Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale

Rhea-AI Summary

Intuit Inc. (Nasdaq: INTU) has unveiled the Intuit Enterprise Suite, a comprehensive solution for mid-market businesses. This integrated financial product suite is designed to enhance productivity and profitability for growing companies, particularly those with multi-entity, service, and project-based operations. Key features include:

- AI-powered financial management and accounting
- Industry-specific project performance tracking
- Customer engagement tools via Mailchimp integration
- Robust payroll and HRIS capabilities
- Streamlined payment and bill management
- Access to specialized services and experts

The suite aims to address the $89 billion total addressable market of larger, mid-market businesses with complex needs. It offers a scalable, integrated solution to reduce manual tasks, boost automation, and provide actionable insights for faster decision-making.

Positive

• Introduction of Intuit Enterprise Suite, targeting the $89 billion mid-market business segment
• Integrated solution designed to enhance productivity and profitability for growing companies
• AI-powered financial management and accounting capabilities
• Industry-specific customizations for construction, non-profit, service, and project-based businesses
• Inclusion of Mailchimp's marketing technology for customer engagement
• Robust payroll and HRIS features beyond basic employee payment
• Faster payment processing with instantly payable invoices and accounts payable/receivable automation

Negative

• None.

Insights

Financial Technology Analyst

Intuit's launch of Enterprise Suite marks a significant strategic move into the $89 billion mid-market business segment. This integrated solution addresses a important pain point for growing businesses: managing multiple software applications. By offering a comprehensive platform that includes financial management, payroll, marketing and industry-specific tools, Intuit is positioning itself to capture a larger share of this lucrative market.

The inclusion of AI-powered features for automation and insights is particularly noteworthy. This could provide Intuit with a competitive edge in a space where efficiency and data-driven decision-making are paramount. However, the success of this suite will largely depend on its ability to seamlessly integrate various functionalities and deliver on the promised productivity gains.

From an investor perspective, this move could potentially drive revenue growth and increase customer retention rates. The contract-based pricing model also suggests opportunities for higher average revenue per user. While the initial impact on financials may be gradual, the long-term potential for expanding Intuit's market share in the mid-market segment is substantial.

Market Research Analyst

Intuit's Enterprise Suite launch aligns well with current market trends. The 2024 Intuit QuickBooks Business Solutions Survey highlights that 82% of mid-market businesses prioritize expansion, indicating a strong demand for scalable solutions. The fact that these businesses use an average of 10 different software programs underscores the need for an integrated platform.

The suite's focus on automation and AI-driven insights addresses key pain points in the mid-market segment, particularly the need to reduce manual tasks and improve decision-making. This could be a significant differentiator in a competitive market.

However, the success of Enterprise Suite will depend on its ability to deliver on its promises of seamless integration and industry-specific customizations. The construction and non-profit sectors, in particular, have unique needs that require robust, tailored solutions. Intuit's ability to effectively serve these verticals could be a key factor in the suite's adoption rate and overall market penetration.

Tech Industry Analyst

Intuit's Enterprise Suite represents a strategic pivot towards AI-driven business solutions. The integration of AI for tasks like cash flow management, budgeting and anomaly detection in payroll showcases Intuit's commitment to leveraging advanced technologies. This aligns with the broader industry trend of incorporating AI into enterprise software to enhance efficiency and decision-making.

The inclusion of Mailchimp's marketing technology is a smart move to create a more comprehensive offering. It demonstrates Intuit's ability to leverage its acquisitions effectively, potentially creating synergies across its product portfolio.

However, the challenge lies in seamlessly integrating these diverse functionalities while maintaining ease of use. The success of Enterprise Suite will heavily depend on its user experience and the actual productivity gains it delivers. Additionally, as Intuit moves into serving larger, more complex businesses, it may face increased competition from established enterprise software providers.

Overall, this launch positions Intuit to potentially capture a larger share of the growing financial technology market, but execution will be key to its success.

