Crowe and Intuit QuickBooks collaborate on new program to enable minority-owned small business growth

Rhea-AI Summary

Crowe LLP and Intuit Inc. collaborate on the Crowe Beacon small business advancement initiative to support BIPOC, women, and veteran-owned small businesses. The initiative aims to enhance financial maturity, foster capital-readiness, and provide accounting and consulting services to help small businesses grow sustainably. QuickBooks will be the exclusive small business technology partner, offering access to its financial technology platform and tools to aid in financial management and planning.

Financial Analyst

The collaboration between Crowe LLP and Intuit Inc. represents a strategic initiative to enhance the financial infrastructure and support for BIPOC, women and veteran-owned small businesses. This initiative could have a significant impact on the financial technology sector and small business services market. By providing access to QuickBooks and Crowe's consultative services, these businesses are likely to see improved financial management and capital readiness, which can translate into increased demand for QuickBooks' services and potentially higher revenue streams for Intuit.

From a financial perspective, the initiative could lead to a positive feedback loop where enhanced financial practices result in business growth, increased QuickBooks platform engagement and more data for Intuit to refine its offerings. The focus on underserved businesses also aligns with broader ESG (Environmental, Social and Governance) trends, which are increasingly important to investors. This could bolster Intuit’s reputation and appeal to socially conscious investors.

Market Research Analyst

The strategic partnership between Crowe and Intuit is positioned to tap into the nearly 20% minority-owned small business segment, which is a substantial portion of the market according to U.S. Census data. With 30% of Black small business owners relying on credit cards for funding, the initiative's aim to improve financial maturity and capital readiness addresses a critical pain point. The success of this program could serve as a case study for similar initiatives, potentially influencing market dynamics by setting a precedent for how financial and consulting firms can engage with and support minority-owned businesses.

Moreover, by making QuickBooks the exclusive technology platform for the Crowe Beacon initiative, Intuit is likely to increase its penetration in the small business segment, which could shift competitive dynamics in the financial technology market. This could also lead to an increase in market share for Intuit, as successful businesses are likely to continue using the services that have supported their growth.

Economist

The initiative has broader economic implications by potentially contributing to the overall growth and stability of the small business sector, which is a key driver of economic activity and job creation. By improving financial literacy and practices among BIPOC, women and veteran-owned businesses, the initiative may reduce the systemic barriers to capital access and contribute to a more equitable distribution of economic opportunities.

Furthermore, the economic impact of such programs can extend beyond the immediate beneficiaries. As these small businesses grow, they can stimulate local economies, create jobs and contribute to a more robust and diverse business environment. The long-term economic benefits of such an initiative can be substantial, contributing to a more resilient and inclusive economy.

Crowe and QuickBooks will help advance financial maturity, foster capital-readiness, and better position these small businesses to thrive

CHICAGO, Feb. 26, 2024 /PRNewswire/ -- In conjunction with Black History Month, Crowe LLP, a leading public accounting, consulting, and technology firm, and Intuit Inc. (Nasdaq: INTU), the global technology platform that makes Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, announced their collaboration on a new Crowe Beacon small business advancement initiative, which will source funding commitments from several key financial institutions and sponsors. The pilot initiative is focused on helping Black, Indigenous, People of Color (BIPOC), women, and veteran-owned small businesses grow, enhance financial maturity, and become more capital-ready. It will give an initial 1,000 qualifying U.S. small businesses access to the QuickBooks financial technology platform along with much needed accounting and consulting services from Crowe that will better position them to manage and capitalize their businesses to drive sustainable growth.

Nearly 20% of small businesses are minority-owned, according to the latest U.S. Census Bureau's Annual Business Survey, and for Black small business owners, 30% have relied on credit cards to fund investments in their business's future growth, according to the 2024 Intuit QuickBooks Black History Month Survey.

The Crowe Beacon small business advancement initiative is tailored to serve the needs of high-performing businesses that may historically be underserved and under-resourced – with a specific focus on BIPOC businesses with annual revenues below $5 million. Crowe Beacon provides all the traditional accounting and consulting services of Crowe on an affordable managed service platform that can help enterprises develop, mature, and evolve their financial and business planning capabilities in a way that better positions them to leverage financial and capital mechanisms.

QuickBooks will serve as the exclusive small business technology partner for the Crowe Beacon initiative, providing participating small businesses with access to the QuickBooks Online platform, a connected suite of tools that create efficiencies and deliver insights to help businesses at every stage of growth manage their finances end-to-end, and provide transparency to capital and procurement readiness. QuickBooks will also provide onboarding, training, and technical support to help small business owners realize the benefits of using the integrated QuickBooks platform.

Leveraging the QuickBooks platform, Crowe will provide critical accounting guidance and coaching, and access to a portfolio of its leading consulting and advisory services. This includes tax planning and preparation, cash flow planning, forecasting, invoicing and many more - the result will be small businesses with better accounting and financial practices that will enable them to unlock their true potential and help them scale and grow.

"Our mission at Intuit is to power prosperity," said Barry Pennett, Chief Sales Officer, Intuit QuickBooks. "Partnering on the Crowe Beacon initiative enables us to deliver upon our mission by providing participating businesses with access to our powerful, integrated QuickBooks platform so they can make more informed business decisions that help them grow."

"These small businesses serve as the heartbeat of our communities, and we want to empower and enable companies of all shapes and forms to succeed – because absent that equity, there is no real sense of community. We're excited to work with Intuit QuickBooks to support the underserved and underrepresented small businesses that need it most," said Khary Bridgewater, Crowe consulting principal and leader of Crowe Beacon. "Through the Crowe Beacon program, we look forward to offering an extensive portfolio of services and capabilities that support the scaling and long-term success of businesses that traditionally have not had access to this type of support."

To learn more about Crowe Beacon, please click here.

About Crowe
Crowe LLP is a public accounting, consulting and technology firm that uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory and consulting services, helping businesses uncover hidden opportunities in the market – no matter what challenges the markets present. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.

About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using 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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SOURCE Crowe LLP

What is the Crowe Beacon small business advancement initiative focused on?

The Crowe Beacon initiative is focused on helping Black, Indigenous, People of Color (BIPOC), women, and veteran-owned small businesses grow, enhance financial maturity, and become more capital-ready.

How many qualifying U.S. small businesses will have access to the QuickBooks financial technology platform?

An initial 1,000 qualifying U.S. small businesses will have access to the QuickBooks financial technology platform.

What percentage of small businesses are minority-owned?

Nearly 20% of small businesses are minority-owned, according to the latest U.S. Census Bureau's Annual Business Survey.

Who will provide critical accounting guidance and coaching to small businesses in the Crowe Beacon initiative?

Crowe will provide critical accounting guidance and coaching to small businesses in the Crowe Beacon initiative.

What services will QuickBooks provide to participating small businesses?

QuickBooks will provide participating small businesses with access to the QuickBooks Online platform, training, and technical support.