Small Business Success Month celebrates the incredible impact small businesses have on our lives and the overall economy. As part of recognizing Small Business Success, Intuit has released their Intuit QuickBooks Small Business Success Month Survey providing data about how small businesses define success and what they do to achieve it.
When asked what success means to them, providing for themselves or their family, contributing to the local community, and expanding their business (including adding new employees) rank top three for small business owners.
- Digital tools are also important to driving success as 92% of small businesses use at least some digital tools to run their business and say these tools help them save time (62%), increase accuracy (56%), and connect with customers (54%).
- An overwhelming majority (86%) of small business owners also say owning a business has helped them meet their personal financial goals — including starting a savings account (62%), paying off debt (56%), and improving their credit score (55%).
Some key insights about how small businesses feel about working with an accountant relative to their to their success include:
- Over half of small business owners surveyed (51%) say they work with an accountant for their businesses, and the top benefits of investing in the relationship they have with their accountant includes peace of mind about their business finances which helps their accuracy related to tax prep and filing, and also helps them make better financial decisions.
- Using an accountant drives higher growth. Slightly more than one-quarter of small business owners (27%) who use an accountant in some capacity for their business say their business is experiencing high growth. Among respondents who don’t use an accountant, only 1 in 10 report high growth.
- Gen Z business owners are more likely to use an accountant. Over half (53%) of the Gen Z small business owners surveyed say they’ve tapped into an accountant for their business, compared to 47% of Gen X small business owners who don't use an accountant.
For more information about the Intuit QuickBooks 'SBS Month' survey, see this feature in the Intuit QuickBooks Blog.
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