Big news: Intuit has acquired Homestead

Intuit to Acquire Web Software Maker Homestead Technologies which should help it make it easier for you guys -- our users to build websites. and do ecommerce. As Brad Smith, our new CEO points out "This acquisition supports our growth strategy in small business by addressing an underserved need, and continues Intuit's move beyond financial management solutions into helping small businesses solve other important problems."

So what does this mean to you all -- 1. If you want to build a website, Homestead provides an easy way to do it. 2. If you want to start doing ecommece on the site and create an ecommerce, Homestead provides the tools..

Take a free trial test drive and check it out.

Eventually, you should see these offerings integrated into our other QuickBooks services and servies.

To hear what the media is saying about all of this:

Continue reading "A new company joins the family"

 

It’s the Holiday

 

And time to consider picking up or giving a book.

So here are Amazon’s Top Small Business Entrepreneurs Books:

 

1. The 4-Hour work Week: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferris and Ray Porter
2. Good to Great CD: Why Some Companies Make the Leap...And Others Don't by Jim Collins
3. The 7 Habits of Highly Effective People by Stephen R. Covey
4. The 7 Habits of Highly Effective People by Stephen R. Covey
5. First, Break All The Rules: What The Worlds Greatest Managers Do Differently by Marcus Buckingham and Curt Coffman

 

To see the rest of Amazon's Small Business Best Sellers

To see the top Amazon Small Business Books based on customer reviews

We have set up a QuickBooks Online Community on FaceBook.

- If you are on FaceBook, search on QuickBooks.. or visit us at QuickBooks page

- If you are not on FaceBook, but want to learn about FaceBook, leave a note here, .. and I will do a demo of FaceBook and explain what it is and how you might want to use it..... I will set this up for the week after Thanksgiving.

In the meantime, have a great Turkey Week.

MOUNTAIN VIEW, Calif. – Nov. 15, 2007 - - Intuit Inc. (Nasdaq: INTU) today announced strong results for the first quarter of fiscal year 2008, which ended Oct. 31.

"We are pleased with the results of our first quarter," said Steve Bennett, Intuit's president and chief executive officer. "QuickBooks 2008 is off to a great start and Payroll and Payments growth continues to be strong. With the launch of TurboTax for the 2007 tax year coming next week, we're looking forward to another great year for Intuit."

First-Quarter 2008 Financial Highlights

• Revenue of $444.9 million increased 27 percent from the year-ago quarter. Growth was driven by strong performance in Small Business and the acquisition of Digital Insight in February 2007.
• GAAP (Generally Accepted Accounting Principles) operating loss from continuing operations of $103.2 million, compared with an operating loss from continuing operations of $98.5 million in the year-ago quarter.
• GAAP net loss of $20.8 million, compared with a net loss of $58.9 million in the year-ago quarter. This represents a net loss per share of $0.06, compared with a net loss per share of $0.17 in the year-ago quarter. Results this quarter include a $24 million pre-tax gain from the sale of outsourced payroll assets and a $27 million gain from the sale of discontinued operations.
• Non-GAAP operating loss of $55.7 million, compared with a non-GAAP operating loss of $76 million in the year-ago quarter. Non-GAAP net loss per share was $0.10, compared with a non-GAAP net loss per share of $0.12 in the year-ago quarter.

Intuit typically posts a seasonal loss in its first quarter when it has little revenue from its tax businesses.

First-Quarter 2008 Business Segment Results

• QuickBooks revenue was $146.9 million, up 9 percent over the year-ago quarter.
• Payroll and Payments revenue was $131.3 million, up 5 percent over the year-ago quarter.
• Consumer Tax revenue was $13.3 million, up 18 percent over the year-ago quarter.
• Professional Tax revenue was $11.0 million, up 13 percent over the year-ago quarter.
• Financial Institutions revenue was $72.2 million and includes the results of Digital Insight, which was acquired in February 2007.
• Other Businesses revenue was $70.2 million, up 11 percent over the year-ago quarter.

