U.S. Small Business Employment and Revenue Declined in 2024 with Signs of Recovery, finds Intuit QuickBooks Small Business Annual Index Report
Intuit's 2025 QuickBooks Small Business Index Annual Report reveals significant challenges for US small businesses in 2024. Small business employment declined by 51,200 jobs, the largest drop since 2015, while average revenue fell by $11,850 per business - marking the third consecutive yearly decline.
The report highlights that high interest rates and credit access severely impacted growth, with affected businesses showing up to 30% lower revenue growth and 4% lower employment growth. Credit card usage as a primary financing source doubled from 25% to 50% between July 2023-2024, with interest payments rising 14% in 2024.
On a positive note, businesses utilizing eight or more digital tools reported stronger outcomes, with 67% seeing productivity gains and 45% reporting increased revenue, compared to significantly lower results for businesses using fewer digital tools.
Il Rapporto Annuale dell'Indice delle Piccole Imprese QuickBooks 2025 di Intuit rivela sfide significative per le piccole imprese statunitensi nel 2024. L'occupazione nelle piccole imprese è diminuita di 51.200 posti di lavoro, il calo più grande dal 2015, mentre il fatturato medio è sceso di 11.850 dollari per impresa, segnando il terzo calo annuale consecutivo.
Il rapporto evidenzia che gli alti tassi di interesse e l'accesso al credito hanno influenzato gravemente la crescita, con le imprese colpite che mostrano fino al 30% di crescita del fatturato in meno e il 4% di crescita dell'occupazione in meno. L'uso delle carte di credito come principale fonte di finanziamento è raddoppiato dal 25% al 50% tra luglio 2023 e 2024, con i pagamenti degli interessi che sono aumentati del 14% nel 2024.
In un aspetto positivo, le imprese che utilizzano otto o più strumenti digitali hanno riportato risultati più forti, con il 67% che ha visto un aumento della produttività e il 45% che ha segnalato un aumento del fatturato, rispetto ai risultati significativamente inferiori per le imprese che utilizzano meno strumenti digitali.
El Informe Anual del Índice de Pequeñas Empresas QuickBooks 2025 de Intuit revela desafíos significativos para las pequeñas empresas de EE.UU. en 2024. El empleo en pequeñas empresas disminuyó en 51,200 puestos de trabajo, la mayor caída desde 2015, mientras que los ingresos promedio cayeron en 11,850 dólares por empresa, marcando la tercera disminución anual consecutiva.
El informe destaca que las altas tasas de interés y el acceso al crédito impactaron severamente el crecimiento, con las empresas afectadas mostrando hasta un 30% menos de crecimiento en ingresos y un 4% menos de crecimiento en empleo. El uso de tarjetas de crédito como fuente de financiamiento principal se duplicó del 25% al 50% entre julio de 2023 y 2024, con los pagos de intereses creciendo un 14% en 2024.
En una nota positiva, las empresas que utilizan ocho o más herramientas digitales reportaron resultados más sólidos, con el 67% observando aumentos en la productividad y el 45% reportando ingresos aumentados, en comparación con resultados significativamente más bajos para las empresas que utilizan menos herramientas digitales.
인튜잇의 2025년 퀵북스 중소기업 지수 연례 보고서는 2024년 미국 중소기업에 중대한 도전 과제를 드러냅니다. 중소기업 고용은 51,200개 일자리 감소하였으며, 이는 2015년 이래 가장 큰 감소폭입니다. 평균 수익도 기업당 11,850달러 감소하였으며, 이는 세 번째 연속 감소를 기록한 것입니다.
이 보고서는 높은 이자율과 신용 접근성이 성장에 심각한 영향을 미쳤으며, 피해를 입은 기업들은 최대 30% 낮은 수익 성장과 4% 낮은 고용 성장을 보였습니다. 신용카드 사용이 주요 자금 조달원으로서 2023년 7월부터 2024년까지 25%에서 50%로 두 배 증가했으며, 2024년에는 이자 지급이 14% 증가했습니다.
긍정적인 점은, 디지털 도구를 여덟 개 이상 사용하는 기업이 더 강력한 결과를 보고했으며, 67%는 생산성 증가를 경험하고, 45%는 수익 증가를 보고했습니다. 이는 디지털 도구를 덜 사용하는 기업에 비해 현저히 낮은 결과입니다.
Le Rapport Annuel de l'Indice des Petites Entreprises QuickBooks 2025 d'Intuit révèle des défis significatifs pour les petites entreprises américaines en 2024. L'emploi dans les petites entreprises a chuté de 51 200 postes, la plus grande baisse depuis 2015, tandis que le revenu moyen a diminué de 11 850 dollars par entreprise, marquant le troisième déclin annuel consécutif.
