Smith made the comments in discussing the market for QuickBooks Online Advanced, which marks Intuit’s online sort-of mid-market product. “We think it will be just as disruptive in the cloud as it has been on the desktop,” Smith said. He sees 180,000 QBO customers “that look like” the QBES target. He also broke out a rough guide to the buyers saying that “70 percent are stretcher, 30 percent are switchers”. If Smith meant that to be applied directly to the 140,000 units, then about 42,000 customers came from competitive products. Intuit’s target for Advanced is companies with 10 to 100 employees and it initially supported 25 users, with higher user capacity will likely be added. Advanced has the features of QB Online Plus with Intuit adding batch import for invoices with Custom User Permission to be added “soon”. Intuit also reported a growth rate in QuickBooks Online that outpaces Xero, which has a smaller base. Intuit said it had 3.6 million subscribers at the end of the quarter, up 40.6 percent from 2.6 million a year earlier. Xero reported almost 1.6 million subscribers at the end of its half, rising 32 percent from slightly less than 1.2 million at the end of the first half of 2018.Last modified on Tuesday, 20 November 2018
INTUIT: QBES BASE 140,000 Featured
Intuit says it has 140,000 subscribers for its QuickBooks Desktop Solutions. The numbers from CEO Brad Smith during this week’s webcast for earnings for the first quarter ended October 30, marks the first time in several years the software company has provided installed base figures for QBES.