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  "documentTitle": "Intuit Inc. (INTU)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The slide uses survey data to argue that vertical SaaS platforms are a threat to QuickBooks by expanding into accounting.",
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      "text": "Embedded accounting tools such as Layer, Hurdlr, and Fiskl are pitching their products to these platforms to allow them to offer native bookkeeping and accounting activities and execute on the tried and true SaaS expansion strategy of expanding the breadth of their solution to capture a greater share of wallet. We believe this is a direct threat to QuickBooks that is underappreciated.",
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      "text": "We believe this is a direct threat to QuickBooks that is underappreciated.",
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      "text": "Figure 5: Vertical SaaS Providers' Help with Small Business Finances",
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      "kind": "metric",
      "text": "interest in embedded accounting: 44%",
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      "text": "A Q4 2023 survey of 750 small business owners by Cornerstone Advisors (admittedly commissioned by Hurdlr) found that nearly 60% believe bookkeeping and financial reporting is too manual and labor-intensive. 44% of respondents said they would “definitely” be interested in getting accounting functionality from their vertical SaaS platform (such as Square or Toast). The Cornerstone Advisors survey also found that 79% of small business respondents would be more likely to select an industry-specific software provider if it integrated all accounting functions into one application.",
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      "text": "Table C: Issues and Challenges with Accounting Functions",
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      "kind": "title",
      "text": "A Survey By Cornerstone Advisors Suggests That Small Businesses Would Gladly Try Embedded Accounting Products Offered By Their Vertical SaaS Platform",
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