Brad Smith, President & CEO
Accounting cannot be further from being fun for most small businesses owners, as it is unusual for an entrepreneur to have an intuitive understanding of the number game. Yet accounting is a vital function of any small business to manage their finances to ensure survival and long-term success. From customer happiness to marketing and promotion, new born enterprises face challenges on many fronts and accounting, as they say, is their biggest worries. How does a new born organization tackle these impending problems? “The easiest way to look at entrepreneurial problems is to fall in love with the problems,” suggests Brad Smith, the President and CEO of Intuit, as an entrepreneur at the helm of a very large enterprise. Understanding the necessity for accounting as much as its pain for small businesses, QuickBooks by Intuit lends a new approach to make accounting fun, something that has not been done before.
It is Smith’s fondness for solving problems that led to the development of QuickBooks, accounting software that simplifies the way of doing businesses for startups. QuickBooks capitalizes on the world that is being shaped by social, mobile and global trends. Catering to the niche markets of small and medium enterprises QuickBooks’s lineup of financial products is second to none in its approach.
A Holistic Accounting Software
Given the financial constraints, most small business owners take the burden of multi-tasking various kinds of operations ranging from sales, marketing, IT, human resources and accounting— which is one of the unavoidable chores. Geared towards assisting these small businesses, QuickBooks takes the onus of handling an organization’s accounting segment. Intuit’s QuickBooks offers accounting applications as well as cloud based versions that accept business payments, manage and pay bills, and payroll functions among others. The software spares individuals the frantic trouble of sifting through piles of paper and countless spreadsheets and helps them make quick and informed decisions. Smith confirms, “QuickBooks organizes all your finances in one place.” This simple and easy to use online software allows entrepreneurs to have granular view of their credits and debits on a single dashboard. Staying in sync with the popular trends, QuickBooks is designed to work across all devices—PC, iPad, iPhone and Android devices.
As it is critical for startups to keep track of business transactions, QuickBooks gives a secured and instant access to financial inflows, outflows, profit and loss information, and business reports.
QuickBooks organizes your all finances in one place
It also allows business owners to collaborate with chartered accountants or in-house book keepers and work seamlessly with colleagues across multiple locations in real time. The capabilities of the software however do not end there; QuickBooks’s bank level security ensures that the financial data stays protected. When connected to QuickBooks, an enterprise’s account activity automatically gets downloaded to the software every night. Instead of laboriously entering data into the software, users can download them straight from the bank. Small business owners can instantaneously download, categorize, and reconcile bank and credit card transactions—one of the most tedious tasks they deal with. Automatic categorization of a firm’s expenditure and income helps them stay well ahead of the game during tax time.
Vincent and Andrew Kitirattaragarn, founders of Dang Foods, a Berkeley, CA based snack food maker, have been using QuickBooks since their inception in 2012. Using QuickBooks Online, the duo enjoys the portability offered in quickly being able to handle their business even while travelling around the world. “With QuickBooks, I can easily pull up the reports of what my profit and loss is and how we are selling on each particular item in a particular region based on the historical data at anytime of the day,” says Andrew Kitirattaragarn.
Adding to the core financial assistance, the recent updates on QuickBooks allow users to even customize professional invoices. By simply uploading logos to QuickBooks, firms can receive a variety of invoicing templates that best describe their organization’s personality and business information and these invoices can be directly mailed to the customers. By doing so, QuickBooks provides startups an end-to-end platform at affordable prices.
Simplicity Is the Motto
Affecting the lives of over 45 million people across the globe, QuickBooks by Intuit is the most sought after electronic finance forum. Given the simplicity of the applications, the software is a delight to small business owners who are not tech savvy. Neal Newman, founder of Academy of Self-defense, wore the hats of an administrator as well the instructor in initial days of his startup. “I shouldered the sole responsibility for the big three—profit and loss, cash flow and balance sheets,” Newman says. In search of a ‘sophisticated solution’ that could save what he calls ‘a great gift of life—Time,’ Newman opted for QuickBooks. Intuit QuickBooks’ financial applications addressed Newman’s most pressing challenges—it allowed him to access his financial transactions anytime from anywhere with a few clicks on his laptop.
Having gained swift access to the financial facts, Newman now makes informed decisions for his academy. Reflecting upon the ease of business with the software, Newman says, “QuickBooks is the journal of objective reality.”
Innovates to Empower
As the world evolves, so does Intuit. Inventing new solutions to solve important problems, the company’s ultimate goal is to ensure that, “QuickBooks improves people's financial lives so profoundly that they cannot imagine going back to the old way,” remarks Smith. Over the years, the company’s portfolio of products has evolved from desktop to the cloud with most of the applications available both online and for mobile devices.
"QuickBooks improves people's financial lives so profoundly that they cannot imagine going back to the old way"
Smith takes pride in the company’s two crucial capabilities that revolutionized the way of doing business for small and medium sized enterprises—the first is customer driven innovation, a mindset that helped Intuit uncover the unsolved problems. Second is the ‘Design for Delight’ strategy which is grounded in deep customer empathy, going broad with ideas then narrowing with possible solutions that meet and go beyond the customers’ expectations. These principles were integral even in its recent launch called Snap Payroll, a free, mobile application that allows small businesses on the go to calculate paychecks in minutes and determine how much to set aside for taxes.
Roadmap: Adopt and Evolve
When not spending time at Intuit, Smith plays the saxophone and guitar. In that same vein, he believes that entrepreneurs must have more time to ‘live their lives and run their businesses,’ rather than doing their financial chores. Built around this philosophy QuickBooks will remain committed to create new and easier ways for businesses to tackle financial responsibilities. With increasing prevalence of mobile devices and the scalability of cloud, the company foresees significant opportunities to drive future growth by continuing to solve the unmet needs of small businesses, consumers, and accounting professionals.
Intuit, a company that started small with Quicken, personal finance software in 1983, witnessed annual revenue of over four billion dollars in the fiscal year of 2015. Referring to the fact that the company has taken many leaps forward over the years, Smith concludes saying, “That is not just our history. It's our future.”