The latest stats on QuickBooks and Intuit

​With the goal of “power, prosperity around the world”, Intuit has become a synonym of success during its 35 years of remarkable presence in the industry. 

Although Intuit has various segments, the most profitable and highest revenue generating segment is the small business segment, which focuses on developing accounting software for SMEs.

Currently, Intuit has more than 8,000 employees and it has three broad segments which include Small Business, Consumer Tax, and Proconnect. The current CEO of Intuit Brad Smith has a very clear vision towards the company’s future and he is working in the right direction of the mission of the company through making more money, eliminating work and having complete confidence.

But still, after 35 years of existence in the industry, QuickBooks remains as the flagship of the company and it is still the biggest revenue generator.
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In the United States alone, the QuickBooks dominates the market, and following is an estimated graphical representation of its market share in the US.

Source: https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1061&context=honorstheses

The various versions of QuickBooks including the QB Pro, Premier, Enterprise, QBO, and accountant have more than 80% of the market share in U.S only. Although, there is no denial in the fact that the figure is not the same in the case of global level and Intuit is pushing its effort in this direction, but looking at the large base of accounting software users in the U.S, Intuit has complete dominance over the U.S accounting software industry and with its robust and diverse approach, it will continue its dominance in the future as well.
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Now, let’s talk about the number of users of QuickBooks and its competitors. 

The QuickBooks announced in its 2017 end year report that it has reached 2.55 million subscribers worldwide, out of which, 550 thousand belonged outside of US. While comparing the UK segment, we have taken in account QBO (with 100,000 subscribers) only which is still giving a tough competition to Xero that said in its report that it has now 250,000 in the UK and Freeagent reached 52,000 subscribers.
This clearly shows that just the QBO is enough to give a tough competition to Xero, which is dominating the market in the UK only while QuickBooks is a clear winner in the US and a tough competition to Xero in the UK as well.

                                   Source: Intuit Q4 FY18 Fact sheet, Xero FY18 Investor Presentation

As said at the start of the article, Intuit has three segments, out of which the small business segment is a clear winner. The stock price of Intuit was 115 dollars in 2017 while in 2018 it has risen to 175 dollars, and that clearly shows the growing dominance of Intuit. Now let’s take a look at the revenue by business unit in 2017

​The small businesses contribute 50% of the revenue by business unit while the Consumer Tax and ProConnect contribute 42% and 8% respectively.
Intuit’s growth from 1990 till now

Source: - Intuit Investor Presentation 2018
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Source: - Intuit Investor Presentation 2018
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Source: - Intuit Investor Presentation 2018
 
Some of the best achievements of Intuit

• Ranked 13th on the Fortune 100 Best Companies to work in 2017
• Has been in the above list for more than 17 years
• Consumers ranked Intuit on number 8 in terms of privacy trustworthiness among all companies (Colvin, 2017).
• Ranked no. 4 Fast Company’s list of the top 10 most innovative companies in Design for 2017.