QuickBooks is accounting software developed and marketed by Intuit. Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. After the success of Quicken for individual financial management, the company developed a similar solution for small business owners. The software was popular among small business owners who had no formal accounting training. As such, the software soon claimed up to 85 percent of the small business accounting software market. It continues to command the vast majority of this market. Professional accountants, however, were not satisfied with early versions of the system, citing poor security controls such as no audit trail, as well as non-conformity with traditional accounting standards. Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions.
Contributions by Bdoserror, Fayenatic london, and MikeBlockCPA.