My spin: I usually do not include full press releases in this space (or any other space) but I think this bit of info is significant. Intuit and Peacthree both have told me (several months ago) that their users are not screaming for ASP accounting solutions. However, it’s intersting to see a gradually turning of the tide toward web based solutions. It’s not for everyone – but surely for some. I think that with more users doing “online banking” – checking their accounts via the ‘net, doing online accounting is a natural progression.
News Clip: — No. 1 Online Financial Management Solution for Small Businesses
Experiences Significant Increase in New Users —
MOUNTAIN VIEW, Calif. – July 9, 2003 – Internet access among small businesses has increased by nearly 30 percent in the past two years1, prompting more owners and managers to turn to the Web to manage their daily activities. And managing their finances is no exception. According to Intuit Inc. (NASDAQ: INTU), QuickBooks(r) Online Edition(http://www.qboe.com/) has seen its user base increase by more than 200
percent in the past year – expecting to reach 10,000 subscribers by the end of July 2003.
Intuit research shows the increase in subscriptions is due in part to strong word of mouth from current users. More than 90 percent of the QuickBooks Online Edition user base would recommend the service to accountants, business associates or friends.2
“We’ve always known that QuickBooks Online Edition was a great solution for small businesses wanting to take advantage of the Internet’s flexibility. It was just a matter of time before word of mouth started to spread,” said Allison Mnookin, vice president, QuickBooks, Intuit Inc. “Our success is due in large part to our focus on providing small businesses with a simple, easy to use solution with the functionality they need most, versus overwhelming them with a suite of applications they have no use for and can’t afford.”
Surprisingly, interest in QuickBooks Online Edition is not limited to early technology adopters. Recent Intuit research found that the average QuickBooks Online Edition user is an average small business – ranging from realtors and painters to consultants. Most turned to the Web because they wanted to access their books from multiple locations (75 percent) or needed more than one person to access their books (50 percent).2
“The strategic importance of the Internet to small businesses nearly doubled from 44 percent in 1999 to 81 percent in 2002,” said Helen Chan, senior analyst, Yankee Group.1 “As broadband penetration grows, SMBs are learning how to leverage the Internet to adapt to their business work style. Because of this, a growing number of businesses are becoming more amenable to solutions like Web-based accounting, as they can more readily accommodate changing organizational dynamics in the business.”
This includes Danielle Hewitt, president of Invisible Accountant, a full-service accounting and bookkeeping firm whose business model is based, in part, on QuickBooks Online Edition. The Invisible Accountant staff sets its clients up on QuickBooks Online Edition so the staff can remotely access its clients’ financial data “behind the scenes” at any anytime, without having to disrupt their clients’ business. This helps their clients avoid getting bogged down with accounting issues, and it also saves the Invisible Accountant staff time from having to travel to and from their clients’ offices to access
their books 3/4 allowing them to take on even more clients.
“Using QuickBooks Online Edition allowed us to create an entirely new
corporation, attracting new types of clients and doubling our revenue,” said
Hewitt. Pricing and Availability:
QuickBooks Online Edition subscriptions start at $19.95 per month for up to
three users. Access for subscribers’ accountants is free (registration
required). Support is provided for no additional charge. For more detailed
product information or to access the 30-day free trial, visit
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