11 Amazing Facts About How Intuit Grew Into A Respectable Tech Company
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Most Of The Business Comes From The United States
Intuit maintains offices in nine countries: the United States, the United Kingdom, Australia, France, Singapore, India, Brazil, Canada, and Israel. Although the company does business in all those countries, a majority of the revenue comes from the United States. Reports indicate that over 95 percent of its revenue was from United States customers. A big reason for this is because of tax season. In 2017, Intuit's reported revenue exceeded $5 billion. Its net income exceeded $970 million.
Most Of The Business Comes From The United States
Intuit maintains offices in nine countries: the United States, the United Kingdom, Australia, France, Singapore, India, Brazil, Canada, and Israel. Although the company does business in all those countries, a majority of the revenue comes from the United States. Reports indicate that over 95 percent of its revenue was from United States customers. A big reason for this is because of tax season. In 2017, Intuit's reported revenue exceeded $5 billion. Its net income exceeded $970 million.
Intuit Treats Employees Well
Intuit is regarded as one of the best tech companies for employees. In 2017, Intuit was named number 13 on Fortune's Top 100 Best Companies to work for. Among the perks that employees receive at Intuit are health insurance, compressed workweeks, pet insurance, and telecommuting. Fortune also named Intuit among the best companies for millennials, parents, and women. As another obvious perk, Intuit will help employees with last minute tax questions before the filing deadline.
They Purchased And Later Sold Quicken Loans
It would very difficult to explain the entire history of Quicken Loans without discussing the role that Intuit played in its development. In 1999, Intuit purchased mortgage lending company Rock Financial for about $530 million. Intuit immediately renamed the company Quicken Loans. Over the next few years, Quicken Loans grew under the impressive leadership of its parent company, Intuit. In 2002, Rock Financial's former owner, Dan Gilbert, bought Quicken Loans from Intuit for $64 million.
Microsoft Tried To Buy The Company
In 1993, Intuit went public and emerged as a leading tech company. By the time its market cap hit $2 billion, software company Microsoft became interested in buying it. Microsoft had some software that was similar to Quicken, and it viewed Intuit as a competitor. In 1994, Microsoft issued a formal buyout for Intuit. However, the United States Department of Justice did not approve of the buyout. Although the buyout failed, Intuit continued to thrive.
Intuit Created A Community For Small Business Owners
In 2006, Intuit formed an online community geared to help small business owners. The community was originally called JackRabbit before Intuit changed the name to JumpUp. In the online community, Intuit provided resources to established businesses and to people who wanted to start a business. Some of the resources included business planning, marketing ideas, cash flow calculators, and business templates. Users could also connect with other small business owners on the platform. JumpUp eventually merged with the larger QuickBooks community.
60 Million Americans Pay $0 When They File With TurboTax
Intuit's TurboTax is the leading tax preparation software. Although most of the tax services for TurboTax come with a reasonable price tag, there's one option that won't cost users anything. TurboTax Free Edition, also called Absolute Zero, allows users to file their federal taxes for free. The company says that roughly 60 million Americans can qualify to use TurboTax for free. The services allow users to import tax forms from previous years and to receive tips from experts.
TurboTax Is A Leading Financial Software In The App Store
A few years ago, Intuit expanded TurboTax by making a version that was available in the App Store. As of 2018, the app is ranked number 25 in the finance category of the App Store, with a 4.5-star rating from over 176,000 users. Intuit marketed the app so that users would have the ability to do their taxes from anywhere at any time. The mobile version offers the same technical capabilities as the popular desktop version.
Over 80 Percent Of Small Businesses Use QuickBooks
It is safe to say that QuickBooks is the leading account software among businesses in the United States. 80 percent of small businesses, which is about 29 million, rely on the software to handle payroll and other accounting situations. In addition to dominating the small business market, Intuit is also targeting the self-employed community with QuickBooks. In recent years, Intuit launched cloud-based versions of QuickBooks to meet the demands of small business owners who rely on the cloud.
Mint Connects With More than 16,000 United States and Canadian Financial Institutions
Mint is the largest free web-based personal finance management software. Over 20 million users rely on Mint to keep track of finances, budgeting, and to learn about different financial products. All these features are located in a single interface. The app works in real time to update financial accounts. In fact, more than 16,000 United States and Canadian financial institutions are connected with the app. Intuit monetizes Mint through lead generation for different financial products.
The First Software Company Rebate In History
Quicken was the initial product offered by Intuit. For a few years, Quicken was the leading financial software of its kind. Then in 1991, Microsoft released Microsoft Money to compete with Quicken. Intuit needed to do something big to compete against Microsoft, so a unique marketing strategy was developed. Intuit offered a $15 rebate coupon for customers who sign up with Quicken. This tactic marked the first time a software company gave customers a rebate.
The CEO Has An Impressive Workout
It's not easy leading a major tech company, which is why Intuit Chairman and CEO Brad Smith relieves a lot of stress with an intense workout every morning. Smith wakes up at 5:30 a.m. for a P90X workout.
"Trust me when I tell you, I don't wake up at 5:30 a.m. fighting to get out of bed," Smith told Business Insider. Although he is not fan of working out, Smith attributes his exercise to having a productive day at work.