MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Most small businesses around the world are using the cloud and relying on apps to run their business.
Those are among the findings of a multi-country study released today by Intuit Inc. (NASDAQ:INTU). The study, which focused on small businesses in the U.S., Canada, the U.K., and Australia revealed that 64 percent of small businesses run in the cloud, 68 percent use apps, and 66 percent use a smartphone. In addition, small businesses owners are seeing – and experiencing – the long-term effect of mobile and web-based apps on their bottom line, allowing them to focus on growing their business.
The “2016 Appification of Small Business Report” is a first-of-its-kind study, providing insights from 2,000 small business owners/managers. It also reveals a huge opportunity for small business app developers worldwide. The study also examines the attitude of small business owners who are not using apps to better understand their barriers of entry and the factors that could drive them to use apps.
While tech-savvy businesses are integrating apps in record numbers, they are also running into persistent barriers with existing apps, according to the study. About two-in-five small businesses believe there are too many apps to choose from. Forty-one percent say they are unsure of which apps are best suited for their business, and 39 percent are concerned with costs to integrate and train on apps. Complexity was an issue for 23 percent.
“We’re thrilled that small business owners around the world are transforming how they run their business, and integrating innovative new technologies to improve how they operate,” said Vinay Pai, vice president and head of the Intuit Developer Group. “Insights from this global study further reinforce our strategy to focus on delivering quality apps that eliminate our customers’ biggest pain points. By enabling third-parties to build high-quality integrations that run seamlessly with QuickBooks, we offer the best outcomes for developers, partners and our small business customers.”
App Use Around the World
Sixty-eight percent of small businesses in the U.S., Canada, U.K. and Australia are currently using mobile or web-based apps to help run their operations, eliminate administrative tasks and shift their focus to growing their business. A total of 82 percent of small businesses that use apps reported using between one and six apps to run their business.
“As an owner of a boutique, I need to consistently adapt, evolve and stay relevant to my customers by utilizing the best technologies to run my business,” said Hope Colling, owner of Marmalade Boutique in San Francisco. “QuickBooks has transformed my business by seamlessly integrating with Square, my point-of-sale system, and Stitch Labs, my inventory management tool. Information from these solutions flow so well together, it has allowed me to focus on delivering amazing products and service to my customers.”
“Using cloud-based tools has made my job easier so I can work on parts of the business that need my attention and do the things I enjoy the most,” said Matthew Jones, general manager at the Carrington Hotel in Sydney, Australia. “Having financial management tools that effortlessly integrate with QuickBooks has been huge for us. It saves me seven to ten hours of work each week by eliminating data entry and other administrative tasks. It also allows me to work seamlessly with our accountant and owner, providing all of us access to important financial information anytime, anywhere.”
Opportunities for Third-party App Developers and Partners
The growing apps marketplace for small businesses continues to be a lucrative opportunity for developers and partners. Intuit’s commitment to building quality integrations for its small business customers provides third-party developers and partners with the best resources and world-class tools when building for the QuickBooks platform.
For example, QuickBooks is the only small business platform that pays for an annual security assessment for all apps that are integrated to the solution. The platform also allows for deep user interface integrations.
Additionally, Intuit helps developers and partners market their apps on the largest small business apps store (Apps.com) and gives them access to over 1.5 million QuickBooks customers worldwide. Today, over 1,200 apps are integrated on the QuickBooks platform, of which 400 are published in the app store, and 800 apps are private integrations.
“Since we launched our app in the Intuit QuickBooks Apps Store in November 2013, we have been able to expand our customer reach to new local verticals and plan to move into international markets next year," said Richard McLean, co-founder of online payroll system KeyPay. “We are excited for what’s to come as more small businesses owners understand the true value of apps and rely on companies like us to play an important role in running and growing their business.”
A representative sample of 500 small businesses in each region (U.S., Canada, Australia, and U.K) were surveyed by Ebiquity from July 13-20, 2016. The vast majority of small business owners and managers surveyed have between one and 50 employees. The types of business surveyed were: service-based (50 percent), product-based (23 percent), and hybrid (27 percent).
For additional information, please visit:
- Twitter @IntuitDev
- Twitter @QuickBooks
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.