INTUIT NAMES CFO Intuit has named R. Neil Williams, who was most recently EVP and CFO for Visa U.S.A., as its new CFO and SVP, the company’s third CFO in two years.
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Williams, who gets a base salary of $550,000 a year, replaces Kiran Patel, who became head of the Intuit TurboTax business earlier this year. Patel made his move upon the departure of Brad Henske, who also had moved into the consumer tax job. Williams gets a guaranteed bonus of $400,000 for the year ending July 31.
CHECKPOINT RESULTS RELEASED
The Thomson Corp. says that Checkpoint, its online research platform, produced in excess of $125 million in revenue for 2006, one of the few numbers the company has broken out for a specific product in its tax and accounting operations.
The number was discussed during a presentation at the UBS Media and Communications Conference in December. A bar chart showing results for 2005 indicated revenue of about $100 million although actual results were not disclosed. The company says Checkpoint revenue has grown by 15 percent a quarter for 19 quarters.
THOMSON OFFERS SMALL FIRM RESEARCH
Thomson Tax & Accounting has released QuickFinder Manager, an Internet-based tax research service for sole practitioners and small firms.
The new product incorporates a search tool, QuickFinder Bridge-It which works with Thomson’s 1040 and Small Business QuickFinder print handbooks. The subscription includes monthly analysis of common tax topics, tax planning and practiced guide, and more than 100 calculators.
INTUIT NARROWS LOSS
Intuit narrowed its loss to $20.8 million for the quarter ended October 31, down from a loss of $58.9 million in last year’s corresponding period in a quarter in which it usually loses money.
A big factor in the change was $26.8 million in income from discontinued operations, which came from the sale of its Intuit Distribution Management Solutions business to Activant for $100 million. Meanwhile, revenue reached $444.9 million, a 27 percent increase from $350.5 million a year ago. Most of the increase came in service and other revenue, which hit $226.3 million, up from $140.4 million a year earlier.
ORRTAX NAMES VP
Orrtax Software Solutions of Bellevue, Wash., has named Dan Campi as VP of revenue and business development.
Campi, most recently VP of business and corporate development at Captaris, is charged with working with Orrtax’s sales teams in Bellevue and Houston, Texas.
HUBBS CHAIRS ETACC
Drake Software’s president and CEO Tim Hubbs has been elected as chairman of the Electronic Tax Advisory Committee, which serves as a form on electronic tax administration issues and to work with the Internal Revenue Service.
Hubbs chairs a 14-member committee which participates in developing electronic tax strategies and reports to Congress on IRS initiatives.
WK RESULTS UP IN U.S.
Wolters Kluwer’s operations in the United States, principally its CCH business, showed 5 percent organic growth in revenue for the quarter ended Sept. 30.
For the company’s tax, accounting and legal, which includes CCH, revenue in the most recently ended period was $277 million, up 9 percent from $246 million a year ago. EBITA in the most recently ended period was $59 million, up 11 percent from $42 million.
PAYCHEX SETS UP ACCOUNTANTS’ SITE
Payroll processor Paychex has established the online Paychex Accountant Knowledge Center.
Located at http://accounting.paychex.com, the site offers news, payroll resources, including forms and frequently asked questions, and HR resources.
SMARTPROS NET UP SHARPLY
SmartPros, which provides online CPE, reported net income for the third quarter ended Sept. 30 that was nearly three times its earnings a year ago.
Net income for the most recently ended period was $1.87 million, compared to $668,534 a year earlier. Third-quarter sales of $10.91 million were 26.4 percent up from $8.6 million last year. The accounting/finance division had $2.3 million in revenue, up from $2.2 million.