Intuit and Square Announce Point of Sale and Accounting Integration

Square and QuickBooks Simplify Payments and Accounting for Millions of Small Business Owners

Business Wire

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--

Intuit (INTU) and Square today announced a seamless integration between Square and QuickBooks. Built on Intuit’s open platform, the integration will enable small businesses to more efficiently import their transactions from Square into QuickBooks helping them streamline their operations, save time and ensure accurate reporting. The offering will be available on November 19.

“By rebuilding QuickBooks as an open platform, small businesses can choose to use services we provide as well as the solutions they already use and love, like Square,” said Dan Wernikoff, senior vice president and general manager of Intuit Small Business Financial Solutions.

QuickBooks, available in 100 countries, provides small businesses and accountants with an intuitive, easy-to-use design that gives small businesses access to a robust, open platform that is impossible to outgrow and works anytime, anywhere online.

“Square is focused on helping businesses grow,” said Francoise Brougher, business lead at Square. “Our customers tell us often how important it is to have accurate and in-depth information about their business. Integrating with QuickBooks gives sellers another powerful tool to help them run their business more efficiently.”

Square is making sophisticated, big-business tools simple, easy to use, and available to anyone. Neighborhood merchants of all sizes are increasingly adopting Square Register at the counter for its intuitive interface, smart analytics, continuous updates and simple processing fees.

Product Availability

Intuit and Square will begin offering the integration on November 19. Existing customers of both companies will be able to activate the integration seamlessly, while new customers to either company will be able to sign up quickly and easily for both Square Register and QuickBooks. Intuit will continue to offer the full range of Intuit Payment Solutions offerings, including GoPayment, to all of its customers.

About Square

Square is making commerce easy for everyone. Whether a business needs to accept credit cards, manage a full point of sale system, or sell online, Square offers simple and affordable tools so businesses of all sizes can start, run, and grow. The company began with a free credit card reader for the iPhone, iPad, and Android devices, allowing businesses to accept credit cards anywhere, anytime, for one low, transparent rate. Square now offers a full suite of hardware and software tools including Square Register, Square Market, Square Wallet, and Square Stand. Founded in 2009, and headquartered in San Francisco, Square is currently available in the United States, Canada, and Japan.

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®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. 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 2013. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

Cautions About Forward-looking Statements

This press release contains forward-looking statements about Intuit and Square and their respective businesses, including statements regarding the timing of availability of products and services and the ability of customers to access them. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: inherent difficulty in predicting consumer behavior; consumers may not respond as we expected to advertising and promotional activities; the competitive environment; the ability of Intuit and Square to innovate and adapt to technological change; business interruption or failure of information technology and communication systems; problems with implementing upgrades to customer facing applications and supporting information technology infrastructure; any failure to properly use and protect personal customer information and data; the ability to develop, manage and maintain critical third party business relationships; increased government regulation of our businesses; any significant offering quality problems or delays; our inability to adequately protect our intellectual property rights. More details about these and other risks that may impact Intuit’s business are included in Intuit’s Form 10-K for fiscal 2013 and in its other SEC filings, which you can locate through Intuit’s website at http://investors.intuit.com. Forward-looking statements are based on information as of September 24, 2013 and we do not undertake any duty to update any forward-looking statement or other information in these materials.

The information in this press release is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision.

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Contact:
Intuit Inc.
Mike Porcaro, 415-652-8326
michael_porcaro@intuit.com
or
Square
Khobi Brooklyn, 415-699-3657
khobi@squareup.com

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