Archive for Intuit

Intuit Canada launches 2021 Tech Talent Report

Posted in Commentary with tags on March 9, 2021 by itnerd

Intuit Inc. today released the results of a tech talent report surveying more than 500 English and French speaking Canadians working within the technology industry.

As Canada focuses on strengthening the economy; the tech sector is continuing to grow in prominence and is emerging as an industry that can make a significant impact. Technology organizations will be critical to charting the country’s path to recovery – and it starts by keeping a pulse on the perceptions of tech workers.

Here are some key findings from Intuit’s 2021 Tech Talent Report:

Canadians are optimistic about Canada’s role as a global innovator

Canada’s tech sector is important to economic growth and it is enabling the country to shine on the global stage. At $94 billion, the information and communication technology (ICT) sector’s GDP accounts for 5% of the country’s overall GDP.i

The study found that a majority of Canadian tech workers (80%) believe that the Canadian tech industry is contributing to global tech innovation. Canadians are placing Canada in the top 4 of the 22 most technologically innovative countries.

Canadian tech workers are also placing a renewed emphasis on collaboration as a critical driver of global innovation. Nearly 73% believe that partnerships and knowledge transfer with other tech organizations will be key to fueling innovation across Canada and globally.

Innovation is driving the betterment of society, but there’s room for improvement

While 85% of tech workers believe that the Canadian tech industry is contributing to bettering society, they believe that there is still significant room for improvement and an opportunity for organizations to lead the charge. Tech workers believe that the key ways organizations can step up and contribute is through supporting Canadian start-ups (68%), small businesses (66%), and creating more jobs for Canadians in the tech industry (61%). These are especially important as we look to the future towards rebuilding the Canadian economy.

Working from home is working for tech

The COVID-19 pandemic resulted in a massive shift to remote work, a change that the tech industry is hoping is here to stay. In fact, once social distancing measures are lifted, 86% of Canadian tech workers prefer working from home at least once a week.

Innovation is still being fostered among employees from their home offices, with 74% feeling the tech industry is doing well at enabling innovation and creativity. To foster remote innovation long-term, 67% say that virtual training and education programs can better support innovation and creativity while working from home.

Diversity and inclusion continues to be a priority for Canadian tech workers

Diversity and inclusion is an area that the Canadian tech industry is making good progress towards with 83% of Canadian workers believing the tech industry supports diversity and inclusion efforts.

However, there is still work to be done, with 70% believing organizations should increase diversity in applicant hiring, screening and interview practices. Canadian workers are also expecting organizations to look beyond, with 57% expecting organizations to donate financially or mentor youth of different backgrounds to pursue careers in tech.

Intuit empowers its employees to bring their whole selves to work and do the best work of their lives, a commitment that has led to 15 years of recognition from Great Place to Work, and a spot on Glassdoor Canada’s Top 25 Best Places to Work in 2021. Enabling high performance cultures and highly engaged teams begins with listening – even more critical as we navigate a constantly changing environment, requiring us to work in new ways.

To further its commitment to supporting the tech workforce, Intuit recently launched the Prosperity Accelerator program in partnership with Highline Beta. The program focuses on a community approach to engaging tech talent across the startup ecosystem to build innovative solutions and solve specific financial prosperity challenges that Canadian consumers and small businesses will be facing in the wake of COVID-19.

To read more, download Intuit’s 2021 Tech Talent Report here.

Nearly Half Of Canadian Small Retailers Are Relying On Support From Their Communities To Survive The Holiday Season: Intuit QuickBooks Canada

Posted in Commentary with tags on December 1, 2020 by itnerd

This holiday season will be unlike any other as Canadian small business owners and consumers face increasing Covid-19 restrictions in recent weeks. And though small businesses are cautiously optimistic that they are better prepared this year (46%), they are faced with hurdles ranging from large retailer competition to cost-cutting consumers.

Intuit QuickBooks Canada has released the results of a holiday sentiment survey, capturing key findings from at least 500 small business owners across the retail and hospitality industries in Canada, and 1,500 consumers to understand holiday shopping trends, and the sentiments of small business owners weathering the holiday season in a pandemic.

Key findings on the sentiment of Canadian small business owners include:

  • Almost half of Canadian small business owners (46%) feel their business is better prepared to survive this holiday season
  • Nearly half of Canadian small business owners (41%) are optimistic about their business and expect an increase in sales during this holiday season, and about a third (32%) expect sales for their business will increase by up to 15% this holiday season, due to COVID-19
  • However, about half of Canadian small business owners (48%) say they need help from the community and customers through the holiday season
  • And nearly half of Canadian small business owners (46%) are worried that larger big box brands will impact the success of their business through the holidays

Despite the cautious optimism of SMBs, there is a disconnect among consumers:

  • Nearly half of Canadian consumers (48%) care more about small businesses and want to do more to help support them
  • However, half of Canadian consumers (50%) will be shopping from large stores for the holidays
  • And only 18% of Canadian consumers will be doing most of their holiday shopping from small businesses while 17% will be spending more to help support small businesses
  • Finally, about a third of Canadian consumers (34%) will be cost-cutting this holiday season, spending less than last year to save money

It’s been a challenging year, and small business owners are feeling the impacts of Covid-19 especially hard. With many parts of the country in, or potentially approaching another lockdown, it’s never been more important for Canadians to show their support. 

