About Intuit Inc

Intuit Inc. (Intuit) helps consumers and small 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 the company serves small business customers. Across the company’s platform, it uses the power of technology to deliver three core benefits to its customers: helping put more money in their pockets, saving them time by eliminating work so they can focus on what matters to them, and ensuring that they have complete confidence in every financial decision they make. All of the company’s customers have a common set of needs. The company’s global financial technology platform, which includes TurboTax, Credit Karma, QuickBooks, and Mailchimp, is designed to help consumers and small businesses manage their finances, get and retain customers, save money, pay off debt, and do their taxes with ease and confidence so they receive the maximum refund they deserve. For those customers who have made the bold decision to become entrepreneurs and go into business for themselves, the company is focused on helping them find and keep customers, get paid faster, pay their employees, manage and get access to capital, and ensure their books are done right. The company serves 100 million customers. Business Portfolio The company operates through the following four reportable segments: Small Business & Self-Employed: This segment serves small businesses and the self-employed 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, and 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. The company’s Mint offering is a personal finance offering which helps customers track their finances and daily financial behaviors. 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 At Intuit, the company’s strategy starts with customer obsession. The company listens to and observes its customers, understand their challenges, and then use advanced technology, including AI, to develop innovative solutions to help consumers and small businesses prosper. Five years ago, the company declared its strategy to become a global AI-driven expert platform and five strategic priorities, or ‘big bets,’ as the primary areas of focus to drive durable growth. The company is investing heavily in its data and AI capabilities to deliver accelerated innovation where the company and others can solve the company’s customers’ most important problems. The company is accelerating the development of the platform by applying AI in three key areas: An Open Platform: The company’s open technology platform allows partners to integrate with the company’s offerings so, together, the company can deliver value and benefits that matter the most to the company’s customers. Application of AI: AI is essential to how the company help its customers work smarter because the company can automate, predict, and personalize their experiences. Intuit has built AI capabilities into the company’s products and services for nearly a decade, including machine learning, knowledge engineering, natural language processing and understanding, and, more recently, fine-tuned financial large language models. The company’s investment in AI, and generative AI in particular, provides a foundation for the company to innovate at scale and with speed to build new customer experiences. Incorporating Experts: One of the biggest problems the company’s customers face is lack of confidence. Even with current advances in technology that deliver personalized tools and insights, many customers want to connect with a real person to help give them the confidence they are making the right decision. By bringing experts onto the company’s platform, the company can solve this massive problem for customers. The power of the company’s virtual expert platform allows the company to scale the intelligence of the company’s products, elevating experts to advisors, and delivering big benefits for customers. As the company continues to build its AI-driven expert platform, 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 the company’s products and services, the company uses the power of data-driven customer insights to deliver value instantly and aim to make interactions with the company’s offerings frictionless, without the need for customers to manually enter data. The company is accelerating the application of AI to deliver breakthrough innovations to customers. The company is also investing in other emerging technologies, such as decentralized technologies, with a goal to revolutionize the customer experience and help customers put more money in their pockets faster. This priority is foundational across the company’s business, and execution against it positions the company to succeed with its other four strategic priorities. 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 how the company think about virtual experiences by broadening the segments the company serves beyond tax and accounting, to play a more meaningful role in the company’s customers’ financial lives. Unlocking Smart Money Decisions: Crippling high-cost debt and lack of savings are at unprecedented levels across the U.S. To address these challenges, the company is creating a comprehensive, self-driving financial platform with Credit Karma that propels the company’s 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: 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. At the same time, the company wants to position ourselves to better serve product-based businesses to benefit customers who sell products through multiple channels. Disrupt the Small Business Mid-market: The company intends to disrupt the mid-market with a tailor-made ecosystem of offerings. QuickBooks Online Advanced, as well as the company’s workforce solutions, payments, and bill pay offerings, are designed to address the needs of small business customers with 10 to 100 employees. Additionally, Mailchimp’s marketing platform enables 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 attract new mid-market customers who are over-served by available offerings. Products and Services Small Business & Self-Employed The company’s Small Business & Self-Employed segment serves small businesses and the self-employed 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 business customer who uses the company’s AI-driven expert platform. The company works to make this a reality through its three-pillared growth strategy: grow the core by transforming financial management software; connect the ecosystem, by meeting a wider range of customer needs with a single integrated platform; and expand globally, by serving small businesses around the world. With this strategy, the company enables a powerful ecosystem, personalized using artificial intelligence, that scales across the company’s customers’ most pressing needs. Small 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 customer growth platform provides actionable, AI-driven insights the company’s 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, 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 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 options for eligible customers. QuickBooks Payments is deeply integrated into QuickBooks 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 and QuickBooks Online Advanced offerings allow small businesses to organize bills and make payments online. Small 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 businesses to help them get the capital they need to succeed. The financing process provides small businesses the ability to use their QuickBooks data to qualify to borrow capital, whether directly from Intuit or from a third-party partner. Get Paid Upfront: Get Paid Upfront provides access to capital through qualifying QuickBooks invoices, allowing small businesses to take control of their cash flow and put earned money to work faster. Invoice proceeds are funded in advance, while the small business’ customer sees nothing different and pays their invoice as they usually would. Pay Workers Workforce Solutions: The company’s payroll solutions, available as online or desktop solutions, are sold on a subscription basis and integrate with the company’s 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: Full-Service Bookkeeping and Assisted Bookkeeping Service. With Full-Service Bookkeeping, small businesses get one-on-one support from the company’s team of expert bookkeepers to manage and maintain books with guaranteed accuracy. With Assisted Bookkeeping Service, 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 an average of 10 years of experience working with small businesses across a wide array of industries, the company’s 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—whatever works best. To enable the company’s 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 & 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. QuickBooks Self-Employed: Designed specifically for self-employed customers like independent contractors and freelancers, QuickBooks Self-Employed helps customers stay tax-time ready, all year long. Features include categorizing business and personal transactions, identifying and classifying tax-deductible expenses, tracking mileage, calculating estimated quarterly taxes, and sending invoices. In the United States, QuickBooks Self-Employed can be combined with TurboTax to export and pay year-end taxes. QuickBooks Online Advanced: Designed for small businesses with 10 to 100 employees that have more complex needs, QuickBooks Online Advanced has features specifically designed for high-growth, mid-market small businesses and leverages AI, automation, and data insights to deliver more ways for them to grow and scale. QuickBooks Online Advanced integrates across the QuickBooks ecosystem and with best-in-class apps, and also has powerful industry-specific features that deliver automation, deeper insights, and enhanced tracking for what matters most to a user’s unique industry. 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 small 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 the company’s 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. They are designed to be easy to use, yet sophisticated enough for complex tax returns. For customers using the company’s online offerings and looking for additional advice or guidance along the way, the company has experts standing by to offer tax review and advice all year round. The company also has experts available to prepare, sign and file tax returns for customers who prefer to have their taxes prepared for them. For the 2022 tax season, the company offered a variety of commercial software products and tax filing services to meet the different needs of the company’s customers, including those filing simple returns, those who itemize deductions, and those who own investments or rental property, and small business owners. The company also offered TurboTax for small businesses, which enables customers to file their business taxes. Customers can electronically file their federal and state income tax returns through the company’s electronic filing service. The company also offered TurboTax Live for customers seeking to obtain tax advice from professionals, TurboTax Live Full Service for customers seeking to have their tax returns prepared for them, as well as audit defense and audit support services. The company’s online tax preparation and filing services were offered through the websites of thousands of financial institutions, electronic retailers, and other online merchants. Financial institutions can offer the company’s online tax preparation and filing services to their customers through a link to TurboTax Online. The company’s TurboTax U.S. and Canada offerings consist of desktop and online offerings. 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 free services to its members: 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 these services to its 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 its members with greater certainty that they will be approved if they apply for a financial product. The company’s Credit Karma segment also includes the company’s Mint offering. 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 fully integrated into QuickBooks Online Accountant to provide seamless integration of data across books and tax through the company’s Workpapers solution. Using AI technologies, the company’s Tax Advisor offering leverages information generated from the company’s 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 the company’s income tax preparation products and services are typically 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 businesses. The company also provides specialized tax and accounting products to professional accountants, who are key partners to help the company reach small 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 the company’s 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; mobile marketing through online app stores; email marketing; retail marketing; public relations; sponsorships; podcast marketing; and in-product marketing to drive awareness of related products and services. The company’s campaigns are designed to attract new users, retain existing users, and cross sell additional offerings. Sales and Distribution Channels Multi-Channel Shop-and-Buy Experiences: The company’s customers primarily research products and services online. Some customers buy and use the company’s products and services entirely online. Others 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. Direct Sales Channel: The company offers many of its products and services directly through the company’s 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, via other online content or 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 the U.S. and international accounting firms 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 on its omnichannel go-to-market strategy by diversifying and growing the company’s technology partner channel and industry-focused direct sales teams. 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, including value-added resellers, system integrators (including accountants and marketing professionals), and managed service providers who help the company reach new customers at the point of need and drive growth and market share by extending the company’s 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 the company’s offerings, the company provides support through channels, including telephone, e-mail, online and video chat, text messaging, the company’s customer support websites, self-help assets embedded in the company’s 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. 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 the company both directly and through customer success partner-employers, hire, train, and retain workers who deliver support and services for the company’s customers. Self-help information is offered for free in-product and on the company’s 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, Credit Karma offerings, and Mint. The company completed the transition of its systems, networks, and databases used to operate these online offerings to public cloud providers, such as Amazon Web Services and Google Cloud Platform. Desktop Software and Supplies An increasing proportion of the company’s desktop software customers choose to electronically download software, however, a portion of the company’s 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 has a number of registered trademarks that include Intuit, QuickBooks, Lacerte, TurboTax, QB, ProSeries, ProConnect, Mint, 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 founded in 1983. The company was incorporated in California in 1984 and was reincorporated in Delaware in 1993.