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QuickBooks Online Innovations Fuel New Era of Global Small Business SuccessIntuit (News - Alert) Inc. (Nasdaq:INTU) is rolling out a suite of product innovations designed to fuel the next wave of worldwide small business success at the third annual QuickBooks Connect conference. Small business owners used to have to know how accounting worked in order to get the most out of accounting software. Intuit has flipped the equation. Today, QuickBooks Online does the work, configuring itself to meet the unique needs of each individual small business, making it easy to do the books - even for those with no accounting experience. Small businesses using QuickBooks Online can instantly see how their business is performing, get paid on average 15 days faster and free up on average 11 hours a month. "In today's rapidly changing world, small business success depends on having the confidence to quickly adapt to take advantage of new opportunities," said Sasan Goodarzi, executive vice president of Intuit's Small Business Group. "Small businesses that run on QuickBooks Online are more confident they will succeed next year, in five years and ten years from now. That's because QuickBooks Online helps them get paid more quickly, boost their cash flow and save time organizing their finances. At Intuit, we're continuing to innovate so that we can fuel the next generation of small business success." Getting Paid (News - Alert) More Quickly It takes 28 days for the average small business to get paid, and 64 percent of small businesses have invoices that go unpaid for 60 days or more. However, small business owners who use QuickBooks Online get paid twice as fast as those who don't. To take things to the next level, Intuit is planning to deliver:
Tackling the Cash Flow Crunch Small business owners understand the importance of managing their cash flow. In fact, 87 percent say that managing cash flow is critical to long-term success. However, factors such as seasonality, unpredictable customer demand, or a desire to invest in new growth opportunities make it tough for small businesses to access the cash they need when they need it. By leveraging the power of their QuickBooks data, small businesses can tackle the cash flow crunch. The QuickBooks Financing platform allows small businesses to use the power of their QuickBooks data to demonstrate their credit worthiness, streamline the application process, and significantly shorten the loan processing time, from weeks to as little as one business day. To date, small businesses have secured more than $500 million in credit through QuickBooks Financing. Intuit is helping small businesses leverage the powerof their own data to make decisions:
Saving Time and Staying Organized Small business owners want to know where they stand, but many are too busy juggling competing demands to devote time to analyzing their business. In fact, 81 percent of small business owners say they are too busy with other tasks to take the steps to improve their money management, and 78 percent say they can't grow their business as fast as they would like because of cash flow management issues. QuickBooks Online makes it easy to get insights into business performance because it automates much of the time-consuming data entry once associated with bookkeeping. In fact, customers save on average 11 hours a month by using QuickBooks Online, 83 percent are more confident about their financial data, and 72 percent say they are more efficient. To make it even easier for small businesses to seamlessly sync their data and understand their business performance, Intuit will be delivering:
"Our strategy is paying off when you look at the fundamental improvements to the offerings, the addition of QuickBooks Self-Employed in the UK and Australia, and year two of a QuickBooks Self-Employed and TurboTax Online bundle. These will fuel our small business customer growth especially through the second half of the year," said Goodarzi. About Intuit Inc. Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants. Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.
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