In a world where economic landscapes constantly shift, QuickBooks provides invaluable insights into the small business sector. With the release of its inaugural Small Business Index Annual Report, QuickBooks delivers a comprehensive analysis of the small business ecosystem. This report takes a closer look at a pressing question that has left experts puzzled: why has small business employment declined in 2023, while overall employment levels have been on the rise?
In an era where every data point holds significance, this report delves into the intricacies of small business employment trends, uncovering the underlying factors contributing to this paradoxical phenomenon.
Based on the rich data from the report, QuickBooks also shared actionable insights that accountants can use to advise their clients, including:
- Help clients make strategic financial decisions – securing funding is a persistent challenge, so nearly one-third (3 in 10) have taken to using a credit card for their funding. Current headwinds open an opportunity to advise clients on making informed financing decisions for the short- and long-term.
- Cash flow advisory is increasingly important – This year’s findings reveal that cash-strapped businesses have been increasingly relying on credit to manage cash flow problems. Helping clients anticipate future expenses and how these expenses will impact their pricing structure is an increasingly important part of advising small businesses.
- Leverage the power of technology – This year’s report found that an average of 50% small businesses using 8 or more apps to run operations report revenue growth. Accountants can help small businesses plan their digital strategy by providing tech stack recommendations that are cost-effective and streamline workflows to drive this revenue growth.
The QuickBooks Small Business Index Annual Report is a vital resource that promises to unravel the mysteries of the contemporary business landscape. Join us as we dive into the heart of this report to uncover the secrets that can empower businesses and accountants alike to thrive in a dynamic economic environment.
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