In September 2005, QuickBooks had 74% of the market in the US. In May 2002 Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses. Options now include versions for manufacturers, wholesalers, professional service firms, contractors, non-profit entities and retailers, in addition to one specifically designed for professional accounting firms who service multiple small business clients. By 2000, Intuit had developed Basic and Pro versions of the software and, in 2003, started offering industry-specific versions, with workflow processes and reports designed for each of these business types along with terminology associated with the trades.
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Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions. Professional accountants, however, were not satisfied with early versions of the system, citing poor security controls, such as no audit trail, as well as non-conformity with traditional accounting standards. It continued to command the vast majority of this market as of 2013. As such, the software soon claimed up to 85 percent of the US small business accounting software market.
The software was popular among small business owners who had no formal accounting training. The Windows and Mac versions shared a different codebase that was based on In-House Accountant, which Intuit had acquired.
The initial release of QuickBooks was the DOS version that was based on the Quicken codebase. The initial Quicken software did not function as a " double-entry" accounting package. After the success of its Quicken product for individual financial management, the company developed similar services for small business owners.
Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA.
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