Forward-looking Guidance

Intuit reaffirmed its previously given revenue and earnings per share guidance for the second quarter of fiscal 2008, which will end on Jan. 31, and provided operating income guidance for the first time. The company expects:

• Revenue of $833 million to $848 million, or growth of 11 percent to 13 percent.
• GAAP operating income of $136 million to $146 million, or a year-over-year decline of 37 percent to 32 percent. On a non-GAAP basis, operating income is expected to be $185 million to $195 million, or a year-over-year decline of 22 percent to 18 percent.
• GAAP diluted EPS of $0.28 to $0.30 compared with GAAP diluted EPS of $0.40 in the year-ago quarter. On a non-GAAP basis, diluted EPS is expected to be $0.34 to $0.36, compared with non-GAAP diluted EPS of $0.44 in the year-ago quarter.
• Excluding the impact of the acquisition of Digital Insight, the sale of outsourced payroll assets to ADP, discontinuing the Pro Series Express product and the deferral of approximately $23 million of revenue from the second quarter to third quarter, Intuit would have expected second-quarter revenue growth of 8 percent to 10 percent and second-quarter non-GAAP diluted EPS of $0.40 to $0.42.

Intuit also reaffirmed its previously given revenue and earnings per share guidance for the third and fourth quarters, and for the full fiscal year 2008. Details are available on Intuit's Web site at www.intuit.com/about_intuit/investors/earnings/2007.

How often have you gone to the doctor, the chiropractor, a lawyer, etc. and had to wait  and wait for them. It amazes me how many of these guys (small business owners) keep their customers waiting. Yes, I know that the small business person wears many hats: 1) The Bookkeeper, the Grounds Keeper (cleaning up the office after the hours), the Goal Keeper (staying true to the mission statement and the entrepreneur values), etc. This doesn't still excuse keeping customers waiting. I have had to go to doctors and lawyers a lot this month (personal issues) and I have calculated in the first 10 days of November, I spent over 5 hours waiting and waiting .. in the waiting room (see above).

So, I ask you, why can't these guys leverage what shrinks do and operate under the 40 minutes hour rule, where remaining 20 minutes can be spent either writing up notes from the previous meeting, grabbing a cup of coffee or going to the bathroom.

I know that one of your biggest challenges is obtain customers, but don't forge to take care of the customers you do have --

Don't keep them waiting. Sounds obvious, but think about how long your doctor, your lawyer.. keep you waiting.

Don't worry, I know that your accountant would never do this :  )

Warning: This post is self-promotion

All of us, whether we are a big company like Intuit or a small business are curious about Gen Y, those young folks between the ages of 18-30 years old. Well, I just came out with book that might help, called  Millennial Leaders: Success Stories from Today's Most Brilliant Generation Y Leaders

The goal of the book is to help recognize and salut the Gen Yers who are real entrepreneurs and also provide some guidance to parents, teachers and marketers who are trying to figure out how to work with this generation. Unlike some other books where old boomer authors provide their thoughts about Gen Y, we really let Gen Y do the talking. The book is really interviews with Gen Yers... and then we pull out 5 key insights.. things we learned from them.

In managing these folks, here are some necessary core competencies:

• •Establishing Trust and Intimacy– Authenticity and embracing risk are key to building connection.
• •Presence- Generation Y wants to leave the conversation with more questions than answers.
• •Active Listening- Gen Y will respond when they know you have heard how the conversation is affecting their greater world/life; Get to the bottom line.
• •Powerful Questioning- Use inquiry to help look inside for answers (they are very introspective and aspirations are internal).
• •Direct Communication- Know their jargon (but be careful about using it); Laser approaches are best.
• •Creating Awareness- Identify key strengths and assets;
• •Designing Actions-  Provide opportunities to use the environment and real-life experiences to enhance learning.

Feel free to take a look at the book or the website www.Millennial Leaders.com.

I will not be insulted if you don't. Just thought this might help you with your businesses.

Scott (smallbizguy)

Intuit to Announce First-Quarter Results on Nov. 15

MOUNTAIN VIEW, Calif. - Nov. 1, 2007 - Intuit Inc. (Nasdaq: INTU) announced today that it will release its financial results for its first quarter of fiscal year 2008 on Nov. 15 following the close of market.

Intuit will host a conference call at 1:30 p.m. PST to discuss the financial results. To attend the conference call, dial 866-244-4629 in the United States or 703-639-1176 from international locations. No reservation or access code is needed. There also will be an audio webcast of Intuit's conference call at 1:30 p.m. PST available at http://www.intuit.com/about_intuit/investors/webcast.jhtml. Prepared remarks for the call will be available on Intuit's Web site after the call ends.

Intuit's press release will be available at http://www.intuit.com/about_intuit/press_room/ following the close of market on Nov. 15.

A replay of the audio webcast will remain on Intuit's Web site for one week after the conference call. A replay of the conference call will also be available for one week and can be accessed by calling 888-266-2081, or 703-925-2533 from international locations. The access code for this call is 1158848.

