{"id":9925,"date":"2023-05-31T07:17:44","date_gmt":"2023-05-31T14:17:44","guid":{"rendered":"https:\/\/intuitblog.com\/?p=9925"},"modified":"2023-05-31T08:03:21","modified_gmt":"2023-05-31T15:03:21","slug":"intuits-first-supplier-diversity-economic-impact-report-reinforces-commitment-to-small-diverse-owned-businesses","status":"publish","type":"post","link":"https:\/\/www.intuit.com\/blog\/news-social\/intuits-first-supplier-diversity-economic-impact-report-reinforces-commitment-to-small-diverse-owned-businesses\/","title":{"rendered":"Intuit Releases First Supplier Diversity Economic Impact Report"},"content":{"rendered":"\n

As the center of small business success, Intuit<\/a> published its first annual Supplier Diversity Economic Impact Report. Through a concerted effort to proactively source products and services from small and diverse suppliers, Intuit is achieving impactful change for minority and women-owned businesses at scale.\u00a0<\/p>\n\n\n\n

During Intuit\u2019s fiscal year 2022, the company spent $312 million with 550 US-based diverse and small businesses, an increase of $24 million year-over-year. Intuit\u2019s focus on creating new opportunities for diverse small businesses is aimed at reducing economic disparities in underserved communities in the US by supporting new jobs and opportunities for small businesses to scale and grow their businesses in communities in which they operate.<\/p>\n\n\n\n

\u201cWe are proud to highlight that for every $1 we spend with diverse small businesses, we create $1.96 of economic impact,\u201d said Emma Chontos, Chief Procurement Officer at Intuit. \u201cOur supplier diversity program is far more than just a business strategy, it\u2019s an opportunity to drive meaningful change in local communities and is a key component of our mission to power prosperity.\u201d<\/p>\n\n\n\n

Intuit\u2019s spending with diverse and small business suppliers generates economic activity in its supply chain and communities. In total, the program generated $613 million in total production. Key findings also included that the program supported more than 4,000 jobs across Intuit\u2019s supply chain and in the communities in which they operate, generating $261 million in total wages to the economy A subset of these jobs are also included in Intuit\u2019s Prosperity Hub Program.<\/p>\n\n\n\n

View Intuit\u2019s complete Supplier DEI Economic Impact Report here<\/a>.<\/p>\n\n\n\n

Intuit\u2019s Supplier DEI and Social Impact Program is committed to improving small business cash flow by accelerating payments to be due upon receipt of invoices for small and diverse suppliers that are minority-owned (Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American), LGBTQ+ owned, woman-owned, veteran-owned, or disability-owned. <\/p>\n\n\n\n

\u201cI run a small boutique firm, and in lean times these expedited payment terms make a huge difference in the success of my business,\u201d said Tyler Munson, owner of Munson Design. \u201cIn past years, I\u2019ve had some clients go from net 30 to net 45, which can be particularly painful when the upfront costs are large.\u201d <\/p>\n\n\n\n

At a time when most companies are extending payment terms, through this initiative, Intuit is building on our commitment to small businesses by paying small and diverse suppliers in under 10 days. In fact earlier this month, Intuit joined the US Chamber of Commerce\u2019s newly launched Prompt Pay Pledge<\/a>, continuing to reinforce its commitment to paying small business suppliers quicker to help America\u2019s small businesses manage their capital and maintain a healthy cash flow.<\/p>\n\n\n\n

\u201cThrough serving our customers, we have seen first-hand how cash flow and access to capital struggles can impact suppliers,\u201d said Chontos. \u201cWe firmly believe that empowering people with financial security is key to our mission, which has inspired us to be at the forefront in championing early pay options from large corporations to support diverse and small business cash flow.\u201d<\/p>\n\n\n\n

In fiscal year 2022, Intuit made substantial progress in our Supplier DEI and Social Impact program. Our strategies focused on three impactful areas: <\/p>\n\n\n\n