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|  The Future is Bright for Small Businesses: Intuit QuickBooks ReportBy: QBBS --- The future is looking bright for small business owners. A recent QuickBooks report defines the trends that will shape how small businesses operate over the next decade. Small businesses must navigate changing technology, new consumer demands, and increased access to data. With the help of QuickBooks technology, small businesses will be able to fully realise the opportunities before them. The Future of Small Businesses Both the 2010 Intuit 2020 Report and the more recent 2016 QuickBooks Future of Small Business Report define the trends that will influence how small businesses will operate in the future. These trends include technological, economic, and social shifts. Good news for small business owners; both reports claim small businesses will experience growth over the next decade. Overall, the findings indicate that technology is going to influence consumers' buying decisions and how they interact with businesses. New mobile technologies, a global marketplace, and virtual stores are defining consumer behaviour and create opportunities for small businesses. Changing Technology The prominence of cloud accounting software (such as QuickBooks Online) is changing the business landscape. Small businesses are adopting these technologies and can access their data anywhere, at any time. "BY 2020, 33% of all data will pass through the cloud" -- Intuit QuickBooks Future of Small Business Report The future of small business is shifting from corporate styles to suit individual needs. Social media is no longer just for communication. As user behaviour evolves, it will become a tool for education and commerce. Already popular social media platforms are adopting 'shop now' functions for business pages. Mobile and online technologies are granting business owners more freedom for what's most important – running their business, their way. Economic Trends Now, more than ever, small businesses can compete with large scale businesses. The QuickBooks report attributes this to a shifting industry trend, new technology, and economic changes. A growing middle class – particularly in developing areas – will see an increase in global consumer spending. The surge in mobile technologies will see a rise in e-commerce, and many areas skipping traditional methods in favour for modern technologies. Intuit predicts that, by 2020, the cost of starting up a business venture will dramatically decrease. They attribute this to lower manufacturing costs, and smarter systems. Small businesses creating niche products will benefit as the cost of production will also decrease, due to low cost technology and outsourcing. With lower start-up costs, there will be an increase in the number of emerging small businesses. Social Shifts Modern consumers desire niche products. Unlike their larger competitors, small businesses can offer the niche market consumers want. The key is to adapt to consumer demands, as their needs and desires change rapidly. The Intuit 2020 report believes that a growing online social community is driving the shift towards informed consumer decisions. As consumers are more involved in their buying decisions, they hold the most power in business-consumer relationships. Social networks like Facebook and Twitter have increased the transparency between business and consumer. It has created a global community. Small businesses can use these platforms to interact with their market, create demand, and share information. How QuickBooks Online Helps Small Business Owners Save Time We understand businesses must manage several tasks simultaneously, and sometimes other tasks are prioritised over managing the books. QuickBooks Online (https://www.qbbs.com.au/ Business insights, automated data, and reports are generated and accessible when you need them. As data is synced over connected devices, information and documents don't need to be transferred manually. Some features designed to help small businesses include: · Automatically reconcile transactions · Sync with Square – a credit/debit card reader · Connect and sync with other apps And Get Paid Faster As technology advances sync and streamline everyday tasks, small business owners are turning to cloud software to run their business. QuickBooks Online automates the bookkeeping process, saving you hours of work. Tracking payments is easy, as invoices can be accessed on any device, at any time. At the 2016 QuickBooks Connect Conference, Intuit announced its plans to integrate QuickBooks with Apple Pay. Additionally, the PayPal and invoice features will be improved so businesses can accept payment seamlessly. Business owners won't have to wait weeks to be paid, as QuickBooks technology is immediate and efficient. The next decade will be full of opportunities for small businesses to grow, extend their reach, and connect with more consumers. Those who adopt new technologies will lead the way for others. Cloud technology will make data immediately accessible, while virtual stores and social platforms will lead to a rise in niche markets. While there are changes ahead for small businesses, there are opportunities too if they choose to welcome it. To discover how QuickBooks Online can transform and help your small business flourish, contact Quick Bizness Bookkeeping (https://www.qbbs.com.au/ -- Lauretta Finis is the owner of Quick Bizness Bookkeeping Solutions (QBBS) www.qbbs.com.au. Lauretta is also a QuickBooks Online Expert, a QuickBooks Online Certified Pro-Advisor, a member of the Trainer/Writer Network for Intuit Australia, a Fellow member of the Institute of Certified Bookkeepers (ICB), a Registered BAS Agent. Her passion is thinking outside of the square and delivering solutions, and her King Charles Cavalier "Buddy". End
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