TIMEPLUS BUYS LICENSEE TimePlus Payroll, a payroll service provider based in Atlanta, has acquired one of the company's software licensees, which is based in Northern Florida, and will open a sales office in the Tallahassee market.
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Brian Bond, who purchased a license in 2003, will service as TimePlus sales manager as it expands in northern Florida and into southern Georgia.
Intuit Net Up
Net income rose to $417 million for Intuit's year ended July 31, up 9.4 percent from $381.6 million a year earlier.
Revenue for 2006 hit $2.34 billion, up 15 percent from just over $2 billion in 2005. QuickBooks-related revenue was also up 15 percent, reaching $861.7 million, from $753 million in fiscal 2005. CEO Steve Bennett noted that payroll and payment processing services were among the companies fastest growing revenue-producers.
VALUSOURCE GETS SMB PRODUCT
ValuSource, a Colorado Springs, Colo.-based marketer of business valuation software, has acquired Business Evaluation Systems, which is designed to determine the value of a small business.
BES uses a discounted cash flow module to gauge the value of fast-growing businesses and offers a detailed analysis of a purchases return on investment an expanded view of post-sale cash flow.
CCH REVAMPS SALESTAX.COM
CCH has redesigned the look and content of Salestax.com, the Web site that provides online sales tax applications and information.
The company says the change gives visitors easier access to information. The site offers tax rate and look-up tools, hosted and software calculation applications, and Web-based automated return systems.
FinanceWare, which markets financial planning services and tools that include asset management, has eliminated all outstanding preferred classes of stock in the closing of a recapitalization.
The retirement was accomplished in exchange for cash and short-term notes or common stock and long-term interest bearing notes.
The company did not need additional capital to achieve the recapitalization, which was accomplished through a series of share repurchases and share conversions to common stock and notes payable. CFO Robert P. Wilson said the change eliminated inherent conflicts of interest between preferred and commons share classes.
XPITAX NAMES DIRECTOR
Xpitax has named CPA James Baltimore as tax compliance director to focus on compliance and training of offshore employees that handle the company's outsourced tax preparation services.
Baltimore is responsible for training professionals at its Braintree, Mass., headquarters and at its offices in Chennai, India. Baltimore spent more than 20 years as a partner in a CPA firm, including five years as managing partner, and managing a 200-person firm's outsource operations.
ADP BUYS EMPLOYEASE
The Employer Services Division of Automatic Data Processing has agreed to acquire Employease, which makes Web-based products for human resource and benefits professionals.
Employease, which will become part of ADP Major Accounts Services, has 1,500 clients with more than one million records under management.
MORNINGSTAR RELEASES 529 TOOL
Morningstar has developed a Web-based tool to help financial advisors generate investor reports about fees and state tax reports associated with 529 college savings plans.
These reports are a result of an interpretation by the Municipal Securities Rulemaking Board now in effect that requires brokers, dealers, and municipal securities dealers to disclose the state tax benefits that would not be available to the investor as a result of investing in an out-of-state 529 plan.
Intuit Projects 2007 Revenue Growth
Segment Percent Revenue Increase
Payroll and Payment 12 to 16 percent
Consumer Tax 10 to 15 percent
QuickBooks 8 to 12 percent
ProTax 0 to 5 percent
Intuit, which has created new reporting segments, expects that payroll and payment processing will show the greatest growth for the fiscal year ending July 31, 2007. Source: Intuit Fourth Quarter Conference Call August 2006.