INTUIT REVENUE GROWS
Intuit's third-quarter revenue was $1.4 billion, up 9 percent over last year. Net income grew to $484.8 million, an increase of 9.1 percent. GAAP operating income from continuing operations was $764 million, up 13 percent from the year-ago quarter.
Revenue for the year is expected to be between $3.16 billion and $3.19 billion, according to the company.
Consumer Tax saw revenues of $777 million, an 18 percent increase, and Intuit's customer base grew by 11 percent. QuickBooks revenue saw an 8 percent decrease to $149 million.
The company also laid off 300 employees, or 4 percent of its workforce, mostly in the small-business services division, which includes QuickBooks, but said that the cuts were not material to its financial results. "The layoffs are part of our ongoing resource management; these changes support our long-term growth strategy," said Holly Perez, Intuit's manager of corporate communications.
SLEETER AND CPA2BIZ OFFER BILL.COM BILL MANAGEMENT
CPA2Biz, the business arm of the American Institute of CPAs, has teamed up with the Sleeter Group, a small-business and accounting software consultancy, to resell Bill.com's online accounts payable service through Sleeter's network of accountants and consultants.
"This agreement is a great opportunity for Sleeter Group consultants to lead the next big wave in online accounting: Web-based financial management," said Sleeter Group president and CEO Doug Sleeter in a statement. "Accountants can, and should, play a significant role with tools that enable simple paperless collaboration with their clients and also support sophisticated business processes."
With Bill.com, accountants and clients can collaborate via the Web to review and approve invoices, manage cash flow and payment schedules, digitize and retrieve financial documents, and handle online payments. Bill.com integrates with QuickBooks and Intacct to keep accounts, vendor information, payments, and balances synchronized.
THOMSON REUTERS ADDS STAFF MODULE
Dexter, Mich. - Thomson Reuters has updated its Practice CS practice management software with a new Staff Management module.
The module includes features for managing and tracking staff, assigning them to projects, tracking benefits, monitoring staff performance, scheduling and more. Managers can set staff targets and compare the targets to a staff member's actual performance.
Separately, the company has also integrated its Checkpoint tax and accounting research service with the Paisley Enterprise GRC workflow software for internal audit, financial controls, risk management, and regulatory compliance. Thomson Reuters acquired Paisley on Jan. 1.
For more information on Practice CS, visit http://cs.thomsonreuters.com/practice. For Paisley, visit www.paisley.com.
DON'T FIGHT NEW TECHNOLOGY - LEVERAGE IT!
Las Vegas - As a flood of rising technologies such as social networking sites, instant messaging and Second Life begin to get a stronger foothold in the CPA profession, firms should begin deploying them in business-centric areas of the firms such as marketing and recruiting.
"You need to leverage new technologies, don't fight them," advised Jim Boomer of Boomer Consulting in Manhattan, Kan., during a session at the AICPA Information Technology Conference held here in mid-June.
"Sites like Facebook started as social, but they will begin moving toward a mix of social and business," he said. "The Baby Boomers and older generations should also take younger workers on client calls. The younger and older workers have a lot to learn from each other."
Boomer explained the four-legged stool of the Web 2.0 technologies embraced by younger professionals: communication (texting, instant messaging, VoIP), distribution (public Web sites, blogs), collaboration (social networks and wikis), and consumption (RSS feeds, Google, Bing and Digg).
Firms that have no formal policies on instant messaging or posting on social networking sites should develop them, Boomer suggested. He also recommended establishing task forces within the firm and putting younger people into leadership positions.
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