Two years ago, Intuit celebrated the milestone of serving 1 million small businesses around the world. Today they have doubled that number to more than 2 million global QuickBooks Online customers. They have continued to prosper overtime, and the company continues to be one of the best in the accounting world!
QBO wants to celebrate with their customers and partners, because they could not have done it without them. Together, they have managed to build the largest and fastest growing global small business ecosystem on the planet. They want to create success for individuals, small businesses, self-employed workers, and app developers who dare to dream. They are unlocking the power of millions – 2.2 million in 192 countries to be exact – and giving you access to the world’s largest small business platform and the collective power that comes with it. With 1,500 small businesses joining the platform everyday, the products continue to satisfy by getting better, smarter, and easier to use.
2 Million Strong … and Growing
“Our strategy of a vibrant “One Intuit Ecosystem” is gaining real momentum. More ecosystem connections between customers and products creates greater value for our customers, and sources of competitive advantage for Intuit,” said Brad Smith, Intuit’s chairman and chief executive officer, during a call with investors and media today. “Customer growth continues to accelerate, driven by improvements across their platform serving the self-employed, small businesses and accountants. They continue to focus their drive on strong growth in both our core U.S. business and international markets.”
There’s proof across the ecosystem that the QBO platform is thriving:
- Total QBO customers grew 59 percent in the last three months, up from 49 percent growth in the second quarter.
- Outside the United States, the QBO customer base grew 70 percent year-over-year to 433,000 subs, up from 61 percent growth in the second quarter.
- QuickBooks Self-Employed customers doubled to 360,000, up from 180,000 last quarter and 75,000 a year ago, driven by a unique integration with TurboTax that has surfaced nearly 4 million self-employed tax filers.
- QBO payroll and payments businesses grew 19 percent and 9 percent this quarter, respectively.
QuickBooks is also delivering unique benefits to customers:
- QBO learns and categorizes over 70 percent of transactions, saving small businesses an average of 11 hours each month.
- Small business owners who use QBO get paid twice as fast as those who don’t.
- 83 percent of QuickBooks customers say they are more confident about their financial data.
- 89 percent of small businesses say they are more successful when they work with an accountant. Intuit uniquely brings those two groups together serving 300,000+ accounting professionals worldwide, with 600,000+ QBO customers now linked to a QBO Accountant customer.
- There are 200,000 QuickBooks ProAdvisor accountants worldwide that are dedicated experts in QBO and ready to help you.
- The Intuit Developer Group has the world’s leading small business Apps Store, and offers best-in-class developer tools. Today, we have more than 1,545 apps on the platform to help you meet the unique needs of your business.
The Future of the Business
In a blog post today, Sasan Goodarzi, executive vice president and general manager of Intuit’s Small Business Group, described a new version of “Main Street” that has emerged on global platforms such as Facebook, Amazon, and eBay. There is now a global village built on and connected through technology, rather than brick-and-mortar. Sasan argued that although mega-platforms have made this new global village possible, “The future belongs to those who have always made Main Street prosper – small business owners and entrepreneurs.”
But the road to small business prosperity isn’t an easy one. QBO knows you face stiff competition from global platforms and big corporations. They want to help businesses stay afloat and perhaps even help tip the odds in your favor, and they’re in a unique position to do just that. In fact, based on the deep technical groundbreaking work Intuit has done over the years, they currently have about 100 pending patent applications and 30 artificial intelligence and machine learning-based products or features in production that are touching customers with real-time experiences.
As the QBO platform grows, so does their customers’ collective power. More customers mean more data, and more data means more insights. More insights means they can provide a more holistic credit score for a small business and provide insights on pricing, payroll, payments, and inventory strategies for small business owners that previously only big corporations could access. It’s just some of the ways they’re unlocking the power of many for the prosperity of one.