Intuit has revealed for the first time the number of customers using its cloud accounting program Quickbooks Online. The program added 45,000 paying customers in the last quarter which brought the total to 561,000 paying businesses globally, Forbes reported.
Intuit rival Xero had less than half the number of customers at 250,000, of which 100,000 were Australian businesses.
Although Intuit has sold Quickbooks Online for more than 10 years it hasn’t received as much attention as its desktop programs. But the company recently refocused its accounting software business around the potential of its cloud program. Intuit dominated the US market for small business accounting software and had amassed a customer base of 5 million businesses with a broad range of financial products and services.
Xero recently raised $180 million from prominent investors to launch an assault on the US market where it is estimated to have less than 50,000 customers. The company was hiring senior executives in preparation for a listing on the US stock markets to add to its New Zealand and Australian public listings.