You can read the full release here.

Intuit QuickBooks Canada Joins Digital Main Street To Get Canadian Businesses Online

Posted in Commentary with tags on August 13, 2020 by itnerd

Intuit Canada today joins Digital Main Street in their mission to help facilitate getting 50,000 Canadian small businesses online over the next year through the development of e-commerce storefronts. Intuit Canada will also help Digital Main Street advance their online web platform and will enable small businesses to receive direct 1-on-1 support through consultation meetings and online webinar training sessions. 

According to a July 2020 survey done by the Canadian Federation of Independent Business (CFIB), just over half (57 per cent) of small businesses are fully open and around half (53 per cent) think it will take more than six months to get back to normal profitability. In Ontario, the government stated that around 40 per cent of small enterprises in the province do not have a website. By adopting and optimizing an online presence, small businesses may be able to avoid permanent closures and continue to reach and sell to customers. 

Over the next year, this new collaboration will support Digital Main Street initiatives across Canada in the following ways: 

  • By increasing the capacity of Digital Main Street programming, including supporting advanced development of the online web platform, which is a hub for small businesses to receive on-demand training.
  • By supporting the continued growth of the ShopHERE program powered by Google Canada, to help get 50,000 businesses online this year through the development of e-commerce storefronts.
  • By increasing the capacity of the Digital Service Squad, enabling SMBs to receive direct 1-on-1 support through consultation meetings and online webinar training sessions.

To learn more about Digital Main Street and the programs and learning opportunities available to main street business owners, visit www.digitalmainstreet.ca 

Canadian Small Businesses Are Facing Detrimental Barriers Impacting Growth Forecasts: Intuit

Posted in Commentary with tags on December 10, 2019 by itnerd

As 2020 approaches Canada’s economy continues to face speculation of major challenges and barriers – despite this, new research from Intuit QuickBooks Canada has shown small businesses remain optimistic.

The research showed 83 per cent of Canadian small business owners planning to grow their businesses in the next two years, however, 85 per cent of these businesses feel held back by a lack of knowledge in the hiring process.

The research also highlighted how small business owners continue to be caught in their day-to-day, and are unable to look towards future growth, for example:

  • Cashflow woes:Nearly half (45 per cent) of small business owners have difficulty with managing cash flow and a similar amount (44 per cent) struggle with payroll.
  • Big losses: 1 in 10 small businesses have had an employee leave because of a pay dispute (9 per cent).
  • Taking a personal hit:Over half have had to pay themselves late so they could pay their employees on time (53 per cent).

As well, the findings show that there’s a gap between growth potential and knowing where to start, especially when it comes to hiring.

  • Overwhelmed and unprepared:Over 2 in 5 Canadian small business owners who plan to hire feel unprepared for their business to grow (43 per cent).
  • Held back at hiring: Nearly 2 in 3 (60 per cent) don’t feel completely prepared to manage the hiring process.
  • ‘Untalented’ at hiring: 3 in 5 Canadian small business owners struggle with their lack of knowledge about sourcing talent (62 per cent).
  • It’s all about the money: Almost 3 in 5 (56 per cent) Canadian small business owners planning to hire are unsure about how to determine appropriate compensation.

You can read the blog post that is related to this report here.

Intuit QuickBooks Canada Announces AI-Powered Product Updates

Posted in Commentary with tags on December 9, 2019 by itnerd

Today at QuickBooks Connect Toronto, Intuit QuickBooks Canada announced new AI and ML powered product updates that will enable accountants and bookkeepers to continue to conduct smarter business operations and remain ahead of their competition – now and into the future.

Updates include:

  • NOW LIVE Business Performance Overview: The new Business Performance tab in QuickBooks Online Accountant automatically takes a client’s data and pulls out what is needed — key figures, useful indicators, actionable items and more — and organizes it all into one simple, visually driven dashboard.
  • COMING SOON Optimization Centre: The new Optimization Centre gives accountants, bookkeepers an objective measure of how effectively they’ve set up each client through an efficiency score, plus concrete recommendations to improve efficiency moving forward.
  • COMING SOON Bookkeeping Review: This new expert feature within QuickBooks finds errors automatically so accounting professionals don’t have to go hunting for them — giving accounting professionals high-quality books in a fraction of the time.

