Intuit Inc. operates as a global financial technology platform with a mission to power prosperity around the world. The company’s platform helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. The company also provides specialized tax products to accounting professionals, who are key partners that help it serve small and mid-market business customers.
Across its platform, the company uses the power of dat...
Intuit Inc. operates as a global financial technology platform with a mission to power prosperity around the world. The company’s platform helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. The company also provides specialized tax products to accounting professionals, who are key partners that help it serve small and mid-market business customers.
Across its platform, the company uses the power of data and artificial intelligence (AI) to deliver three core benefits to its customers: helping put more money in their pockets, saving them time by eliminating work, and ensuring that they have complete confidence in every financial decision they make. The company helps consumers do their taxes with ease and confidence, understand their financial picture, build credit, save more to make ends meet, get their largest tax refund, pay off debt, and receive personalized suggestions on how to grow their money. The company helps small and mid-market businesses grow and run their business all in one place, including bookkeeping, getting paid, accessing capital, paying employees, getting and retaining customers, and managing their customer relationships.
The company does this through its global AI-driven expert platform and its offerings including TurboTax, Credit Karma, QuickBooks, and Mailchimp. The company serves approximately 100 million customers.
Business Portfolio
The company organizes its businesses into four reportable segments:
Small Business and Self-Employed: This segment serves small and mid-market businesses around the world, and the accounting professionals who assist and advise them. The company’s QuickBooks offerings include financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts through an FDIC member bank partner, and financing for small businesses. The company’s Mailchimp offerings include marketing automation and customer relationship management.
Consumer: This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S. and Canada.
Credit Karma: This segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts through an FDIC member bank partner; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools to help understand net worth and make financial progress.
ProTax: This segment serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. The company’s professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada.
Business and Growth Strategy
The company’s strategy, combined with its five Big Bets that focus on the largest customer problems and growth opportunities, positions it for durable growth in the future.
With the introduction of GenAI, the company is transforming how it strives to serve its customers by delivering ‘done for you’ experiences, where the company does the hard work for them, and connecting them with AI-powered human expertise to fuel their success. The company uses powerful and relevant contextual data sets spanning small business, consumer finance, and tax to deliver personalized financial insights to customers across its platform.
Additionally, the company’s investment in AI, GenAI, data, and world-class developer tools in particular, provides a foundation for it to accelerate productivity, innovate at scale, and move with speed to deliver benefits to its customers. This includes utilizing the company’s own financial large language models (LLMs), as well as models from other leaders in GenAI, which together unlock new opportunities to serve its customers with accuracy and speed in a cost-efficient way.
As the company executes its global AI-driven expert platform strategy, the company prioritizes resources on its five Big Bets across the company. These priorities focus on solving the problems that matter most to customers and include:
Revolutionizing Speed to Benefit: When customers use its products and services, the company uses the power of AI to deliver value instantly and aim to make interactions with its offerings frictionless, without the need for customers to manually enter data. The company is accelerating the application of AI to deliver ‘done for you’ experiences to its customers. This is foundational, and execution against this priority positions the company to succeed with its other four Big Bets.
Connecting People to Experts: The largest problem the company’s customers face is lack of confidence to file their own taxes or to manage their books. To build their confidence, the company connects its customers to experts. The company offers customers access to experts to help them make important decisions – and experts, such as accountants, gain access to new customers so they can grow their businesses. The company is also expanding its virtual expert network and broadening the segments it serves beyond tax and accounting to play a more meaningful role in its customers’ financial lives.
Unlocking Smart Money Decisions: To address the challenges of high-cost debt and lack of savings, the company is creating a comprehensive, self-driving financial platform with Credit Karma that propels its members forward wherever they are on their financial journey, so they can understand their financial picture, make smart financial decisions, and stick to their financial plan in the near term and long term.
Be the Center of Small Business Growth: Globally, the company is focused on helping customers grow their businesses by offering a broad, seamless set of tools that are designed to help them get and retain customers, get paid faster, manage and get access to capital, pay employees with confidence, and use third-party apps to help run their businesses. The company’s money solutions enable customers to manage their money and improve cash flow. This is an important driver to improving the success of the company’s small and mid-market business customers.
Disrupt the Small Business Mid-Market: The company intends to disrupt the mid-market with a tailor-made, integrated ecosystem, which includes its QuickBooks offerings, as well as its workforce solutions and money offerings. These solutions are designed to address the needs of mid-market business customers with 10 to 100 employees. Mailchimp’s marketing offerings enable mid-market businesses to digitally promote their business across email, social media, landing pages, ads, websites, and more, all from one place. These offerings enable the company to increase retention of these larger customers and accelerate mid-market demand.
