QuickBooks was founded in 1983 by Scott Cook and Tom Proulx under a company named Intuit after the success of their first program, Quicken. Quicken was a company aimed to provide accounting computer software to simplify financial management for companies. Initially, QuickBooks attracted concerns from accounting professionals about the program’s lack of an audit trail and not conforming to traditional accounting rules. In response, Intuit developed programs which included audit trail capabilities as well as double entry accounting functions and other new features. The Basic and Pro versions of Quicken accounting software packages were developed in 2000, which were succeeded by the development of industry specific versions in 2003. These program additions took into consideration the workflow processes and terminology used in specific industries.

QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premise accounting applications. QuickBooks is the leader in accounting computer software for small businesses internationally with more than 80% retail market share and over 2 million users.


Images:  CEO’s Duty of Care

 

The spoils of record keeping

The law: a three-letter word representing mandatory actions sanctioned by one’s government; federal, state, and local entities that “make the rules”. The funny thing about the law is that it isn’t; you mess with the law and you get burned. The Internal Revenue Service (IRS) requires that all businesses prepare and retain a set of records that can be audited at any appropriate time. The federal government doesn’t run on charity; who do you think pays for all the highways, public servants, military expenses, Social Security, Medicare, etc? The federal government has to get their cut in order to function, and it only makes sense that it should get it from its inhabitants. You see, life is a never-ending cycle. You make money from the community; you give back to the community, it’s that simple. People commit tax evasion, tax fraud, money laundering, and embezzlement because they don’t want to give back to the community. There’s a saying: You can’t have your cake and eat it too. Record keeping is simply a method of following the rules. That individual or set of individuals has to have the intestinal fortitude to keep their hands in their own pockets while skipping as far as the rule maker tells them to.