Le rapport souligne que les taux d'intérêt élevés et l'accès au crédit ont gravement affecté la croissance, les entreprises touchées affichant jusqu'à 30 % de croissance du revenu en moins et 4 % de croissance de l'emploi en moins. L'utilisation des cartes de crédit comme principale source de financement a doublé, passant de 25 % à 50 % entre juillet 2023 et 2024, avec des paiements d'intérêts augmentant de 14 % en 2024.
Sur une note positive, les entreprises utilisant huit outils numériques ou plus ont rapporté de meilleurs résultats, 67 % ayant constaté des gains de productivité et 45 % ayant signalé une augmentation de leurs revenus, par rapport à des résultats nettement inférieurs pour les entreprises utilisant moins d'outils numériques.
Der Jahresbericht des QuickBooks Small Business Index 2025 von Intuit zeigt erhebliche Herausforderungen für amerikanische Kleinunternehmen im Jahr 2024 auf. Die Beschäftigung in kleinen Unternehmen sank um 51.200 Arbeitsplätze, der größte Rückgang seit 2015, während der durchschnittliche Umsatz um 11.850 US-Dollar pro Unternehmen fiel, was den dritten jährlichen Rückgang in Folge markiert.
Der Bericht hebt hervor, dass hohe Zinssätze und der Zugang zu Krediten das Wachstum stark beeinträchtigt haben, wobei die betroffenen Unternehmen bis zu 30% geringeres Umsatzwachstum und 4% geringeres Beschäftigungswachstum aufwiesen. Die Nutzung von Kreditkarten als primäre Finanzierungsquelle verdoppelte sich von 25% auf 50% zwischen Juli 2023 und 2024, während die Zinszahlungen 2024 um 14% anstiegen.
Positiv ist, dass Unternehmen, die acht oder mehr digitale Tools verwenden, stärkere Ergebnisse berichteten, wobei 67% Produktivitätsgewinne und 45% höhere Einnahmen verzeichneten, verglichen mit deutlich niedrigeren Ergebnissen für Unternehmen, die weniger digitale Tools verwenden.
- 67% of businesses using 8+ digital tools reported productivity gains
- Construction sector created 11,400 small business jobs in 2024
- 72% of high digital tool users feel confident in sales projections
- 51,200 job decline in small business employment - largest drop since 2015
- $11,850 average revenue decline per small business
- Credit card usage as primary financing doubled to 50% in July 2024
- 14% increase in credit card interest payments in 2024
- Up to 30% lower revenue growth for businesses with credit access
Insights
The data reveals concerning trends for small businesses that could significantly impact Intuit's (INTU) revenue streams. The
Digital tool adoption metrics are particularly promising for INTU's growth strategy. With
The report highlights a structural shift in the U.S. labor market, with employment migrating from small to larger businesses - a trend that could reshape the competitive landscape. The correlation between credit access and growth rates (up to
The increasing reliance on credit card financing is particularly troubling. The 1.5x jump in businesses paying over
The digital transformation of small businesses is accelerating, with clear performance differentials between high and low technology adopters. The
The construction sector's recovery, creating 11,400 jobs after losing 13,100, suggests that sectors with strong digital tool adoption are more resilient to economic headwinds. The trend toward integrated financial and operational platforms positions Intuit's ecosystem approach favorably against point-solution competitors, particularly as businesses seek to consolidate their technology stack to manage costs.
Higher Interest Rates & Access to Credit Impacted Small Business Growth
Fresh Insights on US Small Businesses
While overall employment is rising in the US, small business growth is lagging, indicating that jobs are moving from small businesses to larger businesses. The report found that small business employment declined by 51,200 jobs over the past 12 months while revenue declined by
Looking more closely at the monthly data over that period, however, reveals that most of the job losses occurred between October 2023 and January 2024. Since then, the declines have generally slowed or even reversed—offsetting some of the earlier job losses. For example, while the construction sector lost 13,100 jobs at the end of 2023, it created 11,400 jobs at small businesses in 2024.