Our team recently got together in Tucson to discuss how the website is going and where we want to take this community. Before we met, we talked to a number of you and got feedback from what you want from us. Fortunately, our vision for this website is aligned -- meaning, we have learned from our users about what they want. We all want to create a Community experience that:
- connects users and experts together
- helps people get their answers to QuickBooks and Small Business related issues
- help users find resources offline as well as online
- get your questions answered as quickly as possible...
Anything else to add? Of course, we (the Online Community team) are really just facilitators -- building the infrastructure to help users connect with other users. Or should we be doing something else?

Today, a large group of us had a conference call with Guy Kawasaki, well known entrepreneur and venture capitalist. .. and founder of Truemors.com.. a site that lets you tell the world what you are thinking and also keeps you in the know.

Although we will post a podcast and a transcript of the discussion tomorrow, here are some of my notes from the call. Note, sometime I can not type fast, so this is just a summary of some questions and answers. : )

Focused on raising money and venture capital. It is more an art than a science. It is a very 'select game.' Not an elite game -- limited to a few companies:

1. What kind of businesses are relevant to venture capitalists? A busy that is going to be doing a $100MM or more. Each one wants to find the next MySpace, FaceBook etc. Is it likely that a restaurant will be doing a $100 MM in revenue within 5 years is limited so you need to make a call if you are going to do a $100MM.. . And if not, don't waste our time. Note only 2,000 companies get funding

2. What excites a venture capitalist? Usually it comes down to a gut level feeling about the idea or the entrepreneur. You present to about 20 people at a time and it will take 6 months. They key to pitching is the email you send to them, which should be 5 paragraphs total. 'You either excite them in 5 paragraphs or you loose them.' It helps if you know the VC, but of course, it helps .. The best way to get to the VC is through a corporate finance attorney or a university professor who says 'these guys were the best students I ever had.' Important to know someone who knows the VC. So it comes down to networking.

3. Quality of Power Point Presentation -- 10 slides long -- give presentation in 20 minutes -- and the smallest font should be 30 pt font .. This is the 10-20-30 formula for giving presentation.

Evangelism:

1. Defined bringing the good news to people. The key is whatever is golden touch it. A great product is easier to evangelize vs. than a bad product. This is what Guy's Golden Touch is…. Not what he touches necessarily (what is good for you), but what is golden and then sharing it with others.

2. Technology evangelism is important and what is key is to be able to demo the product well.

How long should I go before getting external funding?

Get along as far along as possible before seeking external capital. Not just so you own more, but with a better product your odds of success is higher. And if an entrepreneur raises too much money upfront, sometimes they tend to spend too much to quickly. It is easy to create a prototype and test it out with users and then you have some solid evidence/examples to show venture capitalists. This Bootstrapping will help the company get farther on less ($$$).

Should Apple go into the corporate market? Probably not. Leopard is a great operating system.

Live version test market necessary? Sequoia wants me to develop a real product before giving $$?

Venture Capitalists can pick anybody to invest in, so therefore, they want to see 'if the dogs will really eat the food if you ship.' Therefore, they are saying we are a big VC company and we can pick whomever we want to invest in. So if you show them a proven product, they are more likely to invest

What are the some of ways a bog can help your business get started?

There are many motivations for bogging, such as staying in touch with a family, self-actualization, self-expression, etc. But it is difficult to say bogging will help your business. You might have a blog that is the greatest source for household tips. So that might help. But a blog is a means to communicate with a population and that population has to be on the internet. So blogging can be helpful, but I would not depend solely on it.

How can a blog get traffic?

Guy's blog has about 100,000 subscribers. The topic that was most popular in terms of comments was about feeling old and ask everyone to send in the top signs that indicate they are getting old. It has a 125 comments. It probably is more about traffic vs. comments.

Benefits of finding a good board of directors and the value to your team?

In a perfect world, a good board of directors. Some examples….One is like Mom -- the psychiatrist of the team. Another is the Jerry McGuire, who will open up the rolodex. A technologist who will tell you that your technology is good or bad. A board member will provide good advice for free. But most board members do not add that much value because most people do not add additional value. Don't believe that if you have a great believe a good board member makes a good product. Is there a right time to get a board member? And how do you get a good board person if you do not have a product? Almost by definition the people you want on the board probably do not have time to be on the board and visa versa. 'You are not going to join a country club that would have you.'

How do you define a great product or service?

