Mountain View, California
Overall Rank: 14
Category: Finance & Accounting
Category Rank: 3
- Top Software Company of 2021
Intuit was the brainchild of entrepreneur Scott Cook, who co-founded the company with Tom Proulx in 1983. As an undergraduate at Stanford University, Proulx wrote the first version of Intuit mainstay Quicken, then only a simple check-balancing program. Since its founding, Intuit has seen substantial growth and now controls the majority of U.S. market share for small-business accounting and DIY tax-filing software. With headquarters in Mountain View, California, Intuit has operations in some 20 locations in nine countries, including Canada, India, and the U.K.
Following the successful launch of Quicken in the early ‘80s, other major software products were soon released under the Intuit banner. Serving approximately 100 million customers worldwide, the company now offers a vast array of business and financial management solutions. Its products include the tax preparation application TurboTax, personal finance app Mint, and small business accounting program QuickBooks. The company also offers ProSeries and Lacerte — tax preparation products developed for professional accountants.
In one of the biggest fintech deals of 2020, Intuit acquired Credit Karma for $8.1 billion, only further increasing its dominance in the market. The expansion is paying off already: Intuit reported that revenue for the quarter ending April 30, 2021 was $4.2 billion, a 39% increase year-over-year.
More than 4.3 million international customers use the Quickbooks accounting software package, which organizes business finances. The software connects to a user’s bank account to automatically import, categorize, and provide insight on transactions. Quickbooks can sync with other popular apps for increased transaction transparency. The offshoot mobile application can also take and save pictures of receipts. Expert invoicing, intuitive payment reminders, and direct deposit capabilities add the software’s appeal.
Ever-popular tax payment facilitator TurboTax has become a cultural mainstay. With a maximum refund guarantee in place, this program provides tax clarity for amateurs and experts alike and can be used through myriad devices. For many users, this process is dialed down to uploading a photo of a W-2 form and answering basic income questions. TurboTax help bots and employee specialists are also on hand to give personalized solutions.
Budget clarity tool Mint keeps users in the know in terms of financial movement. The platform can help design specific budgets, or suggest payment plans based on spending habits. With bill payment tracking and future payment scheduling, Mint is a go-to for not only finance professionals, but laypeople with or without special budget parameters. This tool can also determine a user’s credit score — along with giving tips on how to raise it.
Tax professionals time and time again turn to ProSeries to file their clients’ business and 1040 returns. Highly-rated for its ease of use and accuracy, the application can handle thousands of forms for a single filing, and automates calculations. Error diagnostics and more than 27 time-saving innovations make for reduced manual entry. ProSeries has a network of tax reform resources, real-time dedicated support, and even a series of tax professional training courses.
Intuit’s mission statement of “Power Prosperity Around the World” reflects its corporate responsibility efforts, targeted at giving everyone related to the business the chance to flourish.
The company aspires to reduce carbon emissions 50 times over from its 2018 carbon footprint results. The plan also calls for an 80% reduction in the carbon footprint of Intuit building and a 50% smaller operational carbon footprint. Intuit had set 2030 as the target year for achieving 100% renewable electricity, but arrived at that goal a remarkable ten years early.
Intuit has installed a wellness benefit policy that encourages sustainability spending among its employees. Staffers are given a $1,000 budget to be used for home solar, electric vehicles and bikes, energy efficiency solutions, water conversion, composting systems, and more.
Diversity & Inclusion
Intuit was ranked #48 in the list of Best Employers for Diversity 2020, and placed in the top ten for India’s 100 Best Workplaces for Women in the same year. The Human Rights Campaign Foundation named Intuit as one of the Best Places to Work for LGBT Equality in 2019. Also in 2019, Chief Executive Officer Sasan Goodarzi was honored as the #1 CEO for Diversity by USA Today.
The company has conducted an extensive job code review on employees with similar job duties and ratio of base pay to incentive. It found that as of August 2020, none of those job codes has statistically meaningful differences between employees of differing genders or ethnicities.
About half of Intuit’s executive staff is comprised of women, and by 2023 the company projects it will have 35% of its technology roles filled by women. To better reflect its customers and their communities, the company also hopes to raise its Black, Latinx, and underrepresented ethnic minority representation to at least 16%.