It’s amazing to see that QuickBooks has been able to capture a 75% market share with around 29 million users, most of whom are small business customers. This is a great achievement for the company and shows that its services as well as products are highly valued by its customers.
Intuit Inc. is a leading provider of financial management as well as many other business solutions for consumers, small businesses, accounting professionals, etc. Their products, including QuickBooks and Turbo Tax, are designed to help users manage their finances with ease and efficiency.
It’s great to see that QuickBooks online as well as QuickBooks have a combined market share of 75%! Intuit’s net revenue for the fiscal year that ended on July 31, 2016, was an impressive $4.7 billion. The company has a strong global presence with 7,900 employees spread across Singapore, Canada, the USA, the UK, India, and Australia.
Let’s explore how QuickBooks have captured its market globally in terms of Industry, Country, and Company Size.
1. Industry-wise Usage of QuickBooks
2. Country-wise Usage of QuickBooks
3. Employee-wise (Company Size) Usage of QuickBooks
What is QuickBooks? How does it work?
QuickBooks is popular accounting software that is used by businesses of all sizes to manage their financial transactions and records. It is a comprehensive software that helps businesses keep track of their income, expenses, inventory, payroll, and other financial transactions.
The software is designed to be user-friendly, even for those without a background in accounting. QuickBooks offers a range of features and tools that allow businesses to manage their finances efficiently, such as;
- Invoicing: With QuickBooks, businesses can easily create and send professional invoices to their customers, which can help improve their overall image and increase customer satisfaction. Businesses have the flexibility to personalize their invoices, establish recurring invoices, and conveniently receive online payments.
- Expense Tracking: QuickBooks allows businesses to track their expenses and categorize them for tax purposes. It also allows businesses to connect their bank accounts and credit cards to automatically import transactions.
- Inventory Management: QuickBooks allows businesses to manage their inventory by tracking stock levels, setting reorder points, and generating purchase orders.
- Payroll Management: QuickBooks allows businesses to manage their payroll by calculating employee wages, deducting taxes, and generating paychecks.
- Reporting: QuickBooks offers a range of financial reports that businesses can use to gain insights into their finances, including profit and loss statements, balance sheets, and cash flow statements.
QuickBooks works by allowing businesses to enter their financial transactions into the software. The software then automatically categorizes the transactions and updates the appropriate accounts. Businesses can use the software to generate financial reports, manage their inventory, create invoices, and track expenses.
QuickBooks is available as a desktop application or as a cloud-based solution. The desktop version of QuickBooks is installed on a computer and requires manual updates. The cloud-based version of QuickBooks, known as QuickBooks Online, is accessed through a web browser and is automatically updated.
Services offered by QuickBooks
Accounting
QuickBooks offers a comprehensive suite of accounting services to businesses. One of the key accounting services offered by QuickBooks is expense tracking. This feature allows businesses to track their expenses and categorize them for tax purposes. QuickBooks also allows businesses to connect their bank accounts and credit cards to automatically import transactions, making it easier to stay on top of financial records. Businesses can also customize their expense categories and set up rules to automate expense tracking.
Another accounting service offered by QuickBooks is income tracking. This feature allows businesses to track their income and sales, making it easier to monitor cash flow and revenue. QuickBooks allows businesses to create and send professional-looking invoices to customers and set up recurring invoices. Businesses can also accept payments online, making it easier for customers to pay their bills. QuickBooks also offers bank reconciliation services, financial reporting, and other accounting features that make it an essential tool for businesses looking to manage their finances more efficiently.
Payroll
QuickBooks offers excellent payroll management services to businesses. One of the key payroll services offered by QuickBooks is calculating employee wages. QuickBooks can automatically calculate employee wages based on hours worked salaries, or hourly rates. It also allows businesses to set up different pay schedules, such as weekly or bi-weekly, and offers a range of payroll tax services, including automatic tax calculations and filing.
Another payroll service offered by QuickBooks is generating paychecks. QuickBooks can generate paychecks and direct deposit payments for employees, and it also offers a range of year-end tax form services, including generating W-2 forms for employees. QuickBooks can also manage employee benefits, such as healthcare and retirement plans, and offers a range of reporting tools to help businesses stay on top of payroll expenses.
Inventory Management
QuickBooks offers exclusive inventory management services. One of the key inventory management services offered by QuickBooks is tracking stock levels. QuickBooks allows businesses to track inventory levels in real-time and set reorder points to ensure that they never run out of stock. It also offers a range of reporting tools to help businesses track inventory costs and identify trends in sales and inventory levels.
Another inventory management service offered by QuickBooks is generating purchase orders. QuickBooks can automatically generate purchase orders based on inventory levels and reorder points, making it easier for businesses to manage their inventory and reorder products. QuickBooks also offers barcode scanning and tracking services, making it easier to manage inventory in real-time. Additionally, QuickBooks integrates with a range of third-party inventory management tools, such as Fishbowl and SOS Inventory, offering businesses even more inventory management options.
Reporting
QuickBooks offers a wide range of quality reporting services. One of the key reporting services offered by QuickBooks is financial reporting. QuickBooks allows businesses to generate a range of financial reports, including profit and loss statements, balance sheets, and cash flow statements. These reports can be customized to meet the specific needs of a business, and they can be generated on a regular basis to monitor financial performance.
Another reporting service offered by QuickBooks is inventory reporting. QuickBooks allows businesses to generate a range of inventory reports, including inventory valuation reports and inventory turnover reports. These reports can help businesses track inventory costs and identify trends in sales and inventory levels. QuickBooks also offers a range of other reporting services, including payroll reporting, time tracking reporting, and sales reporting.
