Intuit Inc. (Nasdaq: INTU), today announced that it has entered into an strategic partnership with Paybooks, one of the premier and fast growing cloud based payroll providers in India, to offer a comprehensive payroll platform for small business owners and accountants. The reinvented Intuit QuickBooks will help users manage end-to-end payroll, benefits and compliances.
With the payroll integration, Intuit QuickBooks will have an unique and fully integrated cloud based financial management solution with payroll capabilities focused on small businesses. The partnership will enable small businesses and accountants to increase efficiency, usability and expand their business. It will also make it easier and quicker to comply with payroll laws such as Provident Fund (PF), Professional Tax (PT) and Employee State Insuance (ESI). The Government decision to enhance the minimum wage ceiling for becoming a subscriber of Employees’ Provident Fund Organisation to INR 15,000 per month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.
With this partnership and deep payroll integration with the popular worldwide solution Intuit QuickBooks, Intuit will be able to offer a robust solution that will empower small business owners and accountants to better collaborate with their employees and clients. For Accountants, Intuit QuickBooks eco system now offers end-to-end solution covering their entire practice of Accounting, Payroll and Compliance (APC). It will also enable improved efficiency through guided payroll run and automatic update of payroll transactions to Intuit QuickBooks accounting books. The accountants and small business owners will also receive continuous updates on payroll compliance matters.
Intuit is the world leader in business and financial management solutions for small businesses and accountants. QuickBooks is used by more than 5 million users worldwide, including 300,000 accountant users.
Speaking about the collaboration, Nikhil Arora, Vice President and Managing Director, Intuit India, said. “The partnership with Paybooks will strengthen our vision to become the ecosystem behind the success of Indian small businesses and accountants. By 2020, we want one in four small businesses in India to use Intuit products and services. With this partnership, we are able to provide our customers with an end-to-end financial solution with integrated accounting, payroll and compliance.”
Samira Rao, Co-founder and Director of Paybooks, said “Paybooks is committed to help businesses in India by automating their payroll, compliance and benefits management. Partnering with Intuit QuickBooks will enable us to reach out to small businesses and accountants in India. Since accounting and payroll are complimentary to each other, this strategic partnership will also help our customers experience a seamless access to accounting and allied functions through Intuit’s strong partner ecosystem.
About Intuit India
Intuit is a leading provider of business and financial management solutions for small and mid-sized businesses in the country. Intuit India, the company’s first venture in Asia Pacific, commenced operations in 2005 and currently has more than 800 employees across offices in Bangalore, Mumbai and New Delhi. Intuit stands on the core principles of customer-driven innovation and improving the financial lives of its customers profoundly with product offerings such as Intuit QuickBooks in India. Intuit has been ranked #8 Best Companies to Work for in India in 2014, #5 in the IT industry and #2 in Flexibility & Work Life Balance category by the Great Place to Work for Institute. For more information, please visit http://www.intuit.in/
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.
Payoda Computing India Pvt. Ltd., popularly known by its brand name Paybooks, offers a comprehensive online payroll platform along with employee benefits. Started in 2011 by leveraging deep domain and IT expertise, Paybooks has more than doubled its customer base each year and has processed close to 0.4 million pay checks till date. It aims to be a one stop solution for payroll, benefits and allied functions covering leave, time & attendance, workforce and expense management. Deep understanding of the accountant ecosystem and business needs have helped Paybooks to innovate and offer tailor made and cost effective solutions to a satisfied customer base. More information can be found at www.paybooks.in
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