{"id":18569,"date":"2023-10-10T23:56:00","date_gmt":"2023-10-10T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=18569"},"modified":"2024-07-12T17:36:02","modified_gmt":"2024-07-12T09:36:02","slug":"intuit","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/","title":{"rendered":"How does Intuit, the leader in financial management software for individuals and small businesses, make money?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Company_history\" >Company history<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Focus_territories\" >Focus territories<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Main_products\" >Main products<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Famous_products_that_have_been_sold\" >Famous products that have been sold<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Quicken\" >Quicken<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Demandforce\" >Demandforce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#QuickBase\" >QuickBase<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Competitors_of_Intuits_main_products\" >Competitors of Intuit&#8217;s main products<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#TurboTax\" >TurboTax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#QuickBooks_Online\" >QuickBooks Online<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Credit_Karma\" >Credit Karma<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_history\"><\/span>Company history<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Intuit (ticker: INTU) was founded in Palo Alto, California in 1983 by Scott Cook and Tom Proulx. The first product they developed was Quicken, and later Microsoft launched Microsoft Money competed with Quicken, but with little success. After going public in 1993, Microsoft once tried to buy the company, but the transaction fell through without the approval of the US Department of Justice.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Focus_territories\"><\/span>Focus territories<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Intuit provides financial management and compliance products and services to consumers, small businesses, the self-employed, and accounting professionals; and is a leader in financial management software for individuals and SMEs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Main_products\"><\/span>Main products<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Intuit mainly produces software related to finance and tax refunds. The more famous main product lines include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>TurboTax: Available in Basic, Standard, Premier, and Home &amp; Business editions, plus TurboTax 20 for preparing multiple returns. TurboTax has a market share of more than 30% in the U.S. tax filing software market.<\/li>\n\n\n\n<li>QuickBooks: Small business accounting and financial management software, available in EasyStart, Pro, and Premier editions. QuickBooks Online and QuickBooks Commerce are also available. QuickBooks has three times as many subscribers as the second largest New Zealand-listed company, Xero Accounting, a clear lead.<\/li>\n\n\n\n<li>ProConnect: Professional tax products, including ProConnect Tax Online, Lacerte, ProSeries Professional, ProSeries Basic, and EasyAcct.<\/li>\n\n\n\n<li>Mailchimp: Email marketing platform.<\/li>\n\n\n\n<li>GoPayment: The original GoPayment product launched in 2009 uses Bluetooth to connect to the card reader for data transmission to smartphone merchants can also manually enter card information, and Intuit eventually integrated GoPayment with its point-of-sale software, QuickBooks POS, allowing merchants to easily synchronize inventory and financial data and manage multiple sales locations, and provide an overview of the merchant&#8217;s business.<\/li>\n\n\n\n<li>QuickBooks Capital: Provides small business loan services.<\/li>\n\n\n\n<li>Credit Karma: It is a very important company that <a href=\"https:\/\/investors.intuit.com\/news\/news-details\/2020\/Intuit-Completes-Acquisition-of-Credit-Karma\/default.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Intuit acquired for US$3.4 billion in 2020<\/a>. Credit Karma is primarily a free service that provides credit score checks and tax returns. In 2017, 1 million filers used Credit Karma Tax to file their tax returns.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Famous_products_that_have_been_sold\"><\/span>Famous products that have been sold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quicken\"><\/span>Quicken<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/techcrunch.com\/2021\/09\/09\/quicken-one-of-the-first-fintechs-resold-to-another-private-equity-firm\/#:~:text=Image%20Credits%3A%20Quicken&amp;text=In%20April%202016%2C%20an%20affiliate,also%20for%20an%20undisclosed%20amount.\" target=\"_blank\" rel=\"noreferrer noopener\">Quicken was sold to H.I.G. Capital in 2016<\/a>. With a market share of up to 70% in 2021, it is mainly used as a personal home accountant, tracking your account balances, transactions, investments, personal budgets, loans and any other functions. Part of personal daily financial management, the most advanced version also includes the ability to track rental properties and small businesses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Demandforce\"><\/span>Demandforce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Software to manage marketing and customer communications.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"QuickBase\"><\/span>QuickBase <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Development tools for building applications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Competitors_of_Intuits_main_products\"><\/span>Competitors of Intuit&#8217;s main products<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TurboTax\"><\/span>TurboTax<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>H&amp;R Block (tickerk: HRB): Will close 400 stores in response to a new tax law that could see more Americans file their tax returns and file their own taxes, significantly impacting Block&#8217;s business.<\/li>\n\n\n\n<li>TaxAct<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"QuickBooks_Online\"><\/span>QuickBooks Online<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Microsoft<\/li>\n\n\n\n<li>Oracle<\/li>\n\n\n\n<li>SAP<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_Karma\"><\/span>Credit Karma<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>NerdWallet<\/li>\n\n\n\n<li>Bankrate<\/li>\n\n\n\n<li>QuinStreet<\/li>\n\n\n\n<li>Fair Isaac (ticker: FICO)<\/li>\n\n\n\n<li>Credit Sesame <\/li>\n\n\n\n<li>Facet Wealth<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"262\" height=\"199\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2023\/03\/intu-1600x1200-1.jpg\" alt=\"Intuit\" class=\"wp-image-18570\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Intuit, the leader in financial management software for individuals and small businesses, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/09\/3-consumer-credit-rating\/\">Three major consumer credit rating companies Equifax, Experian, and TransUnion<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/08\/29\/fair-isaac\/\" target=\"_blank\" rel=\"noreferrer noopener\">Fair Isaac, one of the most important listed companies in the US consumer finance industry<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/12\/you-should-know-the-company-square\/\">You should know the company Square (rebraned to Block)<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Company history Intuit (ticker: INTU) was founded in Palo Alto, California in 1983 by Scott Cook and Tom Proulx. The first product they developed was Quicken, and later Microsoft launched Microsoft Money competed with Quicken, but with little success. After going public in 1993, Microsoft once tried to buy the company, but the transaction fell &hellip; <a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/10\/10\/intuit\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;How does Intuit, the leader in financial management software for individuals and small businesses, make money?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":18570,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126,106,105,560,109,122],"tags":[156,357,3,339,333,133],"class_list":["post-18569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","category-consumer-banking","category-corp-banking","category-corp-tax","category-credit-rate-agent","category-software","tag-fico","tag-intu","tag-msft","tag-orcl","tag-sap","tag-sq"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/18569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=18569"}],"version-history":[{"count":12,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/18569\/revisions"}],"predecessor-version":[{"id":22110,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/18569\/revisions\/22110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/18570"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=18569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=18569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=18569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}