Intuit Announces New Business Alliance

PRESS RELEASE

MOUNTAIN VIEW, Calif. and DES MOINES, Iowa - October 3, 2001 - The Principal Financial Group®, the nation's 401(k) leader, and Intuit Inc. today announced an agreement to jointly market and develop QuickBooks®-branded retirement solutions for businesses. Retirement services from The Principal® will be available to QuickBooks customers in the coming weeks. Future releases of QuickBooks will automate data transfer and simplify administration of the retirement solutions.

Under the agreement, Intuit will co-brand and market the new service to small and mid-sized businesses, including its nearly three million existing QuickBooks customers. The Principal Financial Group will deliver leading bundled retirement solutions, offering customers choice from a full spectrum of 401(k), SIMPLE IRA and SEP IRA plans.

"Just like accounting, managing an employee retirement program is complicated," said Elliot Cooperstone, vice president of Intuit's Employer Services Group. "At the same time, being able to offer a retirement plan is very important to business owners. We chose the best-of-the-best in The Principal Financial Group to give businesses something they've always wanted - an easy way to offer their employees a great retirement plan at a competitive price."

"As small- and mid-sized businesses work to compete with larger enterprises for employees, it becomes increasingly important to offer competitive benefits and retirement solutions," said J. Barry Griswell, president and CEO, The Principal. "The recent Principal Financial Well-Being Index revealed that 77% of American workers surveyed said that having a good benefits plan would keep them at their current employers.

"Even more impressive, 69% of respondents said a good benefits plan would encourage them to work harder and perform better," continued Mr. Griswell. "Through this arrangement, more small business owners will soon be able to offer very competitive programs to help them attract, retain and reward key people."

Today only 20 percent of small businesses offer an employer-sponsored retirement program for employees (EBRI 2001 Retirement Confidence Survey). Similarly, many QuickBooks customers do not have a formal retirement plan in place for employees.

You may like these other stories...

If you're thinking that bitcoin and digital currency generally are merely some one-off flash in the pan, the new Digital Currency Council would argue otherwise. The council launched in September and already had 400...
Sponsored Content from Confirmation.com: AccountingWEB takes a look at confirmations in audit engagements, how they can serve as a doorway to fraud, and what you can do about it. Today, auditors have to fight fire with...
If your small-business clients are on the fence about cloud accounting, they've got plenty of company. A recent survey by market researcher and consultant Software Advice indicates a decidedly mixed view by respondents...

Already a member? log in here.

Upcoming CPE Webinars

Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.