Overall, small businesses grew more slowly after the spike in interest rates if they had less access to credit. Those that were hit the hardest had up to
Rising Credit Card Usage Creates Short Term Gains and Long Term Risks
Small businesses are becoming more reliant on credit cards, which remain the number one source of small business financing. The number of small businesses using credit cards for financing doubled between July 2023 (
“The acceleration of small business credit card usage has put owners in a difficult position,” says Ufuk Akcigit, leading global economist and Arnold C. Harberger Professor of Economics at the University of
Digital Tools are Critical for Growth and Productivity
As technology continues to evolve and proliferate, adoption of digital tools within small businesses has increased - with positive impacts on their bottom line. Among US businesses that use eight or more digital tools to manage their business,
On top of the immediate gains, higher use of digital tools has also helped small businesses to create stronger revenue forecasts and boosted confidence in future sales. For example,
“Small business success is vital to a healthy economy,” says Colin Twomey, Vice President of Growth & Analytics at Intuit QuickBooks. “While hurdles like credit card debt are evident, technology offers a way to reduce costs and fuel new channels for financial prosperity. Intuit remains committed to delivering the kinds of tools and data-backed insights that help propel small businesses forward.”
A More Holistic View of Small Business Health
One of the great strengths of this report is its well-rounded look at small business health. Small business growth is not a straight line, and the continued expansion of data points considered in the annual report allows for more nuanced analysis of the landscape. QuickBooks customer Judd Robertson, president at Mighty Pine Heating, Cooling, Plumbing & Electric in
"We're making investments in the foundation of Mighty Pine—hiring a new customer service person, hiring a new person to deal with the rebates. That takes our margin away, but it supports our employees in the field," Robertson says. He sees these investments as laying the foundation for sustainable growth—and as promising signs for the year ahead. "We could not be here today if we didn't have the internal team members that were able to [hire]. I think we're going to thrive in 2025, and that's because of the folks we have under our roof."
As many business owners prepare for the year ahead, this report offers a comprehensive look at the trends and advancements that could continue to impact their growth.
For more insights, check out the Intuit QuickBooks Small Business Index Annual Report here. To stay up to date on the latest monthly Index releases, visit the Intuit QuickBooks Small Business Index interactive hub.
About the Report:
RIGOROUS METHODOLOGY
In partnership with Intuit QuickBooks data analysts, the report’s findings are based on a new analysis led by Ufuk Akcigit (Arnold C. Harberger Professor of Economics at the University of
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Intuit QuickBooks Small Business Index: employment and revenue trends among small businesses in the US,
Canada , and theUK from October 2023 to October 2024, based on a total worldwide sample of 557,000 small businesses. Full methodology details available here. Note: the Index does not reflect the QuickBooks customer base or Intuit’s business.
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Intuit QuickBooks customer data: anonymised, aggregated, and benchmarked or reweighted to reflect the wider population of small businesses in the US,
Canada , andUK (not the QuickBooks customer base or Intuit’s business) to provide new insight into small business access to credit, credit card expenditure, payments against credit card balances, and interest payments between 2019 and 2024. Samples: 249,000 US small businesses with 0-100 employees with credit card data recorded in QuickBooks from 2019 to 2024 (Figures 52 and 53) and 677,000 US small businesses with 0-100 employees with credit card data recorded in QuickBooks in 2022 and 2023 (Figure 54). Full methodology available in the report.
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Intuit QuickBooks Small Business Insights: quarterly online surveys, commissioned by Intuit QuickBooks, of more than 5,000 small businesses (0-100 employees) in the US,
Canada , andUK . The report uses the July 2024 wave of these surveys, with a total sample of 5,183 respondents (comprising 3,012 in the US; 1,013 inCanada ; and 1,158 in theUK ). Note that “digital tools” are broadly defined and grouped by type (e.g. “social media” and “remote work”). Methodology details available here.
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Official statistics and other external sources, including publicly available data from: the
U.S. Census Bureau;U.S. Bureau of Labor Statistics;U.S. Bureau of Economic Analysis; Federal Deposit Insurance Corporation; Federal Reserve Bank ofSt. Louis ; Bank Holding Company (US); Statistics Canada; Office for National Statistics (UK ); OECD; World Bank.
New insights from the analysis of this data comprise three major topic areas in the 2025 Intuit QuickBooks Small Business Index Annual Report:
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Jobs and revenue growth: highlighting the critical role that small businesses play in the US, Canadian, and
UK economies, focusing on which sectors and regions have seen the most and least growth over the past 12 months.
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Small business access to financing: a close examination of the impact of interest rates and credit card usage on small business success, using anonymised, reweighted data from up to 677,000 QuickBooks customers in the US and survey data from more than 5,000 small businesses in the US,
Canada , and theUK (see sources and sample details above).
- Small business adoption of digital tools: the relationship between digital tools (including AI and e-commerce) and small business productivity, growth, and confidence.
The full methodology is provided in the appendix of the 2025 Intuit QuickBooks Small Business Index Annual Report.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
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Intuit QuickBooks:
Jen Garcia
Jeng@accesstheagency.com
Source: Intuit Inc.
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