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QBO ADVANCED: 222K CUSTOMERS Featured

QuickBooks Online Advanced has 222,000 customers worldwide, Intuit said during its recent Investor’s Day. That represented 35-percent year-over-year growth, according to Marianna Tessel, the EVP who runs the company’s small business and self-employed products unit.

The high-end of that market, those paying more than $5,000 ARPC, grew by 63 percent with a plan to continue to focus on moving upmarket. Tessel said more than 800,000 mid-market customers use one of Intuit’s accounting products, which means there is a big base of prospects for Advanced among Intuit’s customer base. Tessel did not mention any specific product features coming to market. She did outline the overall goal, stating that Intuit intends to offer the mid-market “end-to-end solutions of connect, scalable solutions with QBO Advanced at its core.” Advanced represents the product direction Intuit has in mind for users of its QB Enterprise desktop software, which has been driving what growth there is in the on-premise QB market. When Intuit reported results for the year ended July 21, the company said QBE revenue grew “in the low 20s” over fiscal 2022. Intuit does not breakout specific product revenue.

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