Electronic Tax Filing Boosts Intuit's Growth: CEO
It was a good tax season for Intuit as more consumers and small businesses filed electronically than ever before, Chief Executive Brad Smith told CNBC Friday.
"We’re in the midst of a secular shift to digital services," he said. "We help customers, whether consumers or small businesses, put money in their pocket. So we see things only getting more positive for us as we move forward."
Thanks to that shift from mailing paper tax forms, Intuit , the maker of tax-filing software Turbo Tax, reported third-quarter net income rose 19 percent Thursday, and raised its full-year forecast.
Small businesses, a major part of Intuit's operations, are "starting to recover but it’s sluggish," Smith said. He bases this on slight year-over-year increases he's seen in what businesses are charging their customers and on how optimistic enough they are to begin hiring.
"So the good news is the recovery is finally starting to happen and it’s happening in all geographic sectors," Smith said.