software in their businesses to managing their financial accounts effectively and appropriately (Intuit and Big commerce Partner to Simplify Financial Business operations management for Online Retailers 2015). The company should develop more features and width of the softwarewhich can satisfy needs and demands of the customers and users and can help in increase subscribers of the software.
Intuit QuickBooks is financial accounting software providing cloud computing accounting by range of products which is having different attributes leading him as one of the most popular accounting software in the Australian market. This software has two agendas- Integrity without Compromise and we care and give back. The company is supporting its software by making partners to various applications like Mail Chimp, Shopify, Big Commerce, Pay Pal, and Square.
- Intuit and Bigcommerce Partner to Simplify Financial Business Operations for Online Retailers 2015, , Business Wire, New York.
- Intuit Inc Investor Day - Final 2015, , CQ-Roll Call, Inc.
- Intuit, Kiva Offer Financing to Underserved Small Businesses Through QuickBooks Financing Platform 2015, , Business Wire, Inc, New York.
- Q3 2016 Intuit Inc Earnings Call - Final 2016, , CQ-Roll Call, Inc.
- Tsuruoka, D. 2012, Intuit In Biggest Effort Yet For Big Growth Outside U.S. QuickBooks In 130 Countries Financial software firm's cloud effort includes a sort of Wikipedia for tax laws, Investor's Business Daily, Inc, Los Angeles.
- Tucker, B.P. & Schaltegger, S. 2016, "Comparing the research-practice gap in management accounting: A view from professional accounting bodies in Australia and Germany", Accounting, Auditing & Accountability Journal,vol. 29, no. 3, pp. 362.