I

Intuit

www.intuit.com link_icon

Market Research Report: Intuit Inc. and Competitors



Intuit Overview



Intuit Inc. is an American multinational company specializing in business and financial software, with its headquarters based in Mountain View, California. The company's mission is to power prosperity around the world through its financial management, marketing, and compliance solutions. Serving approximately 100 million customers worldwide, Intuit offers a comprehensive suite of products, including TurboTax, Credit Karma, QuickBooks, and Mailchimp. As of the fiscal year ending 2024, Intuit employs over 18,200 people globally, spread across 16 offices in seven countries.

Financial Performance



In the fiscal year 2024, Intuit reported revenues of $16.3 billion, marking a robust 13% year-over-year growth. Looking ahead, revenue projections for 2025 fall between $18.16 billion and $18.347 billion, aiming for an additional growth rate of 12 to 13%. Intuit's strong financial position is further solidified by strategic initiatives like a $2 billion stock repurchase in 2024 and a newly authorized $3 billion repurchase planned for further capital management.

Leadership



Key Executives



  • Sasan Goodarzi: Chief Executive Officer since 2019, with experience leading Intuit’s consumer tax and small business divisions.

  • Sandeep Aujla: Executive Vice President and Chief Financial Officer, bringing substantial finance leadership from his experience at Visa.

  • Mark Notarainni: Executive Vice President & General Manager, Consumer Group.

  • Marianna Tessel: Executive Vice President and General Manager of the Global Business Solutions Group.

  • Alex Balazs: Chief Technology Officer, heading innovations in AI and technical infrastructure.

  • Greg Johnson: Chief Commercial Officer and Chief Revenue Officer, focusing on brand management and revenue growth.

  • Sarah Kim: Chief Customer Success Officer, leading global customer engagement strategies.

  • Laura Fennell: Chief People & Places Officer, crucial in talent acquisition and retention.

  • Anton Hanebrink: Chief Corporate Strategy & Development Officer, directing long-term strategic planning.

  • Kerry McLean: General Counsel and Corporate Secretary, managing legal and governance matters.


Strategic Initiatives



Intuit places a strategic emphasis on Artificial Intelligence (AI) and technological innovations as central to its growth strategy. The company has launched new AI-driven platform experiences designed to enhance customer interactions and optimize decision-making processes. This application of AI across its services bolsters Intuit's reputation as a disruptor in the financial services sector.

Beyond software, Intuit is committed to corporate responsibility, focusing on tackling economic disparities and combating climate change, aligning with its mission to empower communities and foster economic inclusion globally. The company also invests in innovative startups within the financial technology sector through Intuit Ventures.

Competitor Profiling



Overview of Competitors



Intuit, renowned for its QuickBooks software, navigates a competitive landscape, particularly in the enterprise resource planning (ERP) and corporate management sectors. Key competitors of Intuit QuickBooks include companies such as Accounting Seed, SAP Business All-in-One, Kenexa, ADP GlobalView, Sage HR Management, Oracle PeopleSoft, NetSuite, Xero, SAP Business One, FreshBooks, among others.

In addition to these, Intuit faces competition from major technology and financial management players like Google, Meta, Salesforce, and Adobe. More specifically, competitors include Thomson Reuters, Zoho, Equiniti, Nemetschek Group, Sage, FIS, Xero, Gusto, and H&R Block.

Competitor Profiles



Sage Intacct and Xero



  • Sage Intacct: Recognized as a leading alternative to QuickBooks, Sage Intacct specializes in offering robust financial management tools tailored for expanding businesses.


  • Xero: Known for its strong presence amongst SMEs, Xero provides cloud-based accounting solutions with substantial market influence in regions like New Zealand, Australia, and the United Kingdom. Xero continuously innovations by integrating over 1000 third-party applications, offering seamless business solutions.


FreshBooks



FreshBooks, another significant competitor, focuses on delivering a user-friendly interface for SMEs through its cloud-based accounting platform. This platform is acclaimed for its outstanding customer support and innovation, with a workforce of approximately 561 employees globally, striving to preserve its unique culture amidst rapid growth.

Strategic Insights and Recommendations



An in-depth analysis of key competitors like Sage, Xero, and FreshBooks is crucial for strategically positioning QuickBooks:

  • Sage Intacct excels in providing comprehensive financial solutions.

  • Xero stands out for its strong user engagement and extensive third-party integrations, particularly in specific locales.

  • FreshBooks has captured the freelancer and service-based business segment, offering a user-friendly solution conducive to swift adoption.


Monitoring the strategies and technological advancements of these competitors, especially regarding their regional expansions and product innovations, could reveal both opportunities and challenges within the industry. Insights into customer satisfaction and core features can significantly refine Intuit's sales strategies and enhance its competitive edge in the market.