Since the beginning of the Biden-Harris administration, 18.1 million new business applications have been submitted. Intuit (INTU) CFO Sandeep Aujla joins Wealth! to discuss the state of small businesses and how the company is helping set up business owners for financial success.
"Small businesses are actually in a pretty good shape. Their revenues over the last three months are up about 3% When you look at year over year, their profits are up about 2% year over year. And a key leading indicator is how many hours their employees are working. And we are seeing that up about 4% year over year," Aujla explains. However, he notes that while cash reserves are down 8% year over year, small businesses are still in a good position as they are up 16% from the pre-Covid timeframe.
Aujla adds, "The number one need of the small business, the area they’re focused on the most, is helping me get and grow customers. And that’s where we are really excited about what we’re bringing to market through our innovations such as revenue intelligence." He explains that by combining data from QuickBooks and MailChimp, Intuit is uniquely positioned to aid owners in growing their businesses, improving their cash flows, and ensuring they get the tax benefits they’re entitled to.
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