Intuit Inc., the maker of TurboTax and QuickBooks, posted a 9.1% increase in revenue for its fiscal first quarter, while issuing guidance for the current period that was more optimistic about sales than Wall Street estimates.
The company said its QuickBooks Online subscribers rose 41% to 1.6 million.
For the current quarter, the company expects revenue in the range of $1.05 billion to $1.07 billion with adjusted earnings between 33 cents and 36 cents a share. Analysts surveyed by Thomson Reuters forecast revenue of $997.8 million and adjusted per-share profit of 34 cents.
Intuit shares, which rose 17.8% over the past 12 months, fell 0.5% to $113.20 in after-hours trading.
The company typically collects the bulk of its earnings during tax season and often posts losses in its off-tax-season quarters.
For the quarter ended Oct. 31, Intuit posted a loss of $30 million, or 12 cents a share, compared with a year-ago loss of $31 million, or 11 cents a share. Earnings excluding items were 6 cents a share down from 9 cents a year ago.
Revenue rose to $778 million from $713 million.
Intuit projected earnings excluding items of 1 cent to 3 cents a share on revenue of $740 million to $760 million for the latest quarter. Analysts polled by Thomson Reuters projected 3 cents and $756.1 million.
Under a plan announced in 2015, Intuit sold marketing and communications software business Demandforce, collaboration platform QuickBase and personal-finance software brand Quicken earlier this year.
Original article can be found here: http://www.wsj.com
Inventory is an area of your practice where segregating duties will greatly reduce the risk of theft.
If the person responsible for ordering inventory also receives the inventory and enters it into your computer system, there's no one to verify whether the amount recorded matches what was ordered.
So if 12 cases are ordered and received but only 10 cases are entered into the inventory system, no one will notice that the other two cases ended up in your inventory person's trunk.
Police: Employee steals pain medication from veterinary hospital
A 45-year-old woman is accused of stealing pain medication while working for a local veterinary hospital, police say.
Jennifer Manning was charged with felony embezzlement on Sept. 22 after police say she stole at least 17 bottles of Tramadol from the Jolly Pond Veterinary Hospital, located at 3800 Longhill Road, James City County Police Department spokeswoman Stephanie Williams wrote in an email.
Manning is accused of stealing the medication while accepting deliveries from Feb. 2, 2015 to Sept. 2 as an employee of the veterinary hospital. Police believe she took one full bottle from some deliveries and only logged the remaining bottles, Williams wrote.
Police believe Manning stole about $385 worth of Tramadol. The Drug Enforcement Administration considers the medication a schedule four drug, meaning it has a low potential for abuse and dependence. Other schedule four drugs include Xanax and Valium.
Tramadol is used as a pain killer for moderate and severe pain, including surgical pain. It can become habit forming if used for a long time, according to the Mayo Clinic.
Manning’s case is scheduled to be heard in Williamsburg-James City County General District Court on Oct. 4.
Source: http://wydaily.com
A dual control system requires the authorization or approval of two individuals to complete a transaction.
One individual should not be responsible for an entire financial transaction from beginning to finish.
The dual control system puts a second set of eyes on transactions, greatly lessening the risk of embezzlement.
Inventory Management:
One person orders. A different person receives in the order. All purchase orders should be forwarded/transmitted to bookkeeping.
Intuit Inc., the maker of TurboTax and QuickBooks, posted a 9.1% increase in revenue for its fiscal first quarter, while issuing guidance for the current period that was more optimistic about sales than Wall Street estimates.
