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9am Lowdown: Intuit sees revenue grow 10%

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25th May 2017
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Good morning, Richard here to get you caught up on the comings and goings in the world of accounting. This morning's lowdown features Intuit's third quarter revenue boost, helped along by an increase in QuickBooks Online subscribers. Elsewhere, a former HMRC officer was sentenced at Harrow Crown Court for accessing and sharing customers' information in 2015.  

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Intuit sees revenue grow 10%

QuickBooks Online subscribers have increased to over 2.2m, marking a strong quarter for Intuit.

The software company released its financial results earlier this week which showed QuickBooks Online subscribers grow by 59%, up from 49% growth in the second quarter. QuickBooks self employed subscribers contributed to the biggest growth as these users doubled in size from 180,000 last quarter to 360,000.

The company now expects a full year revenue growth of 9 to 10%. “We entered the tax season with a clear plan to extend our lead in the do-it-yourself category and begin transforming the assisted category as well, embracing the power of the Intuit ecosystem,” said Brad Smith, Intuit’s chairman and chief executive officer. “In small business, QuickBooks subscriber growth continued, driven by improvements across our platform for self-employed, small business and accountants.”

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AccountingWEB meets QuickBooks at Accountex

Speaking of QuickBooks, Dominic Allon from the software company stopped by the AccountingWEB sofa at Accountex earlier this month.

In the video below, Allon discussed the benefits of machine learning, practice management software and of course, Making Tax Digital.

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Former HMRC officer jailed for accessing and sharing customer records

A former HMRC officer has been jailed after sharing customer information.

According to the Harrow Times, Afshan Kadiri, a tax administrative officer for 14 years, was sentenced on May 19. An internal investigation in 2015 discovered Kadiri’s had accessed customer records of people she knew.

Kadiri was jailed for four months for misconduct in a public office and four months for unlawful disclosure. 

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