Intuit believes it can steal market share from Xero and MYOB

The head of accounting for global accounting software giant Intuit has thrown down the gauntlet to local leaders MYOB and Xero, saying it will win market share from the major players and emerge to be the dominant force in the region.

“We have internal projections where we think we’ll be at the same level of market share as Xero in the next few years,” Intuit global head of accounting Richard Preece told The Australian Financial Review.

“Those companies had a significant head start in terms of time in the market… so we have to have the best product to drive market share. We believe the biggest opportunity is that the majority of SMBs still haven’t made a cloud-based decision and have been using excel. They’re our primary objective.”

Mr Preece is in the country for Intuit’s first QuickBooks Connect event in Sydney on Thursday.

Intuit is also considering launching its QuickBooks Financing small business loans service to Australian SMBs in the next 12 to 24 months, following its successful growth in the US in the past three years. In the past 12 months Intuit has also started providing business loans through the platform, as well as connecting customers to financial institutions and scoring them lower interest rates using a 30 data point risk calculating algorithm.

Since launching in Australia in 2013, the company had grown to more than 53,000 customers by October 2016. It has also boosted its on-the-ground presence to more than 100 staff and its local headcount is set to increase more this year.

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Source: Intuit believes it can steal market share from Xero and MYOB | afr.com