Business Solutions Survey: Intuit QuickBooks business solutions report 2024

Growing businesses understand that scaling up is a marathon, not a sprint. But being weighed down by disconnected digital systems and too many manual tasks can hold businesses back from their full growth potential. Findings from the 2024 Intuit QuickBooks Business Solutions Survey shed light on how integrated business solutions are crucial to keep growth on track. Nine in 10 (95%) respondents agree.

Nearly all (95%) respondents report challenges with their current digital business solutions. From manual and repetitive tasks (54%), to high costs (53%), to inadequate reporting and analysis capabilities (45%), businesses are striving for growth, but struggling with inefficiencies. As the data shows, these challenges negatively impact employee productivity and morale, timeliness of financial reporting, and overall profitability and growth. On average, respondents report their businesses spending 25 hours a week on manual data entry or reconciling data across apps and overspending $3,000 a month on unused software.

Whether looking to hire additional employees, expand to new markets and regions, or offer new products or services, growing businesses need agile and connected digital apps that can help them get there faster and more efficiently. To support growth, respondents want business solutions that provide more automation to streamline processes and reduce manual work (72%) and better integration capabilities (64%) to help take their businesses to the next level.

Business solutions for success

As businesses strive for sustainable long-term growth, digital business solutions play a significant role in their ability to scale. More than 9 in 10 (95%) respondents agree that integration between a business’s various apps and software programs is essential for growth.

Inefficient systems can hold businesses back from growth

According to the survey results, growth is the top priority for larger small businesses. Eight in 10 (82%) respondents indicate their businesses are prioritizing steady or fast expansion over the next year. These businesses are chasing ambitious goals, such as increasing revenue and profitability (86%), developing and launching new products and services (74%), and expanding into new markets (68%). But achieving growth is no small feat. Half of respondents (51%) say streamlining systems and operations presents a major challenge.

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Business solutions overload

As businesses grow and expand their operations, so too does their reliance on multiple apps and software programs. On average, respondents’ businesses use 10 different digital business solutions to manage operations. This is a significant investment, with costs averaging $10,000 per month (or $120,000 per year). Respondents estimate they are overspending an average of $3,000 per month (or $36,000 per year) on apps and software programs they never or rarely use.

Overspending on business solutions that don’t support growth

Overspending on rarely used apps highlights the importance of optimizing digital systems to support long-term growth. Almost all (98%) respondents targeting growth said their business’s digital solutions are not optimized to support it. The challenges respondents' businesses face with their current apps include too many manual and repetitive tasks (54%), high costs (53%), inadequate reporting and analysis capabilities (45%), and integration with other apps/software programs (43%).

Respondents want integrated, scalable solutions that can support growth objectives and manage complex workflows with greater efficiency. They ranked more automation to streamline processes and reduce manual work (72%) and boosting integration capabilities (64%) as the top improvements their current apps could make to better support growth. By adopting digital business solutions that solve for these challenges, businesses can take one step closer to driving positive outcomes.

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A need for automation

For business owners and executives trying to scale, time is precious, and manual data entry and reconciliation can often take up a big chunk of it. On average, respondents report their businesses spending 25 hours a week on these tasks.

The negative impacts of data reconciliation

The negative impact of manual data entry and reconciliation on growing businesses is clear. More than 8 in 10 respondents say manual data wrangling has undermined their businesses’ productivity (91%), employee morale (88%), timeliness of financial reporting (87%), and ultimately, overall profitability and growth (85%).

The good news? Automating these processes can pave the way for growing businesses to level up. The survey found that businesses would use the time saved by automating tasks to analyze data for decision-making (72%), improve the quality of products and services (59%), enhance customer satisfaction and experience (58%), and explore competitive advantages (54%).

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Economic effects

The path to growth can be rocky for complex businesses—even more so with economic pressures. Roadblocks like inflation and higher interest rates present hurdles that can hinder progress. Almost all (95%) respondents say the rising costs of inflation have been a challenge for their businesses, resulting in reduced profitability (61%), reduced demand for products/services (61%), and difficulty offering competitive salaries to help meet a higher cost of living (55%). Accessing financing can be equally as challenging, with high interest rates playing a significant role in these obstacles. Nine in 10 (90%) respondents agree that higher interest rates have made accessing financing for business growth more difficult over the last year.

Money for tech investments could be at risk with higher interest rates

In uncertain economic times, staying afloat as a business means making tough decisions—a balancing act between cost-cutting and strategic investments. While 95% of respondents agree that integrating apps and software is crucial to scaling up business, technology budgets could be at risk in the current climate. More than half (56%) of respondents whose businesses have struggled with inflation and higher interest rates are looking to cut costs over the next year as a defensive measure. 

Staying ahead with AI

While operational cost-cutting may be a quick fix for owners and executives, businesses need to be smart about what to cut—and what to keep—to keep growth on track. Nearly 9 in 10 (89%) respondents agree that AI is key for business success in today’s economic climate.

More complex businesses recognize that efficient digital business solutions are key to overcoming roadblocks to scale. To unlock new growth opportunities, these businesses need timely, actionable insights and integrated digital business solutions to help make smart decisions for increased productivity, capacity, and success. 

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Sample and methodology

Intuit QuickBooks commissioned an online survey in August 2024 of 630 owners and executives from larger small businesses with 10-99 employees throughout the US. The majority of the respondents (75%) are Millennials aged 28 to 43, 11% are Gen Z aged 18-27, and the remaining 14% are over the age of 44. Half of respondents (56%) are business owners with 10-99 employees. Two in 5 (44%) work full-time for business with 10-99 employees as a CEO/President, CFO/Controller, COO/Operations Manager, or CTO/Technology Manager. Nearly 3 in 4 (73%) respondents are male and 1 in 4 (27%) are female. Averages have been calculated using a weighted median. Nearly 3 in 4 (73%) respondents are white. The second largest racial group is Black (13%). Percentages have been rounded to the nearest decimal place, so values shown in data report charts and graphics may not add up to 100%. Responses were collected using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on census data to ensure accurate targeting and results. Respondents received remuneration.

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