Products and Services
Small Business and Self-Employed
The company’s Small Business and Self-Employed segment serves small and mid-market businesses around the world, and the accounting professionals who assist and advise them. The company’s intention is for QuickBooks to be the source of truth for each small and mid-market business customer who uses its AI-driven expert platform.
Small and mid-market business owners are constantly faced with challenges and barriers in their journey to success. Universally, small businesses at every stage of growth struggle to get customers, get paid, get capital, pay workers, get access to advice, and stay compliant and organized. The company’s innovative customer growth platform provides actionable, AI-driven insights its customers need to grow and run their businesses with confidence.
Get Customers
Mailchimp: Mailchimp is an all-in-one marketing platform for growing businesses. Mailchimp’s marketing platform enables small and mid-market businesses to digitally promote their businesses across email, social media, short message service (SMS), landing pages, ads, websites, and more, all from one place.
Get Paid
Payment Processing Solutions: The company’s full range of merchant services for small and mid-market businesses includes credit card, debit card, Apple Pay, and ACH payment services for in-person and card-not-present payments. The company offers instant deposit and payments dispute protection options for eligible customers. QuickBooks Payments is deeply integrated into the company’s QuickBooks Online and Desktop offerings through seamless onboarding and automated transaction reconciliation and is the default payment solution for QuickBooks invoicing.
QuickBooks Checking: The QuickBooks Checking business bank account comes with a physical and virtual debit card for more spending power, fast payments with no-fee Instant Deposit, and powerful cash flow management with envelopes for partitioning funds for future expenses, all with no fees.
Bill Pay: The company’s QuickBooks Online offerings allow small and mid-market businesses to organize bills and make payments online. Small and mid-market businesses can connect with vendors and automatically import bills through the company’s network, resulting in easier and faster payments.
Get Capital
Capital: The company offers financing options for small and mid-market businesses to help them get the capital they need to succeed. The financing process provides customers with the ability to use their QuickBooks data to qualify to borrow capital, whether directly from Intuit via term loans or from a third-party partner. Additionally, QuickBooks Line of Credit provides flexible access to capital through pre-approved credit limits. Qualified small and mid-market businesses can choose to borrow funds through a series of term loans within a maximum approved credit limit.
Pay Workers
Workforce Solutions: The company’s payroll solutions, available as online or desktop solutions, are sold on a subscription basis and integrate with its QuickBooks Online and Desktop offerings or may be purchased standalone. The company’s QuickBooks Online payroll offerings include automated tax payments and filings, as well as access to human resources solutions and employee benefits offerings like health insurance and 401(k) plans. The company also offers QuickBooks Time, which seamlessly integrates with QuickBooks Payroll and third-party payroll products to help businesses easily and accurately track time across a mobile workforce, including tools for project planning, job costing, and tracking per-client billable hours.
Access Advice
QuickBooks Live: Small businesses can get support through two QuickBooks Live bookkeeping services: Assisted and Full-Service Bookkeeping. With QuickBooks Live Expert Assisted, small businesses have on-demand access to expert bookkeepers who can provide guidance and support on managing their books and making smart business decisions. With QuickBooks Live Full-Service Bookkeeping, small businesses get one-on-one support from our team of expert bookkeepers to manage and maintain books with guaranteed accuracy. The company’s experienced bookkeepers are certified QuickBooks ProAdvisors, and many are Certified Public Accountants.
QuickBooks ProAdvisor: Accounting professionals can assist with bookkeeping, taxes, payroll, and more. The company’s free Find a ProAdvisor service helps customers find a QuickBooks Certified accountant or bookkeeper who knows their niche, speaks their language, or is close by. To enable its network of hundreds of thousands of accountants, the company offers memberships to the QuickBooks ProAdvisor program, which provides accountants access to QuickBooks Online Accountant, technical support, training, product certification, marketing tools, and discounts on Intuit products and services purchased on behalf of clients.
Stay Compliant and Organized
QuickBooks Online: Designed for all kinds of small businesses, QuickBooks Online helps simplify accounting and tax compliance. Users can track income and expenses, create and send invoices and estimates, manage and pay bills, and review a variety of financial reports. QuickBooks Online also has powerful industry-specific capabilities, such as features for product-based businesses. QuickBooks Online is an open platform, enabling third-party developers to create online and mobile applications that integrate with the company’s offering.
The company offers different QuickBooks Online solutions depending on the size and complexity of the small business, including Simple Start, Essentials, and Plus. Additionally, the company offers QuickBooks Online Advanced designed for mid-market businesses with 10 to 100 employees that have more complex needs, and QuickBooks Self-Employed and QuickBooks Solopreneur designed for independent contractors and solo entrepreneurs.
