New Version of QuickBooks for the Web Automates Accounting Tasks; Intuit's Online Accounting Solution Is The First to Offer Automated, Full-circle Customer Billing & Payments

Business Wire, March 20, 2001

Business Editors/High-Tech Writers

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--March 20, 2001

Intuit Inc. (NASDAQ:INTU) today released a new version of QuickBooks(R) for the Web, its easy-to-use online accounting solution for service-based businesses. QuickBooks for the Web is the first and only online accounting service that provides full-circle automation of customer billing, enabling small businesses to get paid faster by sending statements and receiving electronic payments automatically -without even logging on. The new version also includes check printing, auto recall and report customization - all features that enable small business owners to spend less time on accounting, and focus more on running their business.

"Intuit is definitely headed down the right path with QuickBooks for the Web," said Amy Levy, industry analyst with Summit Strategies, a Boston-based analyst firm. "QuickBooks for the Web's ability to accept payments online as well as integrate with other QuickBooks services reveals the true power of what Internet-based services can offer small businesses. These type of innovations highlight Intuit's leadership and experience in the small business space."

QuickBooks for the Web automatically creates and sends statements by e-mail or fax at regularly scheduled intervals prescribed by the user. With today's release, small businesses can get paid faster using the new "Accept Online Payments" feature. This feature allows small business owners to receive electronic payments from their customers via credit card or direct account transfer. Once the online payment is received, the transaction is automatically recorded within QuickBooks for the Web. This feature is made possible through Intuit's partnership with PayPal(R).

Here's an example illustrating how QuickBooks for the Web's full-circle automation works. A landscaping business schedules QuickBooks for the Web to automatically generate and send statements via e-mail to clients each month for services rendered. Those clients can then pay the landscaper online using the "Accept Online Payments" feature. The landscaper receives the payment, and the transaction is automatically recorded in QuickBooks for the Web.

"For nearly 17 years, Intuit has focused on simplifying accounting for small businesses. Our vision is to automate accounting tasks, so small business owners never have to enter data twice," said Scott Cook, co-founder and chairman of Intuit. "With its one-of-a-kind automation capabilities, QuickBooks for the Web is fulfilling this vision."

Additional Automation and Ease

In addition to the "Accept Online Payments" feature, Intuit introduced other key enhancements to QuickBooks for the Web that will help small businesses manage their finances more efficiently.

-- Save Time with Check Printing - Users can write and print checks using
QuickBooks for the Web. This saves business owners time.

-- Never Enter Data Twice - With the new auto recall feature, QuickBooks for
the Web automatically fills in previous transaction data on checks and forms,
making data entry faster and easier.

-- Gain Peace of Mind - Simply enter the bank statement's opening and closing
balances and use the automated reconciliation feature to check off cleared
transactions. QuickBooks for the Web helps reconcile the account by alerting
the user if the balances do not match and allowing the user to enter an
adjustment.

-- Make Better Business Decisions - New report filters and customization
options let small business owners quickly and easily create and access the
essential reports they need to make important business decisions. QuickBooks
for the Web now has 40 reports, including Reconciliation Reports, Employee
Phone List and Employee contact list. In addition, a transaction Journal report
has been added for accountants.

Pricing, Availability and Requirements

QuickBooks for the Web is available for $14.95 per month, per company. This price includes premium technical support. A free 30-day trial is also available. While there are no set-up or monthly fees associated with the "Accept Online Payments" feature, transaction fees apply.

QuickBooks for the Web is Windows compatible. Internet access and Internet Explorer 5.0 or higher are required; a persistent Internet connection is recommended. No additional software installation is necessary.

As additional features become available, current customers will have immediate access to them. Customers can learn more about QuickBooks for the Web by visiting www.quickbooks.com. Terms, conditions, features, service options and pricing are subject to change.

About Intuit

Intuit Inc. (NASDAQ:INTU) is the leader in e-finance, including financial software and Web-based financial services for consumers and small businesses. Intuit develops and markets QuickBooks, the most popular small business accounting software; Quicken, the leading personal finance software; and TurboTax, the best-selling tax preparation software. An innovator in delivering Web-based financial tools, Intuit is the leading provider of online tax preparation and filing and online mortgages. Intuit is also breaking new ground as a leader in online bill presentment and payment, and in the delivery of its QuickBooks Internet Gateway platform of connected e-services for small businesses.