Quick Books, one of three flagship products offered by California-based Intuit, was originally patterned after personal accounting package Quicken. Intuit executives wanted to provide a package that would offer small business owners the flexibility of an easy-to-use software package and the structure and compliance required to run a profitable business.
At its launch in 1998, QuickBooks was very popular with business owners with no formal accounting background. Unfortunately, although the package was easy to use and offered significant benefit to its customers, many accounting professionals felt that it lack the security, audit trail and robustness really needed. These concerns were exacerbated because many business owners used QuickBooks, which quickly established an 80% market share, for day-to-day bookkeeping – but relied on professional accountants for month-end and year-end services.
Intuit sought to bridge this gap, and by 2000 the software included several of the missing features including audit trails, double entries and other accounting-industry compliant items. Next, Intuit began developing niche products: including those with basic or advanced features, as well as packages tailored to the needs of specific industries like contracting, retail, manufacturing and even not-for-profit. QuickBooks also leveraged the relationship between small business owners and accountants/bookkeepers by developing the Pro Series, which is specifically designed for accounting professionals who support multiple small business clients.
Today QuickBooks continues to hold a dominant share of the market. Far from an adversarial relationship with accounting professionals, Intuit now has a network over 50,000 CPAs, bookkeepers, and consultants who serve as Quick Books ProAdvisors. These professionals offer an array of services including QuickBooks training, technical support, consulting services, full-charge bookkeeping all targeted at the QuickBooks platform.
Now more than 80 to 90% of SME segment in USA/Canada uses quick books as their accounting package.
The story of Quick books started in in India way behind 2000 when cosmic IT services pvt. ltd. wish to explore business opportunity with US market in accounting and tax segment. Now they are the one of the leading service provider with ISO 9001:2008 tag from past 6 years and have their own workflow management system with the intention of making business segment in USA/Canada paperless and way to cut their cost by 50%.
They also provide training programme on Quick books while handling books of accounts of nearly 4000 end business owners in USA from their offshore center in India .
While exploring accounting opportunity they also offer Tax service to US market starting from basic return of 1040 till the complex shoe-box type of return in 1120,1065 to the US market.
Now the demand for keeping once books in tact in Quick books in mandatory over the IRS plan to start verifying the Quick books file of the tax return filed with them.
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