Intuit has released their QuickBooks Annual Small Business Index Report. The report is developed in collaboration with leading global economist Professor Ufuk Akcigit.
Pursuant to the report:
- U.S. small business employment declined by 51,200 jobs in 2024, marking the steepest year-over-year drop in nearly a decade.
- Revenue fell by an average of $11,850 per small business—the third consecutive year of revenue decline.
- While job losses peaked at the end of 2023, many sectors rebounded in 2024. For example, the construction sector regained 11,400 jobs, offsetting prior losses.
- Small businesses using eight or more digital tools reported: 67% increased productivity and 45% increased revenue
You can find the report, in its entirety HERE.
Disclosures
Feature content, including graphic materials, were adapted from informational content within the Intuit QuickBooks Small Business Index. The adapted source content by Insightful Accountant is furnished for educational purposes only.
As used herein, QuickBooks® and the Intuit QuickBooks Small Business Index refer to one or more registered trademarks of Intuit Inc., a publicly-traded corporation headquartered in Mountain View, California.
The Intuit QuickBooks Small Business Index creates aggregated data outputs from a sample of anonymized QuickBooks Online Payroll customer records which are calibrated using statistical methods to create modeled results which better reflect the general population of small businesses in each country, as represented by published official statistics. Statistical adjustment ensures the Index truly reflects employment and job vacancy changes rather than trends in the QuickBooks customer base.
Any other trade names or references used herein may refer to registered, trademarked or copyrighted materials held by their respective owners; they are included in the content for informational and educational purposes only.
This is an editorial feature, not sponsored content. No vendor associated with this article has paid Insightful Accountant or the author any form of remuneration to be included within this feature. The article is provided solely for informational and educational purposes.
Note: Registered Trademark ® and other registration symbols (such as those used for copyrighted materials) have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarks or copyrights within our respective article footnotes and disclosures.