Intuit Inc. has signed an agreement to acquire Exactor, a leading cloud-based SaaS technology provider of sales and use tax calculation and filing.
Intuit plans to integrate this feature into QuickBooks Online making it easy for its retail customers to accurately track and file sales tax returns on-time, every time.
“Sales and use tax is incredibly complicated, constantly changing and generally bewildering to most retail business owners and getting it wrong can have severe consequences,” said Alex Chriss, Senior Vice President, chief product and platform officer for Intuit’s Small Business and Self-Employed segment. “That’s why we’re so excited to provide this to our retail customers. Integrating Exactor’s technology into Intuit’s platform will save customers time and give them the confidence and peace of mind that their taxes are done.”
From Confusion to Confidence
Small businesses in the U.S. invest up to 19 hours and two thousand dollars monthly to be compliant, and accountants spend four to seven hours each month keeping up with the constantly changing taxability rules that govern state, local and special district taxes, preparing and filing tax returns on time. With this transaction, Intuit is helping small businesses make sales tax filings with confidence, on time, every time.
Exactor enables retailers of any size to fully automate the end-to-end process of managing sales and use tax while providing customers with an awesome filing and payment experience.
“Exactor has spent the last decade developing automated compliance tools providing for small business owner the same level of protection previously reserved for enterprise level companies, lowering their cost of compliance, without compromising on quality,” said Jonathan Barsade, Exactor founder and CEO. “Bringing our service to the largest SMB accounting platform, simply made sense.”
Once the transaction closes, Exactor employees will join Intuit in its pursuit to power prosperity around the world.