Intuit is buying cloud-based SaaS company Exactor to add more tax filing features for retail SMBs to its QuickBooks platform. Financial terms of the deal were not disclosed.
Exactor offers tools for sales and use tax calculations and filing. Its platform lets businesses automate the end-to-end process of managing sales and use tax, and also includes filing and payment services.
Intuit said it will integrate Exactor's technology into QuickBooks to help retail customers track and file sales tax returns on-time. Intuit's press release seems to indicate that the entire Exactor team will join Intuit after the deal closes.
"Exactor has spent the last decade developing automated compliance tools providing for small business owner the same level of protection previously reserved for enterprise level companies, lowering their cost of compliance, without compromising on quality," said Jonathan Barsade, Exactor founder and CEO. "Bringing our service to the largest SMB accounting platform, simply made sense."
Intuit also made a bevy of updates to the QuickBooks platform this week, including one-touch electronic invoicing, a Gmail integration, and a next-generation mobile card payments reader.
The electronic invoicing feature is designed to help SMBs get paid faster via electronic payments acceptance and expanded invoice tracking, Intuit said. QuickBooks users will also soon be able to accept invoice payments through PayPal and Apple Pay.
The Gmail integration gives QuickBooks users an easier way to send electronic invoices from within Gmail, as well as add events and descriptions to their invoices using Google Calendar and import contacts from their G Suite accounts. SMBs can also sign up for QuickBooks Online directly from the G Suite Marketplace.
PREVIOUS AND RELATED COVERAGE
With Turbo, Intuit is hoping to make TurboTax a year-around financial services tool rather than a once-a-year tax filing site.
Introducing "Add-ons" to Gmail makes the email service more enterprise friendly and brings it up to speed with other G Suite tools.
Intuit said it improved QuickBooks Online and landed more subscribers. In addition, Michelle Clatterbuck will replace Neil Williams as CFO.