Additional product innovations unique to the Canadian market were also announced and include:

  • New Sales Tax Centre: Currently live across Canada, the Sales Tax Centre has received significant investment and updates. Customers can now apply a payment to multiple filings, track partial payments, and adjust how they’re applied even after they’re recorded.
  • Groupings & Statements in Workpapers: This new Workpapers feature in the online Pro Tax offering give accounting professionals the ability to simplify their financial statements by grouping accounts, adding notes and attachments, adding a reference code/leadsheet, and then offering a formatted Excel doc to print off.
  • Standard Payroll investments:  Significant improvements continue for Standard Payroll. Starting in December, employers will now be able to track, calculate and support Taxable Benefits (non-cash) in product.

2-in-3 Canadian SMBs Have Had Cash-Flow Issues: Intuit

Posted in Commentary with tags on December 5, 2018 by itnerd

Intuit Canada has uncovered surprising results over the state of small business cash flow – the lifeblood of any business’ success – in Canada. Cash flow issues are impacting everything from work-life balance, opportunities for growth and their employees, with nearly a third (29 per cent) of SMBs being unable to pay their employees.

Some of the key findings from the study include:

  • Recent Status: More than a third (34 per cent) of Canadian small businesses have experienced cash flow issues in the last 12 months.
  • Up at Night: A vast majority (67 per cent) of small business owners in Canada have been kept up at night by concerns about cash flow, even if their company has never experienced issues with cash flow.
  • Big Losses: On average, small business owners in Canada are losing $28,885 by foregoing a project or sales specifically due to issues created by insufficient cash flow.
  • Not Cashing In: More than 2 in 5 (41 per cent) of Canadian small business owners’ companies have lost $10,000 or more by foregoing a project or sales specifically due to issues created by insufficient cash flow.

You can read more about the findings here.

61 Per Cent Of Canadian Small Businesses Now Use Automation Tech: Intuit

Posted in Commentary with tags on December 6, 2017 by itnerd

Canadians are embracing the potential AI holds to improve their lives, and this is especially true among entrepreneurs. Intuit’s latest study in partnership with Emergent Research revealed that most Canadian small business owners are early adopters, with 61 per cent of small businesses currently using automation technology to run their businesses.

They’re also optimistic about what it means for the future, with 57 per cent reporting they feel positive about the impact automation will have on their business over the next five years, citing the potential to improve efficiency, productivity and innovation as the top reasons why it will benefit their businesses.

  • Nearly a quarter (23 per cent) of SMB owners think automation technology will lead to an increase in employees at their firm and few (11 per cent) think it will lead to employment reductions.
  • About half report that over the next five years they expect automation technology will improve their job satisfaction, work/life balance and their ability to manage their business.

To help Canadian small business put an end to mundane tasks, like sending reminders for overdue invoices, so they can focus on growing their businesses, QuickBooks unveiled several innovations at the first-ever QuickBooks Connect Toronto this week that let entrepreneurs harness the power of AI and data-driven insights, including:

  • The brand-new QuickBooks Assistant: The brand-new QuickBooks Assistant offers a conversational chat experience and solves a common problem for the self-employed and small business owners – quickly and easily staying on top of their finances. The new chatbot combines data-driven insights and natural language processing to ease business operations by merely asking questions or stating requests, saving precious time and giving entrepreneurs the insights necessary to make informed financial decisions with confidence.
  • QuickBooks Projects feature now available to all Canadian QBO Plus users: QuickBooks Projects introduces QuickBooks Online Plus users to a new way to work and collaborate, all while seamlessly organizing all project components in one location, so they can run their business more efficiently and intuitively.
  • Access to direct bank feeds with new CIBC integration: Intuit and CIBC are joining forces to help businesses make more informed decisions quickly, combining CIBC’s powerful banking capabilities with critical insights from QuickBooks Online and QuickBooks Online Accountant, enabling accountants and entrepreneurs to better manage their day-to-day accounting.

 

Over Half Of Gen Zs Interested In On-Demand Work: Intuit

Posted in Commentary with tags on October 13, 2017 by itnerd

From the rise of automation to the explosion of the on-demand and sharing economies, Intuit Canada’s latest report “Generation Z & the Future of Entrepreneurship” examines how seismic shifts in the modern economic landscape has impacted the newest generation of workers’ – Generation Z – attitudes towards their careers and entrepreneurship.

Influenced by the increasingly common side hustle and the rise of services like Uber and Airbnb, Generation Zs are more likely than any other demographic to look beyond the 9- to-5 supplement their income.

