2019 Vault Rankings
At a Glance
Excellent pay and great benefits
Flexible work schedule
Lots of office politics
Intuit is a solid, stable company where the pros far outweigh the cons.
About Intuit Inc.
Intuit’s fact is: It handles other people’s taxes – and their bookkeeping and other financial management tasks. The company is a leading developer of software used for small business accounting (QuickBooks), and consumer tax preparation (TurboTax). Mint, the online service, helps manage personal finances and budgeting. Professional accountants boot up Intuit’s Lacerte, ProSeries, and Intuit Tax Online products. More than 70% of revenue comes from products hosted on Intuit’s servers, what the company calls connected services. Intuit claims more than 61 million users for its products and services. Not surprisingly, about half of annual revenue comes in the quarter that includes April 15.
Intuit generates half its sales from small business clients with consumers representing another 42%. Professional accountants -- who use the company's Lacerte, ProSeries, and Intuit Tax Online products -- account for the remainder of revenue.
California-based Intuit has offices in the US, Australia, Canada, India, Singapore, and the UK. The company's software and services are available in the US, Canada, the UK, Australia, India, and Singapore. International sales consistently account for less than 5% of Intuit's sales.
Sales and Marketing
Intuit relies on web marketing and targeted advertising, such as search engine optimization and purchasing key words from major search engine companies; placing its mobile application in proprietary online stores (including Google's Play Store and Apple's App Store), direct-response mail and email campaigns, telephone solicitations, TV, radio, and print advertisements, social media, and coordinated promotional offers with major retailers. Its TurboTax tax preparation software is displayed prominently in stores such as Office Depot, Best Buy, and Sam's Club through April 15 each year. Intuit ramped up advertising spending to $480 million in 2017 (ended July) from $394 million in 2016.
Intuit reported 2017 (ended July) sales of $5.2 billion, up 10% from the prior year. Each segment posted revenue gains in 2017, paced by a 13% increase in the Small Business segment’s sales because of a 30% rise in Small Business Online Ecosystem revenue and changes to QuickBooks Desktop software products that were implemented in 2015. Consumer Tax sales increased 9% in 2017 on growth in TurboTax federal units and a shift to higher end products. ProConnect segment’s sale rose 2% in 2017.
Intuit’s net income fell to $971 million in 2017 from $979 million in 2016. The company had about $170 million income in 2015 from discontinued operations that was not repeated in 2016. Operating income rose 12% in 2017 from the year before.
Cash flow from operations rose to about $1.6 billion in 2017 from $1.5 billion in 2016.
Intuit has declared it intends to double its small business customer base by 2019 and it wants to make sure that its products are accessible online and can be accessed via desktops, laptops, and mobile devices. It also wants accessibility through social websites such as online forums and social media sites. The company generated nearly three-quarters of its revenue from connected services in 2017, up from 50% nine years ago.
Intuit has turned its applications into platforms open its products to third-party applications that users can integrate with Intuit software such as QuickBooks to more closely meet their specific needs. American Express, for example, offers an app for its business credit card holders that transfers transactions automatically to the user’s QuickBooks Online account.
While the company sells more than 37 million units of its TurboTax do-it-yourself software, Intuit wants to carve out a bigger spot in the assisted tax preparation market. Of the nearly 180 million annual returns filed in the US and Canada, some 82 million are filed by professional accountants on behalf of clients. The company has added its own assistance to tax preparation with its SmartLook service, which connects preparers with Intuit experts. The company also offered a feature that connects small businesses that use QuickBooks with accountants. That has helped customer retention.
Further, Intuit is investing more in artificial intelligence and machine learning to take advantage of the massive amounts of data in its systems to help consumer and businesses prepare tax returns more effectively.
Mergers and Acquisitions
In 2019 Intuit agreed to buy Origami Logic, developer of a data integration, ingestion, and analytics platform for analyzing multiple data sets. Intuit intends to use the technology to help customers get more information out of their data. The transaction is expected to close in the 2019 fourth quarter.
In 2017 Intuit bought TSheets, a platform that small and medium businesses, self-employed, and accountants use to automate time tracking and scheduling. The deal formalizes a deal that some customers of both companies have already done: about 12,000 customers use QuickBooks and TSheets in tandem. By buying TSheets, Intuit created a seamless experience for those users.
2700 COAST AVE
Mountain View, CA 94043-1140
Phone: 1 (650) 944-6000
Employer Type: Publicly Owned
Stock Symbol: INTU
Stock Exchange: , NASDAQ
EVP and CFO: Michelle Clatterbuck
Chairman and CEO: Brad D. Smith
EVP and CTO: H. Tayloe Stansbury
Employees (This Location): 70
Employees (All Locations): 8,900
Mountain View, CA
Menlo Park, CA
Mountain View, CA
Portola Valley, CA
San Diego, CA
Woodland Hills, CA