In November, I attended my first QuickBooks Connect in Las Vegas. Getting the chance to meet thousands of accountants was inspiring to say the least. I heard firsthand about how they view technology and its ability to save them time and better serve their clients. I also gained even deeper empathy and understanding on where we as a company can better deliver improvements to the QuickBooks platform to help them more efficiently manage their firms.
One common thread throughout the event was the passion accountants and bookkeepers have for their small business clients. Our shared mission of powering small business success was evident during all of my conversations at the show.
Being surrounded by such a passionate group, I decided to ask a seemingly simple question: “What’s one thing you wish your small business clients knew?” Their answers were practical and insightful, honing in on the importance of focusing your efforts strategically and effectively using your most valuable resources – time and energy – to drive success.
Here are some of my favorite responses:
Michael Ly, CEO and Founder of Reconciled - “Focus on the 20% of actions that drive 80% of your business performance. Labor is by far the biggest spend for most industries, so focus on hiring and retaining. Give as much effort to employee onboarding as you do to customer onboarding.”
Robyn Fuller, Founder at J&FAdvisors - “One thing I wish clients knew about managing their business is that customer service is equally as important as the product or service that they offer.”
Matt Skinner, CPA, Senior Manager at BeairdHarris - “You have to know why you're doing it: profit, cash, and financial metrics don't always tell the story of a successful business (and a successful business doesn't always tell the story of a successful business owner). While ‘hustle culture’ is big in our society right now, working 90 hours a week to bump sales by 15% isn't always worth it. If your goal is to be bigger and better with more cash in the bank, make sure you understand the non-financial metrics behind how you define that.”
Jim Pike, CMA, Owner and Founder of Fusion Financial Group - “I wish small businesses understood the importance of a balance sheet. Revenue minus expenses does not always equal cash in the bank. That, and we want you to succeed as much as you want to succeed.”
Tina Davis Hendry, CPA, Partner at GranthamPoole - “Focus on what matters! Clients should concentrate on top line growth. Oftentimes, business owners will spend a lot of time cutting expenses that are insignificant to the bottom line. If they could focus that time on earning revenue, the impact to net income can be life changing.”
Marie Greene, CPA, CEO and Founder of Connected Accounting - “It's important to understand gross profit. Not all cash out is an expense. Understanding your costs of sales, how much to buy, and when to buy inventory is key.”
While the advice spanned a variety of topics, one theme was clear: it’s imperative that business owners focus their time strategically on the areas that will have the greatest impact to their business.
It’s also clear they can best do this by working with an accountant who can educate them on finances - from balance sheets to bottom lines – to better understand where they should prioritize and invest their energy.
Intuit's data shows that small businesses are more successful and confident when they’re connected to an accountant, and it’s why we’re proud that currently 65% of businesses on the QuickBooks platform work with an accounting professional. For business owners who need help finding an accounting partner, check out this Intuit resource.
About the Author:
Dave Talach, Senior Vice President, Small Business Self Employed Group End-to-End Team at Intuit
Dave Talach is the Senior Vice President of the Small Business Self Employed Group End-to-End Team at Intuit. In this role, he is responsible for evolving from a collection of separate products and experiences, to a “better together” ecosystem that delivers consistent and delightful experiences for QuickBooks customers, including GenAI experiences that erase seams between products and allow customers to traverse the ecosystem of products in new ways. Dave oversees the QuickBooks Platform and Design teams and is responsible for building and designing products that are personalized for each user and optimized for growth outcomes.
Previously, Dave spent the prior 7 years at Square, building Financial Services globally - supporting all aspects of Square's Money Movement including Square Banking, Global Risk, Square Hardware, and Payment Platform, Products, and Partnerships. In this capacity, he led a 1,300 person team across Engineering, Data Science, Operations, Product Marketing, Product Management, Design, and Creative.
Dave grew up in Canada, in a small town outside of Detroit, and moved to California in 2004. He now resides in Walnut Creek, California with his wife of 14 years, two boys, and their English cream golden retriever.