Intuit further expands mid-market offerings with an all-in-one solution that serves larger and more complex businesses and fuels their growth

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Today, Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced a major milestone to accelerate its offerings for mid-market businesses with the introduction of Intuit Enterprise Suite, a configurable suite of integrated financial products designed to seamlessly scale and enhance productivity and profitability for businesses as they grow. As the world’s leading financial technology platform, Intuit is best positioned to serve the $89 billion total addressable market of larger, mid-market businesses who have more complex business needs as they scale. Intuit Enterprise Suite is now available in the US to multi-entity, service, and project-based businesses.

(Graphic: Business Wire)

Intuit Enterprise Suite is designed for businesses focused on growth, providing one scalable, integrated solution that decreases manual, repetitive tasks with streamlined processes, boosts productivity through powerful automation, and unlocks actionable insights for faster decision making. With the power of AI, Intuit Enterprise Suite enhances profitability end-to-end with a full set of core capabilities all in one place, including: access to robust financial management and accounting capabilities; integrated payroll, payments, and bill pay; automated marketing; access to third-party apps, and a team of experts. It meets the needs of existing QuickBooks customers looking for more powerful functionality and will also include industry-specific customizations for construction, non-profit, service and project-based businesses.

According to the 2024 Intuit QuickBooks Business Solutions Survey, growth is the number one priority for mid-market businesses, with 82% prioritizing expansion at a steady or fast pace over the next year. However, growing businesses are juggling multiple applications to manage their operations - using 10 different software programs on average - leading to overspending on unused software and time wasted on manual and repetitive tasks due to the lack of an integrated system. Among businesses prioritizing growth, the top improvements they say are needed for their current apps to support that growth are better integration capabilities and more automation to streamline processes and reduce manual work.

“As businesses grow, so does the complexity of running their business. Intuit Enterprise Suite fuels growth by helping customers run their business on one end-to-end business platform,” said Intuit CEO Sasan Goodarzi. “This mid-market solution is powered by Intuit’s data and AI platform, boosting productivity through powerful automation, and unlocking business intelligence with actionable insights.”

With Intuit Enterprise Suite, business owners can:

• Manage finances through AI-powered insights and tools: Growing multi-entity, mid-market businesses can experience powerful and intuitive financial management capabilities with Intuit Enterprise Suite. Businesses can manage their financial and accounting processes in one place with the ability to prepare consolidated or individual financial statements and handle intercompany transactions. Intuit Enterprise Suite also uses AI to automate planning tasks, including cash flow management, budgeting, and profit and loss forecasts in seconds. It also monitors business performance with reports and real-time dashboards.
• Track industry-tailored project performance and profitability insights: Businesses can deliver projects that support their growth goals with a customized, industry-specific, 360-degree view of project management and financial data in one place. Intuit Enterprise Suite tracks real-time project profitability and performance with custom, multi-dimensional reports and KPIs, including those designed specifically for the construction industry. It syncs employee time data with payroll and projects and sets AI-powered KPIs with estimated targets compared to historicals. Intuit Enterprise Suite also flags when projects are off target with recommended actions to get them back on track.
• Attract and engage customers: Intuit Enterprise Suite includes Mailchimp’s marketing technology, helping businesses find, retain, and manage customers through email and SMS campaigns and leverage customer data from QuickBooks to find untapped revenue opportunities. Businesses can also build and generate personalized customer journeys with marketing automation and AI tools, as well as segment and manage audiences.
• Stay compliant, pay, and manage teams with confidence: Businesses have access to robust payroll and HRIS features beyond just paying employees. Intuit Enterprise Suite includes automated new-hire onboarding processes and access to healthcare, retirement, and workers' comp benefit offerings. It simplifies the overall payroll process with integrated time-tracking features and helps businesses stay compliant by improving accuracy with automated payroll tax calculations, deductions, and filings, and will soon detect anomalies with AI to catch errors.
• Get paid faster and easily manage bills: Businesses can stay on top of their cash flow and get paid four times faster* with instantly payable invoices plus accounts payable and receivable automation and reconciliation across entities. Financials are also streamlined with the ability to create estimates, accept payments on the go, set up automatic invoice reminders and approvals, and handle payment issues with dispute protection.
• Access to specialized services and experts: Businesses have a direct line to assigned account and customer success managers and professional service experts focused on helping them succeed. This includes access to guided setup and training and coordinated customer care and professional services to help identify and recommend a configurable solution that meets the needs of each business at every stage of growth.

