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Profile: Intuit Inc (INTU.OQ)

INTU.OQ on NASDAQ Stock Exchange Global Select Market

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Intuit Inc., incorporated on February 1, 1993, is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions. The Small Business segment also includes third-party applications that integrate with the Company's offerings. The Consumer Tax segment targets consumers and includes TurboTax income tax preparation products and services. The ProConnect segment targets professional accountants in the United States and Canada. Its ProConnect professional tax offerings include Lacerte, ProSeries, ProFile and ProConnect Tax Online.

Small Business segment

The Company's Small Business segment includes online ecosystem and desktop ecosystem solutions for small businesses and the accounting professionals serving and advising them. The Company's Small Business Online Ecosystem Solutions include QuickBooks Online, Online Payroll solutions, Online Payments Solutions and Intuit Developer Group. Its Small Business Desktop Ecosystem Solutions include QuickBooks Desktop, Desktop Payroll solutions, Desktop Payments solutions, QuickBooks Technical Support and financial supplies. Its QuickBooks Online offers financial management tools that are accessible from personal computers and mobile devices. QuickBooks Online enables users to track income and expenses, create invoices and estimates, manage and pay bills and review a range of financial reports. Its online offerings for small businesses include QuickBooks Online Simple Start, for independent contractors and solo entrepreneurs; QuickBooks Online Simple Start, for smaller, less complex businesses, and QuickBooks Online Essentials and QuickBooks Online Plus, for complex businesses. Its online offering for accounting professionals is QuickBooks Online Accountant, which provides the tools and file-sharing features they need to complete bookkeeping and financial reporting tasks. QuickBooks Self-Employed is available online and through a mobile application. QuickBooks Self-Employed includes categorization of business and personal transactions through account connection, identification and classification of tax deductible expenses, mileage tracking, calculation of estimated quarterly taxes, home office deduction tracking, healthcare deduction tracking, and when combined with TurboTax, export and payment of year-end taxes. The Company's QuickBooks ProAdvisor program is a membership, which provides Quickbooks Online Accountant and QuickBooks Online Payroll services, technical support, training, product certification, access to marketing tools, and discounts on Intuit products and services purchased on behalf of clients.

As of December 31, 2015, the Company offered two online payroll solutions that it sells on a subscription basis and are integrated with its Quickbooks Online and QuickBooks desktop offerings. QuickBooks Online Payroll includes online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms. QuickBooks Full Service Payroll provides payroll services to QuickBooks customers who prefer not to perform payroll tasks themselves. Intuit Online Payroll provides small business payroll services that do not require the use of QuickBooks, including federal and state payroll tax forms. The Company also offers an Intuit Online Payroll mobile application for smartphones. Intuit Full Service Payroll provides payroll services to customers who prefer not to perform payroll tasks themselves and does not require the use of QuickBooks. This offering includes processing of payrolls based on information submitted online by the payroll customer, direct deposit of employee paychecks, electronic payment of federal and state payroll taxes, electronic filing of federal and state payroll tax forms, and preparation and issuance of year end W-2 forms.

The Company's Online Payments solutions include a range of merchant services to small businesses that include credit card, debit card, electronic benefits and gift card processing services; check verification, check guarantee and electronic check conversion, including automated clearing house (ACH) capabilities, and Web-based transaction processing services for online merchants. In addition, it provides a range of support for its clients, which includes customer service, merchant and consumer collections, chargeback and retrieval support, and fraud and loss prevention screening. The Company also offers e-invoicing, which allows small businesses to e-mail invoices directly from QuickBooks with a Pay Now link and enables customers to pay online or from their mobile device. Its GoPayment allows users to accept credit card payments using a smartphone or tablet device. The customers can enter the credit card information manually or use a card reader that attaches to the phone to capture the information. The customers can also send electronic receipts to their customers through e-mail or text message.

The Company's Intuit Developer Group provides the tools, which the developers need to create online and mobile applications that personalize and add value to QuickBooks. The platform allows developers to build applications that integrate with QuickBooks data and solve the needs of its customers. Developers can create applications using any development platform they choose, and pass a standards and security check before offering their programs to customers. Its applications are available at apps.com. At apps.com, QuickBooks users can find, buy and use applications connected to the platform.

The Company's desktop software offerings include QuickBooks Desktop Pro and QuickBooks Desktop for Mac, which provide accounting functionality for small businesses; QuickBooks Desktop Premier, which provides small businesses with advanced accounting functionality and business planning tools, and QuickBooks Enterprise, which is designed for larger businesses. QuickBooks Desktop Pro Plus, QuickBooks Desktop Premier Plus and QuickBooks Enterprise with Hosting are subscription versions of these offerings. QuickBooks Desktop Premier and Premier Plus, and QuickBooks Enterprise provide reports and features for a range of industries, including contractor, manufacturing and wholesale, nonprofit and retail. Its offerings for accounting professionals include QuickBooks Accountant Desktop software and QuickBooks Accountant Desktop Plus subscriptions. They provide the tools and file-sharing capabilities needed to complete bookkeeping and financial reporting tasks. Its QuickBooks ProAdvisor Program Desktop Add-On is a membership for professional accountants that provides QuickBooks Accountant Desktop Plus, QuickBooks Enterprise Accountant, QuickBooks Desktop for Mac, QuickBooks Point of Sale Multi Store, technical support, training, product certification, access to marketing tools, and discounts on Intuit products and services purchased on behalf of clients.