QuickBooks Desktop Software: The company’s QuickBooks financial management solutions are also available as desktop versions for small businesses on a subscription basis. QuickBooks Enterprise, designed for mid-market businesses with 10 to 100 employees, is available for download and can also be provided as a hosted solution. This offering provides industry-specific reports and features for a range of industries, including Contractor, Manufacturing and Wholesale, Nonprofit, and Retail.
Financial Supplies: The company offers a range of financial supplies designed for individuals and small businesses that use its QuickBooks offerings. These include standard paper checks and Secure Plus checks with CheckLock fraud protection features, a variety of stationery, tax forms, and related supplies.
Consumer
The company’s Consumer segment includes its TurboTax products and services that are designed to enable consumers and small businesses to prepare and file their federal and state income tax returns quickly and accurately. These offerings are available either online or as desktop versions in the U.S. and Canada. They are designed to be easy to use, yet sophisticated enough for complex tax returns. For the 2023 tax season, it offered a variety of commercial software products and tax filing services to meet the different needs of the company’s customers, including those who file simple returns, those who itemize deductions, those who own investments or rental property, and small business owners. The company offered TurboTax for small businesses, which enables customers to file their business taxes. The company offers TurboTax Live for customers seeking to obtain tax advice from professionals and TurboTax Live Full Service for customers seeking to have their tax returns prepared for them. Customers can electronically file their federal and state income tax returns through the company’s electronic filing service. Other services offered include audit defense and audit support. The company’s online tax preparation, filing, and other services were offered through the websites and mobile apps of thousands of financial institutions, electronic retailers, and other online merchants. Financial institutions can offer the company online tax preparation and filing services to their customers through a link to TurboTax Online.
Credit Karma
The company’s Credit Karma segment provides consumers with a financial platform that propels them forward wherever they are on their financial journey, enabling them to understand their financial picture, make smart financial decisions, and stick to their financial plan. The platform offers a number of services to the company’s members, many at no charge: access to their credit scores and reports, credit and identity monitoring, credit report dispute, tools to help understand net worth and make financial progress, and personalized recommendations of credit card, loan, and insurance products. Credit Karma Money offers members online savings and checking accounts through an FDIC member bank partner. Credit Karma Money also provides tools to help members improve their credit scores. To provide services to the company’s members, Credit Karma works with a variety of partners, including credit bureaus, banks, credit card issuers, insurance carriers, and other financial institutions and lending partners.
Additionally, Credit Karma leverages Lightbox, a first-of-its-kind enterprise platform which allows lenders to leverage thousands of de-identified data points from Credit Karma members to help provide the company’s members with greater certainty that they will be approved if they apply for a financial product.
ProTax
The company’s ProTax segment includes its professional tax offerings and serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. The company’s professional tax offerings consist of Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada. These offerings enable accountants to accurately and efficiently complete and electronically file a full range of consumer, small business, and commercial federal and state tax returns. Lacerte is designed for full-service, year-round accounting firms who handle more complex returns. ProSeries is designed for year-round tax practices handling moderately complex tax returns. ProConnect Tax Online is the company’s cloud-based solution, which is designed for full-service, year-round practices who prepare all forms of consumer and small business returns and integrates with the company’s QuickBooks Online offerings. ProFile is the company’s Canadian desktop tax offering, which serves year-round full-service accounting firms for both consumer and business tax returns. ProTax Online is the company’s Canadian cloud-based tax solution, which is designed for full-service, year-round practices who prepare all forms of consumer and business tax returns, and is integrated into QuickBooks Online Accountant to provide seamless integration of data across books and tax through the company’s Workpapers solution. The company’s Tax Advisor offering leverages AI and information generated from its ProConnect Tax Online and Lacerte offerings to enable year-round tax planning services and communicate tax savings strategies to clients. The company also offers a variety of tax-related services that complement the tax return preparation process, including year-round document storage, collaboration services, e-signature, and bank products, and additional capabilities, such as fixed asset management, desktop hosting, and third-party solutions for practice management for some of the company’s U.S. tax offerings.
Seasonality
The company’s Consumer and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from its income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during the company’s second and third quarters ending January 31 and April 30, respectively.
Marketing, Sales, and Distribution Channels
Markets
The company’s primary customers are consumers and small and mid-market businesses. The company also provides specialized tax and accounting products to professional accountants, who are key partners to help it reach small and mid-market business customers.
