Archive for Intuit

Intuit QuickBooks Canada Survey Reveals More Than Half Canadian SMBs Facing Up To $50k In Late Payments

Posted in Commentary with tags on October 18, 2021 by itnerd

Canadian small businesses have learned many lessons throughout the pandemic. They’ve faced a myriad of challenges, and getting people to pay up has been especially difficult. 3 in 5 Canadian small businesses are experiencing up to $50,000 in late payments today causing many to cut back on resources and supplies — or worse — lay off employees.

In support of Small Business Month, Intuit QuickBooks Canada today released the results of a recent pulse-check survey, capturing key findings from 583 small business owners across the product and service industries in Canada to understand the top lessons learned to better understand how they have pivoted, optimized and overcame challenges over the past year and a half.

Survey findings on Canadian small business owners include: 

Identifying COVID-19 Challenges:

  • Nearly 1 in 5 (17%) Canadian small businesses decreased their revenue by more than 20% during the pandemic.
  • Over half (61%) of Canadian small businesses are experiencing up to $50,000 in outstanding payments today 
    • Late payments have a domino effect on small businesses: Nearly 2 in 5 (37%) Canadian small business owners have had to scale back on resources and supplies because of late payments.
    • 1 in 5 (20%) of Canadian small business owners have had to lay off employees because of late payments.

Identifying COVID-19 Lessons:

  • Small businesses have noted the top lessons learned include building an emergency cash fund (28%), creating a flexible work environment for employees (16%)
  • Only 26% of small businesses across Canada identified that transitioning their business onlineduring the pandemic was a primary focus. 
  • Over 1 in 4 (27%) Canadian small business owners say technology that automates customer reminders, as well as technology that enables payment directly through their digital invoice, would make collecting payments easier and faster.

It’s been challenging to make and receive payments of any kind throughout the pandemic. But the domino effect on SMBs puts their ability to operate and provide jobs at risk. Entrepreneurs need intuitive tools to help them get paid more quickly and easily. Intuit QuickBooks helps small businesses get invoices paid the easily with online payments, real-time tracking, and paper-free from start to finish.

SMBs need you: The pandemic is not over as small businesses continue to recover, and SMBs are looking to consumers for help. Nearly half (46%) of SMBs say the top ways to show your support as a customer is by shopping online and sharing and reposting business information on personal social media platforms using the hashtag #SmallBizLessons.

About the Survey:

The study, conducted leveraging Pollfish on behalf of Intuit QuickBooks Canada, was completed by 583 Canadians. All 583 Canadians identified as small business owners. Of the total, 262 identified as having 1-15 employees and 321 identified as the sole proprietor. The estimated margin of error for the total sample is +/- 5 percent at a 95 percent confidence level. The study took place online on September 22, 2021.

7 Startups Across North America To Join The Second Cohort Of The Intuit Prosperity Accelerator: AI

Posted in Commentary with tags on October 14, 2021 by itnerd

Intuit and Credit Karma, along with Highline Beta, a venture studio and venture capital firm, today announced the second cohort of theIntuit Prosperity AcceleratorTM: AI. This announcement follows the recent launch of Intuit Ventures, further evolving the company’s strategy to drive future innovations by supporting early to mid-stage startups.

The second cohort is comprised of seven early-stage startups from top technology hubs including San Francisco, New York, Toronto and Montreal. These companies were selected based on their ability to leverage artificial intelligence (AI) to create solutions that help consumers and small businesses overcome financial challenges. Like the startups from the inaugural program in 2020, these companies share Intuit’s value of being mission-driven. Additionally, they focus on customer obsession to deliver innovative products, ideas, and results.

In an effort to fuel their growth and spur industry innovation, Intuit will partner with the cohort over a five-month period. We will coach them, provide product and technology expertise and connect them to Intuit’s existing consumer and small business customers.

Meet the Cohort:

Adaptive Pulse (Waterloo, ON) helps businesses keep a pulse on every customer while predicting and prioritizing their retention efforts, reducing churn and increasing revenues.

