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QuickBooks Platform Helps Small Businesses Manage Inventory, Grow Sales Across Multiple Channels

INTU | November 3, 2015

New Solutions Also Include eCommerce and Point-of-Sale Integration, Access to Financing

Intuit Inc. (Nasdaq:INTU) is delivering a suite of new solutions that make it easier for retailers, e-commerce merchants, wholesalers and manufacturers to manage their inventory and sales channels. These solutions leverage the power of the QuickBooks platform – and leading third-party apps – to automatically connect a broad range of inventory and sales data across multiple channels, eliminating the need for cumbersome manual data entry.

New research from Intuit shows that small businesses spend an average of 13.7 hours a week managing and tracking their inventory, and 70 percent do not use software specifically designed to manage their inventory.

“Running a product-based business means a constant balancing act between carrying too much inventory and not carrying enough and missing out on valuable sales opportunities,” said Karen Peacock, vice president of small business at Intuit. “We’re using the power of the QuickBooks platform to provide retailers and other product-based businesses with a simple, integrated view of how money flows in and out of their business. Our mission is to fuel small business success by using the power of the cloud so that small business owners can focus on the things that make them passionate about being their own boss.”

Highlights of the new QuickBooks solutions for businesses that sell products include:

Delivering Core Inventory Features Within QuickBooks – New features, such as product categories and SKU number tracking make it easier than ever for small businesses to track and manage inventory. For example, small businesses can now create an invoice and then immediately see how much inventory remains, helping hem make informed decisions about what they can sell and when to reorder new stock.
Integrating Advanced Solutions Through Partner Integrations – Seamless integrations with QuickBooks Point-of-Sale powered by Revel and leading e-commerce solutions, such as BigCommerce and Shopify, save small businesses hours of manual data entry. And specialized app integrations enable value-added inventory and order management functionality so that small businesses can run their entire business with QuickBooks.
Providing Access to Financing With the Click of a Button – Having a comprehensive view of inventory and sales trends helps small businesses to more quickly access the capital they need so they can confidently take advantage of growth opportunities. To help simplify the process, Intuit has created QuickBooks Financing, which enables small businesses to unlock their QuickBooks data to apply for the full spectrum of financing solutions – everything from short- and long-term loans, to lines of credit, and invoice financing.

Small Businesses Want Integrated Inventory Management

New research shows how inventory management can be a time-consuming and painful process for small businesses. Highlights include:

67 percent of small businesses have to manage multiple points in their supply chain, such as different vendors and service providers, and 48 percent manage three or more points.
The top 5 challenges facing small businesses in managing their inventory include:

1. Spending too much time manually counting inventory – 27 percent.

2. Finding time to create a system to track inventory – 27 percent.

3. Connecting sales and payments channels with inventory – 21 percent.

4. Determining what tools exist, how much they cost and how to use them –18 percent.

5. Not having a central dashboard that shows the status of inventory – 16 percent.

The research was conducted by Qualtrics and is based on 1,000 interviews held Oct.16-26. The research was completed online among respondents who are either owners or managers of U.S. small businesses, or self-employed individuals.

Global Leader in Cloud Accounting

QuickBooks is the global leader in cloud accounting, with over one million subscribers worldwide. It is built to fuel small business success:

Automates Complex Tasks: Simplifies bookkeeping so that every time an invoice is sent, a customer makes a payment or an employee gets paid, the information is tracked and updated.
Everything Works Together: Lets small businesses use multiple apps to run their business. As an open platform, QuickBooks ensures that different solutions work together seamlessly, providing small business owners with the vital information and insights they need, when they need them.
Personalized by and for Small Businesses: Allows small businesses to customize QuickBooks to fit their type of business.

About Intuit Inc.

Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.

Its flagship products and services include QuickBooks®, and TurboTax® and Mint.com, which make it easier to manage small businesses and payroll processing; tax preparation and filing; and personal finance. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants.

Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2015, with approximately 7,700 employees in major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.