The Company's Desktop Payroll solutions include a range of products sold on a subscription basis to small businesses that use QuickBooks desktop software and prepare their own payroll or want some assistance with preparing their payroll. The Company also sells its Desktop Payroll solutions to accountants using QuickBooks desktop software and allow their clients manage their payrolls. Its products include QuickBooks Basic Payroll, QuickBooks Enhanced Payroll and QuickBooks Enhanced Payroll for Accountants. Its QuickBooks Basic Payroll provides payroll tax tables, direct deposit of employee paychecks and payroll reports. Its QuickBooks Enhanced Payroll provides payroll tax tables, direct deposit of employee paychecks, payroll reports, federal and state payroll tax forms, and eFile and Pay for federal and state payroll taxes. Its QuickBooks Enhanced Payroll for Accountants has a range of accountant-specific features in addition to the features in QuickBooks Enhanced Payroll. The Company also offers QuickBooks Assisted Payroll, through which it provides the back-end aspects of payroll processing, including tax payments and filings, for customers processing their payrolls using QuickBooks desktop software.

The Company's Desktop Payments solutions offer a range of merchant services to small businesses, which include credit card, debit card, electronic benefits and gift card processing services; check verification, check guarantee, and electronic check conversion, including automated clearing house (ACH) capabilities. In addition to transaction processing services, the Company provides a range of support for its clients that includes customer service, merchant and consumer collections, chargeback and retrieval support, and fraud and loss prevention screening. It also offers e-invoicing, which allows small businesses to e-mail invoices directly from QuickBooks with a Pay Now link and enables customers to pay online or from their mobile device. The Company offers Basic, Pro and Multi Store versions of QuickBooks Point of Sale, which allows retailers to process sales using barcodes, track inventory and customer purchases, and integrates with QuickBooks Pro, Premier and Enterprise Solutions. The Point of Sale Pro version has inventory and employee commission tracking capabilities. The Point of Sale Multi Store version provides all of the features of the Point of Sale Pro version and the ability to manage multiple stores from a single office. The Company sells its software products with or without the accompanying hardware and technical support.

The Company's QuickBooks Technical Support offers a range of technical support options to QuickBooks customers. The Company's QuickBooks Technical Support offerings include support plans that are sold separately and priced based on the length of the plan. It also offers a limited amount of free technical support assistance to customers, a free self-help information section on its QuickBooks.com Website and free access to the QuickBooks Community, an online forum where QuickBooks users can share information with each other. It offers a range of financial supplies designed for individuals and small businesses that use QuickBooks. Its financial supplies include standard paper checks and Secure Plus checks with CheckLock fraud protection features; envelopes, invoices and deposit slips, and business identity products, such as business cards and stationery. It also offers tax forms, tax return presentation folders and other supplies for professional tax preparers.

The Company competes with The Sage Group plc, Xero, Automatic Data Processing, Inc., Paychex, Wells Fargo, JP Morgan Chase, Bank of America, N.A., First Data Corporation, Elavon, Global Payments, FIS, PayPal and Square.

Consumer Tax segment

The Company's Consumer Tax segment offers TurboTax products and services, which are designed to enable individuals to prepare and file their own federal and state personal income tax returns. Its TurboTax products and services are available on mobile devices, such as smartphones and tablets. The Consumer Tax segment offers tax return preparation offerings, electronic filing and other services, and Intuit Tax Freedom Project. Its Tax Return Preparation Offerings include TurboTax Basic, for simple returns; TurboTax Deluxe, for taxpayers itemizing deductions; TurboTax Premier, for taxpayers owning investments or rental property, and TurboTax Home and Business, for small business owners. The Company also offers TurboTax Free Edition for the simplest returns. It offers live tax advice from the United States-based tax professionals to TurboTax customers. Its TurboTax Answer Exchange is an online forum where participants can learn from and share information with other users while preparing their income tax returns. Its TurboTax U.S. and Canada offerings include desktop, online and mobile offerings.

The Company's electronic filing and other services enable its desktop, online and mobile tax preparation customers to file their federal and state income tax returns through its electronic filing center. It also offers audit defense, audit support and identity restoration services. Under the Intuit Tax Freedom Project, the Company provides online federal and state income tax return preparation and electronic filing services at no charge to eligible taxpayers.

The Company competes with H&R Block, Blucora, SimpleTax, StudioTax and UFile.

ProConnect segment

The Company's ProConnect professional tax offerings enable accountants to complete and electronically file a range of consumer, small business, and commercial federal and state tax returns with both desktop and online offerings. The Company offers Lacerte for accounting firms handling complex returns. As of December 31, 2015, the Company offered two versions of its ProSeries software: ProSeries Professional Edition, designed for year-round tax practices handling moderately complex tax returns, and ProSeries Basic Edition, designed for the needs of smaller and seasonal tax practices. ProConnect Tax Online is a cloud-based solution, which is designed for year-round practices preparing moderately complex consumer and small business returns and integrates with the Company's QuickBooks Online offerings. ProFile is the Company's Canadian tax offering, which serves year-round full-service accounting firms for both consumer and business tax returns. The Company offers a range of tax-related services that complement the tax return preparation process, including year-round document storage and access, collaboration services, e-signature, and bank products.

The Company competes with CCH, Thomson Reuters and Drake.

Company Address

Intuit Inc

2700 Coast Ave
MOUNTAIN VIEW   CA   94043-1140
P: +1650.9446000
F: +1302.6365454

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