Dun & Bradstreet (NYSE: DNB), the world's leading provider of business information, and Intuit Inc. (NASDAQ: INTU), a leader in small business financial management solutions, today announced a strategic initiative to offer small businesses a new suite of Web-based D&B business services. The agreement will bring D&B's information and customized technology solutions to a new and virtually untapped small business market and will provide QuickBooks® small business customers with information and tools that can help them make better, more informed business decisions. The D&B business services are expected to be available later this year via QuickBooks.com and to be integrated into the next version of QuickBooks software.
The D&B services capitalize on the company's expertise in Web-based data delivery and a new distribution channel through QuickBooks. The services are specifically designed and positioned for small business customers and provide online access to D&B information to help small business owners find profitable new customers, manage vendors more efficiently, run instant online credit checks and perform self-evaluations and competitive analyses. The services will be specifically priced to appeal to the small business owner.
"Through our relationship with Intuit, small businesses can easily access the new D&B small business services to help make their businesses more successful," said Allan Loren, Dun & Bradstreet Chairman, Chief Executive Officer and President. "Our relationship with Intuit positions us with a market leader in small business services and provides an exciting new online distribution channel for D&B. Launching these new small business services furthers D&B's Blueprint for Growth strategy to enhance our current business, leverage the Web and introduce solutions that enable B2B commerce."
According to recent internal Intuit studies, nearly 50 percent of QuickBooks customers report financial losses each year due to uncollected account receivables and nearly 20 percent report an annual loss of more than $1,000 - an estimated aggregate total of $600 million annually for the entire QuickBooks customer base.
"One of the most serious problems facing small businesses is getting paid- if they don't, they're out of business," said Scott Cook, Co-Founder and Chairman of the Executive Committee, Intuit. "Through Dun & Bradstreet's credit management expertise, QuickBooks users will soon be able to quickly access their customers' credit ratings as well as evaluate their own financial position."
D&B services will be made available to the nearly three million small business customers currently using QuickBooks software. According to recent internal Intuit studies, approximately 80 percent of QuickBooks customers have some business-to-business activity and more than half of these customers have been identified as having a potential need for credit management services. In total, QuickBooks customers send more than 1.2 billion invoices to their customers each year. QuickBooks small business customers, which range in size from 1 to 100 employees, use QuickBooks financial management software an average of 60 hours a month.
QuickBooks financial management solutions currently include a merchant credit card service; online invoice presentment and payment; online banking through more than 40 financial institutions; and small business leasing and loans.