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In the News - June 3, 2022

Cathy Roth
Posted by Cathy Roth on Jun 3, 2022 1:08:29 PM

Are you ready for a news update? Here are some interesting updates from accounting solution and services providers - including news about Intuit's financial growth for their third fiscal quarter that ended April 30th. 

Intuit announced its Q3 results ending April 30. 

  • Total revenue was at $5.6 billion, up 35% over the same period last year, including the addition of Mailchimp. Excluding Mailchimp, total revenue grew 29%.
  • Consumer Group revenue was up 32% to $3.2 billion, reflecting the earlier tax filing deadline this year.
  • Small Business and Self-Employed Group revenue was up 42% to $1.7 billion (includes Mailchimp revenue of $257 million).
  • Online Ecosystem revenue grew 67% to $1.2 billion. When Mailchimp revenue is excluded, the Online Ecosystem revenue grew 31%.

According to Sasan Goodarzi, Intuit's chief executive officer. "We are confident in our strategy and execution across the company as we become the global AI-driven expert platform powering the prosperity of consumers and small businesses. We had another strong quarter, and we are raising Intuit’s revenue and operating income guidance for fiscal year 2022."

Melio, the B2B payments platform for small businesses, has announced the launch of international payments, With international payments now available, small businesses will be able to make these payments with ease, which is a welcome ability in these times of supply chain challenges. Melio users will be able to pay suppliers in more than 70 countries, including the major import markets, by July 1.

Tax software provider Sovos is expanding its operations in its Atlanta office. The new office space offers 70% more space and is part of the company's plans to expand its team by 10 to 20% over the next year. Sovos offers solutions in these areas - sales and use tax, value-added tax, shipping and distribution compliance, and tax and regulatory reporting.

Sage Intacct 2022 Release 2 is now available from Sage, a leader in accounting, finance, HR, and payroll technologies for small and mid-sized enterprises. Sage Intacct Release 2 adds support for evergreen subscriptions to its top subscription billing solution for SMBs.

Lockstep is a platform for accounting teams, developers, and fintechs to share accounting data at the center of all business. The company has just announced an automated inbox for accounting teams. Lockstep integrates with a variety of software, including QuickBooks.

Topics: Finger on the Pulse


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