Intuit Executive pay by year (top 5 executives):
2020 61 million
2021 75 million
2022 81 million
Also, this tidy bit of news from August 2022:
Intuit Inc.'s board of directors approved additional share repurchases and an increase to the company's quarterly dividend.
The company said Tuesday that its board authorized $2 billion in share repurchases, giving the company a total authorization of $3.5 billion to repurchase shares.
This is where the money is going, folks.
No, there is no "value added" to the product to justify a 60% price increase.
And, no, this is not "in line with industry standards". There is no industry standard for accounting software. Intuit has a near monopoly and has decided that greed is Priority #1.
I've been in practice for 25 years and there is no other cost that has come even close to QuickBooks in price increases. This is what happens when there is nearly zero competition in the marketplace.
I can also tell everyone right now where this is leading, so be prepared. Intuit is going to kill off QB Desktop entirely or, at the very least, further change the pricing model to practically force everyone to QBO. The goal is to take all those individual QB Desktop files you use for client bookkeeping and make you pay literally 600 to 800 bucks per year each for a QBO file with no discounts. Intuit absolutely refuses to leave any money on the table.
If you don't think they'll do it, remember that Intuit is the company that killed off its IRS Free File program after the IRS stopped them from fraudulently charging customers for a "free" return. It's a pattern.
I'm not sure how much longer I'll be practicing but I sure hope Intuit leaves me a little money for retirement. They clearly have no hesitation in crushing the very customers that have been helping them sell their products for 3 decades.
For now, I guess I have to budget over 20 grand to software costs this upcoming year. It would be nice to give that to employees that are facing higher inflation but I guess I'll just have to tell them about all the "new features" coming to QB this year!
