Brad Smith, the CEO of Intuit, which makes QuickBooks, TurboTax and many other personal and small business management systems, met with President Barack Obama on Friday to discuss how big business and government can work together to support small business. Smith joined other leading executives at a roundtable discussion during which the companies will champion new ways of helping finance small businesses to help them grow and succeed.
Smith also signed the White House's Small Business Supplier Financing Pledge, which commits Intuit to taking active steps to lower the working capital costs of small business suppliers. Ten percent of Intuit's suppliers are small businesses. As part of this commitment, Intuit agrees to pay its small business suppliers within 10 days of receiving an invoice, putting more money, more quickly into their bank accounts.
"Whether it's our products or initiatives like today's roundtable, Intuit is committed to providing small businesses with the resources and tools they need to improve their financial lives," said Smith. "Cash flow is important to small businesses. We want to simplify that for them."
The White House event comes as the Intuit QuickBooks Online ecosystem continues to evolve into an open platform that was redesigned from the ground up to help small businesses get the most out of the cloud. Small businesses using Intuit programs can now connect to hundreds of apps to help them do everything from managing customers and expenses to paying employees and managing inventory.
"The exciting part about being a company that has been serving small businesses for more than 20 years is that we know what it takes to grow and evolve," said Smith. "Today, with our open platform, that growth is being dramatically accelerated. Developers are working every day to add new apps to make it even easier for small business owners to rise to the next level."
In the past two months, Intuit has announced major integrations with global cloud-based leaders such as Vend (point-of-sale) and ZenPayroll (employee payroll). Intuit added inventory management through the acquisition of (also purchased) Lettuce (inventory management) in May.