I get the feeling that if Intuit started selling a line of hair spray labeled "QuickBooks" that it would quickly dominate the market. Everything appeared to be working well as the software company reported results for the year ended July 31. Net income hit $969 million, a 165-percent increase from $365 million the prior year. Revenue reached $4.69 billion fiscal 2016, up 12 percent from $4.2 million for 2015.
Xero has selected Kahuna Accounting was named Accounting Partner of Year for 2016 and Beyond Balanced Books was named Bookkeeping Partner of the Year. The awards were presented at the recent Xerocon, the cloud software vendor's annual conference, in San Francisco. Based in Bloomington, Ill., Kahuna provides accounting services to entrepreneurs and small law firms.
There's a new ad campaign that plays off the episode in which Olympic swimmer Ryan Lochte trashed a bathroom in Brazil: "If you are planning on being drunk and disorderly, don't go half the way with beer. Trash the place with a snout full of vodka." We can look forward to less likelihood of the same behavior at the Winter Olympics in two years. Get drunk and fall down there and you might end up as part of the ice rink
Danish VAR and developer Columbus this week reported a 55-percent increase in its net result on an 8-percent rise in revenue for the first half ended June 30. Columbus attributed much of the growth to its services income with its acquisitions, including that of InterDyn BMI last year, playing a major role in growth.
Australia-based Reckon—battling in the low-cost software market in Australia, New Zealand and the United Kingdom—reported a 33.9-percent drop in earnings on a 6.4-percent rise in revenue for the half ended June 30. Reckon, the former QuickBooks distributor in Australia, competes with MYOB and Xero in Australia and New Zealand and in May introduced its Reckon One in the U.K., where it battles against Xero and Sage.