The acronym that I would use is DICEE: D is for Deep--great products with lots of features. They do not leave you wanting more. Intelligence -- someone was thinking.. Someone was thinking that you don't want to carry music around. Someone was thinking about the pain I would encounter. C stands for Complete -- The totatality of the experience. E stands for Elegance -- the interface and product is usable. And the last E is for Emotion -- you either like or you you don't like it.

What product has WOW's you?

Leopard is a very WOW product. The Art of the Start.. My book is a great book for start ups… All modesty aside.

Angel Investors? Pros and Cons working with Angels?

The beauty of an angel is that it is easier to say that like it or that they don't like like it. The decision (making process) is faster. Most angels are content owning 5-10% of a company vs. a VC that wants 20-25% of a company. Some believe that angels are easy to take advantage of. If you want real money where there are not strings attached, get money from friends or family.

Tips on the Angel Capital Association? Small scale venture capitalist firm? Any info on smaller VC? Garage (Guys VC group) only has $20MM funds. Difficult to invest a billion dollars. Venture capital does not scale interationally -- cause they need and want face time.

Is there a way to coordinate local money with local company? Just like any other entitity. You need to develop it, market it and get the word out.Similar to starting a new entity. One thing to understand about Angel money -- make sure that this person is rich and is sophisticated enough. Make sure you take money from investors who can afford to loose the money. The law is going to protect the individual, but make sure you check with a lawyer.

What about exit strategies? I

n general, don't talke about exit strategies. Too many pitches focus on that they company should be an IPO or should be acquired. But these are the two most obvious alternatives there are for getting liquidity. Don't focus on the exit strategy. If you build a great company, you will make a lot of money and take a large salary. If you build a great company, people will call you to buy you. If you build a great company, you will have such predictive earnings that you will go public will make money. NOTE: Companies are bought not sold. Pick up the phone cause it is ringing vs. calling someone to buy you!

 

What about the econonmy and getting funding?

Micro picture vs more important the Macro picture (which focuses on interest rates, number of deals, etc… the big picture is 'oh my god-- investment is down!'. The micro picture is 'you need to focus on getting your funding or you don't. If you hear that unemployement is a record high, you should ignore this and focus on what is important to you.. Getting a job or getting funding. Focus on what you need to do. At the end of the day, you need to focus on what is important to you.

Talk about angel investors and tie it to your comments about money to be had from investors, but sometimes there are board members who .. But if a guy is giving you all the money you need, you should probably give him a board position. There is smart money, there is value add money…etc. But at the end of the day, if you need money, you might have to take it. Don't go to your local loan shark….

Can you recommend ... a good Business Plan Software? Palo Alto Software has Business Plan Pro, which is good and it is bundled with his book!

"Don’t let the bozos drive you down!"

The Sleeter Group, the nation’s premier network of QuickBooks consultants has announced its annual selection of “Awesome Add-ons for QuickBooks.” What’s an add-on? Well, add-on programs and services fill the niches left by QuickBooks, improving inventory, time management, invoicing, e-commerce and other capabilities. The programs all integrate directly with QuickBooks and are members of Intuit’s QuickBooks Developer Network.

The Sleeter Group’s 2008 Awesome Add-Ons for QuickBooks are:

MISys SBM, for enhanced manufacturing inventory control. www.misysinc.com

PDG Commerce, e-commerce shopping cart software. www.pdgsoft.com

InsynQ e-Accounting, secure, remote access to business applications and data. www.cpaasp.com

QuickBooks Point of Sale, software and hardware for small business retailers. www.quickbooks.com/pointofsale

UniResMan, front office systems for hotels, resorts, motels, villas and apartments. www.uniresman.com

TrueCommerce Transaction Manager, Electronic Data Interchange (EDI) capabilities for purchasing and invoicing. www.truecommerce.com

Fishbowl Inventory, inventory for distributors, wholesalers and small manufacturers. www.fishbowlinventory.com

BillQuick, time and billing software for professional services firms. www.billquick.com

Adagio FX, advanced financial statements and data analysis tools for accountants. www.softrak.com

Acctivate, for wholesalers, distributors and light-assembly manufacturers with advanced inventory management requirements. www.acctivate.com

Legrand CRM, customer relationship management for businesses that need to track customer activities. www.legrandsoftware.com

PayCycle, automated low-cost, web-based payroll for both small businesses and their accountants. www.paycycle.com

Cabinet NG CNG Books, comprehensive paperless document storage and retrieval system. www.cabinetng.com