Web-based accounting uptake increases - software company
Intuit, which develops and offers financial and accounting software like QuickBooks, has seen global revenue grow to $994m in the fourth quarter, up 15% year-on-year.
For the full year, revenue grew to nearly $6.8bn, up 13% year-over-year.
QuickBooks Online subscribers grew 33%, ending the year with more than 4.5 million subscribers. More than 50 000 South African businesses use QuickBooks, which was launched in South Africa in 2018.
Jolawn Victor, head of emerging markets at Intuit QuickBooks, said that, because of the high concentration of small businesses in South Africa, it made business sense for Intuit QuickBooks to invest in the market.
"We are excited that the introduction of the fourth industrial revolution has meant that small businesses are able, with the right tools, to have access to the kinds of synergies that were previously reserved for large enterprises, she said.
However, late payments, cash flow management and the streamlining of operations have been obstacles holding back many small companies. This is true of both South Africa and other emerging markets.
"Mobile and web access in South Africa has greatly enhanced small business competitiveness, and now having access to solutions that leverage artificial intelligence and machine learning to improve efficiency remotely, small business owners are well-placed to unleash their potential," said Victor.