Aphrodite (San Francisco, CA) is a plug-n-play data analytics platform intended to help users drive revenue by providing financial clarity and data-driven insights to small businesses.

Bankuish (New York, NY) is a marketplace that provides gig workers and freelancers a simple way to access affordable banking.

Beam.city Inc (Toronto, ON) is an advertising automation platform that helps businesses optimize their performance and skyrocket profits automatically.

Boom (New York, NY) is on a mission to level the playing field for the 110 million renters in the US by making housing more flexible, affordable, and attainable.

QuoteMachine (Montreal, QC) is a software that brings humans back to digital commerce by helping independent retailers close more deals through simplified and personalized sales processes.

Stamped AI (Quebec City, QC) is an AI platform that streamlines and automates accounting data certification, making small businesses year-end ready, all year round.

The Intuit Prosperity Accelerator: AI is a five-month-long initiative, in which the selected startups will work with Intuit and Highline Beta teams to identify and test growth opportunities using Intuit’s design thinking methodology, Design for Delight (D4D). The cohort will also have access to an exclusive network of mentors, investors and founders as well as the opportunity for follow-on investment from Highline Beta.

For more information on the program, visit: www.intuit.com/ca/prosperity-accelerator.

Intuit Launches New Corporate VC Program

Posted in Commentary with tags on September 23, 2021 by itnerd

Intuit Inc. the global technology platform that makes TurboTaxQuickBooksMint and Credit Karma, today announced the launch of Intuit Ventures, its corporate venture capital program. Intuit Ventures will help accelerate innovation for businesses and consumers through the companies it invests in, driving future innovations for consumers and small businesses. The program will primarily invest in series B and C-stage companies that are solving small businesses and consumers’ biggest problems, with areas of interest including fintech, virtual expertise, consumer finance, omni-channel commerce, AI-enabled services and crypto/DeFi.

Intuit Ventures completed its first investment in Clearco, a high-growth series C-stage startup which offers unbiased, non-dilutive capital to digitally-native businesses and leverages data and insights to help them scale. Clearco strongly aligns with Intuit Ventures’ focus on fintech and omni-channel commerce as well as Intuit’s focus on small business success.

To learn more about Intuit Ventures, please visit www.intuit.com/ventures.

Intuit Canada Launches New AI-focused Accelerator For Startups In North America

Posted in Commentary with tags on June 22, 2021 by itnerd

Intuit Inc. and Highline Beta today announced the launch of the Intuit Prosperity Accelerator: AI. The new five-month program aims to leverage the power of artificial intelligence (AI) to advance the financial prosperity of consumers and businesses in North America.

The application of AI is revolutionizing how consumers and small businesses are benefiting from the company’s products and services by delivering innovative, personalized offerings and experiences at scale. Intuit has been investing in AI on its platform for more than 15 years. The accelerator program is designed to leverage Intuit expertise to help startup participants unlock new strategies with AI to benefit their end users.

The program builds on the strength of the inaugural 2020 Intuit Prosperity Accelerator, which supported startups positioned to address the financial challenges Canadian consumers and small businesses face in the wake of COVID-19. The first cohort included eight startups and culminated with a Demo Day event in partnership with TechTO.

The Intuit Prosperity Accelerator: AI is designed for high-potential seed stage startups based in North America, who have AI-driven solutions with products in the market that aim to solve financial challenges. Applications from pre-seed or later stage companies will also be considered based on the fit with the program’s themes and interest areas. International startups are invited to apply and must demonstrate their value to the North American market. Successful applicants will have access to tailored content and dedicated coaching to help grow their businesses by using Intuit’s design thinking methodology, Design for Delight (D4D), and an opportunity for follow-on investment from Highline Beta. It will also provide exclusive access to AI experts, business mentors and a vibrant alumni startup community.

The Intuit Prosperity Accelerator: AI is now accepting applications until August 31st, 2021. Six to eight startups will be selected, with the program kicking off in October 2021.

For more information on eligibility requirements and to apply, visit: https://www.intuit.com/ca/prosperity-accelerator/

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.