Through an experienced, robust sales organization, Intuit Enterprise Suite takes a contract-based approach to pricing so customers pay based on their tailored solutions. For more information, visit https://www.intuit.com/enterprise/.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments' money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/. Not available in U.S. territories or outside the U.S.

Healthcare is provided in partnership with Allstate Health Solutions. Intuit Insurance Services Inc., is a licensed insurance broker and is paid a percentage fee of insurance policy premiums in connection with the services. Sold separately. Additional terms and conditions apply.

401(k) is provided and administered by Guideline. Intuit is not a 401(k) plan administrator, fiduciary or other provider. Sold separately. Additional terms and conditions apply.

Workers' comp is provided by NEXT Insurance. Not available in OH, ND, WA and WY. Sold separately. Additional terms and conditions apply.

2024 Intuit QuickBooks Business Solutions Survey Sample and methodology

Intuit QuickBooks commissioned an online survey in August 2024 of 630 owners and executives from businesses with 10-99 employees throughout the US, all aged 18+. Half of respondents (56%) own a business with 10-99 employees. Two in 5 (44%) work full-time for business with 10-99 employees as a CEO/President, CFO/Controller, COO/Operations Manager, or CTO/Technology Manager. Three in 4 (75%) respondents are Millennials aged 28-43. Nearly 3 in 4 (73%) respondents are male and 1 in 4 (27%) are female. Averages have been calculated using a weighted median. Nearly 3 in 4 (73%) respondents are white. The second largest racial group is Black (13%). Percentages have been rounded to the nearest decimal place, so values shown in data report charts and graphics may not add up to 100%. Responses were collected using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on census data to ensure accurate targeting and results. Respondents received remuneration.

*Four times faster based on U.S. customers using QuickBooks Online invoice tracking and payment features, compared to customers not using these features, from Aug 2022 to July 2023.

The total addressable market referenced incorporates an expanded view of the mid-market opportunity as Intuit continues to serve these customers with offerings and services across its platform.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240917332019/en/

Intuit QuickBooks:

Kim Amsbaugh

kim_amsbaugh@intuit.com

Jen Garcia

Jeng@accesstheagency.com

Source: Intuit Inc.

FAQ

What is Intuit Enterprise Suite and when was it launched?

Intuit Enterprise Suite is a configurable suite of integrated financial products designed for mid-market businesses. It was introduced by Intuit Inc. (INTU) on September 17, 2024, to help larger and more complex businesses grow, streamline operations, and scale.

What are the key features of Intuit Enterprise Suite (INTU)?

Key features of Intuit Enterprise Suite include AI-powered financial management, industry-tailored project performance tracking, customer engagement tools via Mailchimp integration, robust payroll and HRIS capabilities, streamlined payment and bill management, and access to specialized services and experts.

Which market segment does Intuit Enterprise Suite (INTU) target?

Intuit Enterprise Suite targets the $89 billion total addressable market of larger, mid-market businesses with more complex needs. It's designed for multi-entity, service, and project-based businesses in the United States.

How does Intuit Enterprise Suite (INTU) address the needs of growing businesses?

Intuit Enterprise Suite addresses growing businesses' needs by providing an all-in-one solution that decreases manual tasks, boosts productivity through automation, and unlocks actionable insights for faster decision-making. It also offers industry-specific customizations and integrated tools for financial management, marketing, and payroll.