  • One in two (52 per cent) Gen Zs would consider on-demand work to make extra cash, a significant 17 per cent more than the national average.
  • One in two (48 per cent) Gen Zs would be interested in freelance or on-demand employment for future careers, and two in three Gen Zs (64 per cent) would consider entrepreneurship.

Intuit’s research also uncovered that salary doesn’t equal success for Gen Z, and neither does a traditional career. Entrepreneur topped the list of dream careers (40 per cent), beating out more traditional jobs like doctor (37 per cent), banker (27 per cent) and lawyer (25 per cent).

  • Nearly one in two Gen Zs agree that flexibility is more important than salary when it comes to their career.
  • Nine in ten (89 per cent) Gen Zs want a career that offers good work/life balance, and eight in ten (78 per cent) want to do something that makes a difference.

Members of Generation Z were brought up in the economic crisis and have witnessed firsthand the shifting nature of work and explosion of the freelance economy. In fact, a recent report from Intuit Canada in partnership with Emergent Research projects that freelancers, independent contractors and on-demand workers will make up 45 percent of the workforce by 2020.

You can read the report here.

Intuit & Google Team Up To Address The Invoicing Challenges That Many SMBs Face

Posted in Commentary with tags , on August 29, 2017 by itnerd

Intuit and Google have rolled out Invoice with Google Calendar to help small business owners save time on invoicing and ensure they’re being paid accurately and on time for their hard work.

Finding the right partners is just as important for driving innovation as building new products, and Intuit and Google’s partnership is a prime example of how big tech players are increasingly coming together to help solve entrepreneurs’ most pressing issues. The app builds on Google’s previous QuickBooks integration, introducing a reimagined user experience and allowing entrepreneurs to easily import their event details directly from their synced Google Calendar to create and send invoices instantly – all within QuickBooks Online – so they can invoice, and get paid faster.

Why else should small businesses use Invoice with Google Calendar?

  • Saves time: No more time spent on double entries. You can easily import details from Calendar to create and send invoices instantly – all within the QuickBooks invoice section.
  • Gets you paid for the time you work: Maximize billing potential, and don’t sweat trying to find all the hours worked by digging through emails and calendar appointments.
  • Improves the accuracy of invoices: QuickBooks automatically finds and summarizes invoiceable hours. You can also search and choose items manually.

Over the past four years, Intuit has expanded its ecosystem from four to over 200 app integrations on Apps.com, more than any other small business accounting solutions company in the market. In addition to Google, Intuit has partnered with industry leaders like Square, Shopify, and DreamPayments among many others, to better meet small businesses’ needs.

For more information, you can also check out the following blog and landing page.

Nearly Half Of Canadian Entrepreneurs Have Been Rejected By An Investor: Intuit

Posted in Commentary with tags on October 14, 2016 by itnerd

Getting funded is a crucial step in scaling up a business. Intuit Canada’s newest study shows that nearly half (44 per cent) of Canadian entrepreneurs have been rejected by an investor.

Why are so many entrepreneurs struggling to secure the funding they need? Canadian entrepreneurs are approaching an investment pitch without a clear picture of where they stand, and hurting their chances as a result – astonishingly, one in 10 entrepreneurs seeking investment don’t plan to prepare anything for their investment pitch.

Additional survey findings include:

  • Sixty-one per cent of entrepreneurs spent less than 12 hours preparing for their pitch. That’s less time spent than planning a vacation.
  • Sixty-seven per cent of Canadian entrepreneurs are unsure of exactly what investors are looking for.
  • Thirty-five per cent do not plan to prepare a business plan 68 per cent of SBOs do not plan to create a cash flow statement for their pitch.
  • Many Canadian entrepreneurs entered an investment pitch with no balance sheet (38 per cent) or business plan (23 per cent).
  • Entrepreneurs face rejection by pitching without a long-term strategy. The primary reason those rejected for funding didn’t receive the investment they hoped for was because they didn’t have a plan to profitability.
  • Canadian entrepreneurs aren’t just quick to jump the gun when it comes to funding – A previous Intuit study showed that 69 per cent launched their business within six months and 62 per cent started up without a business plan.

To bridge this gap, Intuit is collaborating with Startup Canada, SociaLIGHT, Launch Academy, Notman House and the DMZ at Ryerson University to educate, train and enable up to 10,000 startups across Canada as part of its new “Startup Foundations” initiative. Through live events, training sessions and online workshops, participants will learn to improve their basic financial management skills, make better decisions and ultimately fuel business success. 

SURVEY METHODOLOGY

The data was collected through an online survey conducted through the Angus Reid Forum panel. The research was facilitated by MARU/Vision Critical Research & Consulting. The survey was conducted between September 9th and September 19th, 2016. To enable cross-tabulation and analysis amongst demographic subgroups, the sample size is n=507 Canadian small businesses. The margin of error for the study is estimated to be +/- 4.4%.