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INTUIT'S SMB BIZ BOOMS Featured

Brad Smith, IntuitIntuit's small business product sales followed a blistering pace for the year ended July 31. Three product segments in the SMB space – financial management, employee management and payment – each registered double-digit increases in revenue over fiscal 2012.

"The small business group had a great 2013," CEO Brad Smith said in this week's earnings webcast. He also noted that payroll, the employee management solutions business, had its biggest increase in a decade. That raises the question of "At whose expense?" In any event, that segment had $574 million in revenue for 2013, an increase of 11.9 percent from $513 million the prior year. Payments hit $476 million, up 14.1 percent from $417 million. The big nugget, financial management, hit $825 million, a rise of 19.4 percent from $691 million. Financial management is primarily QuickBooks. Intuit reported net income of $858 million for 2013, an increase of 8.3 percent from $792 million. Overall, revenue hit $4.17 billion, a rise of 10 percent of $3.8 billion for 2012. The number of QuickBooks desktop products sold dropped to 1.25 million, down 6.1 percent from 1.33 million. At the same time, the number of QuickBooks Online subscribers rose to 487,000 at the end of 2013, a 28.1-percent increase from 380,000 at the end of 2012.

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