Marketing Programs
The company uses a variety of marketing programs to generate direct sales, develop leads, increase general awareness of the Intuit brand and its product portfolio, and drive sales in retail. These programs include offline marketing such as TV and radio advertising; digital marketing such as display and pay-per-click advertising, search engine optimization, and social and affiliate marketing; email marketing; in-product marketing to drive awareness of related products and services; public relations; sponsorships; podcast marketing; mobile marketing; and retail marketing. The company’s campaigns are designed to attract new users, retain existing users, and cross-sell additional offerings.
Sales and Distribution Channels
Direct Sales Channel: The company offers its products and services directly through its websites, apps, and call centers. Direct online sales are an effective channel for customers who can make purchase decisions based on content provided on the company’s websites, or via other online content and word-of-mouth recommendations. For many of the company’s products, assisted sales continues to be an effective channel for serving customers who want live help to select the products and services that are right for their needs. The company also has a direct sales force that calls on accountants, bookkeepers, and marketing professionals, and seeks to increase their awareness, usage, and recommendation of the company’s small business and professional tax solutions. For mid-market businesses, the company has implemented and expanded its omnichannel go-to-market strategy by diversifying and growing its direct sales teams.
Multi-Channel Shop-and-Buy Experiences: The company’s customers primarily research products and services online. Many customers buy and use the company’s products and services entirely online. Some research online but make their purchase at a retail location. Because many customers shop across multiple channels, the company continues to coordinate its online, offline, and retail presence and promotions to support an integrated, multi-channel shop-and-buy model. The company also focuses on cross-selling complementary Intuit and third-party offerings online and in-product.
Mobile Application Stores: The company distributes many of its offerings for mobile devices through proprietary online stores that provide applications for specific devices.
Partner and Other Channels: The company offers many of its products and services through partners and other channels, including value-added resellers, technology partners with complimentary platforms, accountants, bookkeepers, and marketing professionals, and professional service providers who help the company reach new customers at the point of need and drive growth and market share by extending its online reach. These partners combine the company’s products and services with marketing, sales, and technical expertise to deliver a complete solution at the local level. The company also sells its QuickBooks Online and TurboTax Desktop offerings at retail locations across the United States and Canada and on retailer websites. Additionally, the company sells its QuickBooks Enterprise software on retailer websites. In Canada, the company also relies on distributors who sell products into the retail channel.
Customer Success
For many of its offerings, the company provides support through channels including telephone, email, online and video chat, text messaging, its customer support websites, self-help assets embedded in its products, and online communities where consumers can share knowledge and product advice with each other.
The company also provides access to experts, through its TurboTax and QuickBooks Live offerings, who provide tax advice, tax preparation, and bookkeeping services.
The company’s customer success staff predominantly consists of Intuit-employed and outsourced experts. The company supplements with seasonal employees and additional outsourcing during periods of peak call volumes, such as during the tax return filing season or following a major product launch. The company augments the services it provides with outsourced partnerships domestically and internationally. Most of the company’s internationally outsourced small business customer success personnel are located in the Philippines and Portugal.
The company also sources staff through its Prosperity Hub program, which is designed to spark economic prosperity in underserved communities. One part of this program is the company’s socially responsible sourcing model, where it both directly and through customer success partner-employers, hires, trains, and retains workers who deliver support and services for its customers.
Self-help information is offered for free in-product and on its support websites for many of the company’s offerings. Support alternatives and fees vary by product. For example, some product subscriptions receive 24x7 support and additional contact channel options.
Manufacturing and Distribution
Online Products and Services
The company’s online offerings include QuickBooks Online, online payroll services, merchant payment processing and bill pay services, Mailchimp’s marketing automation and customer relationship management offerings, TurboTax Online, ProConnect Tax Online, consumer and professional electronic tax filing services, and Credit Karma offerings. The company uses public cloud providers, such as Amazon Web Services and Google Cloud Platform for most of its systems, networks, and databases used to operate these online offerings.
Desktop Software and Supplies
An increasing proportion of the company’s desktop software customers choose to electronically download software, however, a portion of its customers continue to choose to purchase these products in the form of physical media. The key processes in manufacturing desktop software are manufacturing compact discs (CDs), printing boxes and related materials, and assembling and shipping the final products. When physical product is ordered, the company typically ships the physical product within a few days of receiving an order, and backlog is minimal.
Intellectual Property
The company also has a number of registered trademarks that include Intuit, QuickBooks, Lacerte, TurboTax, QB, ProSeries, ProConnect, Credit Karma, and Mailchimp. The company has registered these and other trademarks and service marks in the United States and, depending on the relevance of each brand to other markets, in many foreign countries.
History
Intuit Inc. was incorporated in California in 1984 and was reincorporated in Delaware in 1993.