Time-Tracking
QuickBooks is impeccable software that provides accurate time-tracking services to businesses. One of the key time tracking services offered by QuickBooks is employee time tracking. QuickBooks allows businesses to track employee time in real-time, making it easier to manage payroll and billable hours. Businesses can also set up different pay rates for different types of work, such as overtime or holiday pay.
Another time tracking service offered by QuickBooks is project time tracking. QuickBooks allows businesses to track time spent on different projects, making it easier to bill clients accurately and monitor project costs. Businesses can also assign different rates to different projects or clients, making it easier to track revenue and profitability. QuickBooks also offers a range of reporting tools to help businesses stay on top of time-tracking data, including payroll reports, project reports, and time-tracking summaries.
Project Management
QuickBooks offers advanced project management services. One of the key project management services offered by QuickBooks is project tracking. QuickBooks allows businesses to track project progress in real-time, making it easier to monitor project timelines and identify potential roadblocks. Businesses can also set up different project stages and assign tasks to team members, making it easier to manage project workflows.
Another project management service offered by QuickBooks is tracking the profitability of the projects. QuickBooks allows businesses to track project costs and revenues in real-time, making it easier to identify profitable projects and avoid unprofitable ones. Businesses can also set up project budgets and monitor project expenses to ensure that they stay within budget. QuickBooks also offers a range of reporting tools to help businesses stay on top of project management data, including project profitability reports, project status reports, and project budget reports.
Payment Processing
QuickBooks is an innovative payment management service that has impressed business owners across the globe. QuickBooks allows businesses to create and send invoices online; making it easier to track payments and reducing the time it takes to get paid. Businesses can also customize their invoices with their branding and include payment options, such as credit card and ACH payments.
Another payment management service offered by QuickBooks is payment processing. QuickBooks allows businesses to process payments directly within the software, making it easier to manage payments and reducing the risk of errors.
QuickBooks also offers a range of payment processing options, including credit card and ACH payments, and it integrates with a range of third-party payment processing services, such as PayPal and Square. QuickBooks also offers a range of reporting tools to help businesses stay on top of payment management data, including payment history reports and accounts receivable reports.
Third-Party Integrations
QuickBooks offers seamless integration with a wide range of third-party services. QuickBooks allows businesses to integrate their e-commerce platforms, such as Shopify or WooCommerce, with their accounting software, making it easier to track sales, inventory, and expenses. Businesses can also automate their e-commerce accounting processes, such as creating invoices or recording payments, reducing the risk of errors and saving time.
Another third-party integration service offered by QuickBooks is CRM integration. QuickBooks allows businesses to integrate their CRM software, such as Salesforce or HubSpot, with their accounting software, making it easier to track customer interactions, sales, and revenue.
Businesses can also automate their sales and accounting processes, such as creating invoices or recording payments, reducing the risk of errors and saving time. QuickBooks also offers a range of other third-party integrations, including payroll integrations, project management integrations, and time-tracking integrations.
15 major Advantages of QuickBooks for your Business:
QuickBooks is powerful accounting software that offers many advantages to businesses of all sizes. Let’s explore 15 major advantages that businesses experience while using QuickBooks:
- Easy to Use: QuickBooks has a user-friendly interface that is easy to navigate, even for those without an accounting background.
- Cost-Effective: QuickBooks offers different pricing plans, including affordable options for small businesses, making it a cost-effective solution.
- Time-Saving: QuickBooks automates many accounting tasks, such as invoicing and payment processing, saving businesses a lot of time.
- Accurate Financial Reports: QuickBooks generates accurate financial reports, making it easier for businesses to make informed financial decisions.
- Cloud-Based: QuickBooks is cloud-based, making it accessible from anywhere with an internet connection.
- Secure: QuickBooks has robust security features, ensuring that all financial data is safe and secure.
- Integration with Other Applications: QuickBooks integrates with a wide range of other applications, such as payment processors, e-commerce platforms, and more.
- Scalable: QuickBooks can be used by businesses of all sizes, from small start-ups to large corporations.
- Multi-User Access: QuickBooks allows multiple users to access the software at the same time, making it easier for teams to collaborate.
- Mobile Access: QuickBooks has a mobile app that allows users to manage their finances on the go.
- Customer Support: QuickBooks offers excellent customer support, with a wide range of resources available to users.
- Payment Processing: QuickBooks allows businesses to accept payments online, making it easier for customers to pay their bills.
- Inventory Management: QuickBooks has a powerful inventory management feature, making it easy for businesses to track their inventory levels.
- Tax Preparation: QuickBooks makes it easy for businesses to prepare and file their taxes, with features such as tax tracking and reporting.
- Customizable: QuickBooks can be customized to fit the unique needs of each business, with a wide range of add-ons and integrations available.
Final Thoughts
QuickBooks is an exceptional accounting software that provides businesses with numerous advantages. From its easy-to-use interface to its robust security features, QuickBooks is a reliable and efficient solution for managing financial tasks. With its cloud-based accessibility, businesses can access their financial data from anywhere, at any time, making it a convenient option for teams working remotely.
Moreover, QuickBooks offers a scalable solution, allowing businesses to customize their software to fit their unique needs. With features such as inventory management, tax preparation, and payment processing, QuickBooks provides businesses with the tools they need to streamline their financial operations. Furthermore, with its excellent customer support, QuickBooks ensures that businesses receive the help they need to make the most of their software.
