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What Is QuickBooks’s Impact on the US Economy?
July 24, 2024
QuickBooks Tips
QuickBooks is a comprehensive online accounting program developed by Intuit, which, over the years, has come to be adopted by the majority of SMEs present in North America. The impact of QuickBooks on the American economy is massive, as the application is the bookkeeping/accounting solution preferred by the vast majority of ventures that keep their financial recordkeeping tasks online. QuickBooks is a tool through which SMEs can streamline their accounting processes and manage their transactional data remotely, regardless of the location of their collaborating CPA. Our firm will use it to increase the efficiency of your internal bookkeeping procedures and reduce the overall workload of your employees.
QuickBooks US services provide entrepreneurs present in our country the opportunity to migrate their financial recordkeeping tasks from the offline medium to online remote servers secured through SSL encryption. Plus, since it’s relatively affordable for most organizations, QuickBooks is suitable for new businesses who might struggle with their budget and who can’t support the services of a full-time on-location CPA. Our staff will utilize QuickBook bookkeeping to create period reports that your outsourced accountant can use; we will leverage its functions to manage your account payables and receivables, and we will adapt your cloud account to the characteristics of your organization.
Contents:
A Significant Effect on the Online Accounting Industry
Intuit is a Californian company founded in 1983, which, as of 2024, has no less than 18,200 employees and offers products for both the payroll & bookkeeping services market and the tax preparation software development industry, where it boasts a market share of 73.9%. Intuit Inc. is the name behind QuickBooks US branch, MailChimp, and TurboTax. So, in the last decades, it has created a veritable monopoly on the online accounting market in the United States. Intuit has a market cap of almost $176 billion, and in 2023 alone, it declared a total revenue of $14 billion. These are impressive numbers that transform Intuit Inc. into one of the most influential private companies in North America.
The impact of QuickBooks US services on the national economy can be divided into two categories. Direct and indirect. On the one hand, more than 18,000 Intuit employees contribute directly to the US economy through their annual tax obligations. The same can be said about the company itself. Although it’s a publicly traded organization, and its annual SEC reports don’t break down its total tax payments into analyzable figures, we can deduce an estimate of its annual tax bill based on the yearly revenue. At $14 billion last year, an approximate tax payment for Intuit Inc. in 2023 is $3.6 billion.
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What About the Indirect Impact?
QuickBooks forms the foundation of the bookkeeping efforts implemented by our experienced employees. The program developed by Intuit is, ultimately, a comprehensive tool that can help small and medium-sized firms maintain the accuracy of their financial records, accurately fill out their tax forms, and reduce the inconsistencies in recorded transactional data. In other words, QuickBooks is an application that can contribute to the economic stability of SMEs, which, in turn, will be more likely to succeed long-term and contribute positively to the US economy.
Our financial recordkeeping experts will use QuickBooks to streamline the internal bookkeeping procedures necessary for your financial activity and move a significant part of your financial data from the offline medium to remote servers, encrypted and always available for real-time analysis. Due to its ease of use, QuickBooks has played a significant part in the transition of American companies from offline bookkeeping to online-only financial operations. In addition, due to the simplicity and transparency of the program, QuickBook bookkeeping has contributed to the decrease in the national rate of SME tax evasion.
How Can QuickBook Services Impact Your Business?
First, our employees will utilize QuickBooks to automate the bookkeeping tasks necessary for the continuation of the financial activities of the company you manage. We will ensure that your financial records are secure, we will organize them by date, and we will prepare the necessary documentation for the financial audits performed by your CPA. On top of that, QuickBooks can streamline accounting processes like expense tracking and payroll management, which generally would have been the responsibilities of your employees. This will have one main impact: the workload of your team will decrease, and work productivity will rise.
QuickBooks can be purchased both as a desktop program and as an online-only app that can enable remote collaborations. QuickBooks Online is the way forward for Intuit as it is the most affordable and popular accounting solution for SMEs active in the North American market. The cloud-based services offered by QuickBooks Online virtually eliminate the need to maintain a CPA on your premises. Plus, they make the application scalable to the growth prospects of your business. All in all, QuickBooks is a powerful tool that, in our hands, can be the key to your venture’s market success.
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