Intuit reports that its QuickBooks Online now has more than 1.5 million paying subscribers.
Intuit attributes much of the growth to more small businesses moving to the cloud. According to the company’s own research, U.S. small business owners spend an average of four hours a day online, and the adoption of cloud tools by small businesses is expected to accelerate in the coming years, with a projected 78 percent of small businesses fully adapted to the cloud by 2020.
The growth of QuickBooks Online is being fueled by a network effect of small businesses, the self-employed, developers and accountants, the company claims. More than 80 percent of QuickBooks Online customers are new to the Intuit franchise.
“We look forward to continuing to build on our success as we grow the QuickBooks ecosystem around the world,” said Sasan Goodarzi, executive vice president of Intuit’s small business group, in a statement.
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