QuickBooks Statistics: The Cornerstone of Small-Business Accounting Software
QuickBooks has been the cornerstone of small-business accounting software for years, with its prestige increasing by the day. This article addresses some of the most recent QuickBooks statistics that describe QuickBooks user numbers, market share, and financial literacy of the small-business community.
Editor’s Choice
QuickBooks constitutes a 62.23% market share in accounting software, far beyond its competitors ADP (14.30%), Sage 50 (10.30%), and Xero (8.90%). QuickBooks Online marks a 4.35% market share on its own, indicating the presence of this variant within the larger QuickBooks product family.
QuickBooks Usage By Industries
QuickBooks is a common choice in many industries because of its versatility and ability to handle accounting activities. According to Enlyft’s data, QuickBooks statistics state that the construction industry ranks highest for QuickBooks adoption, with 17.22% of users in this field, likely due to its requirement for job costing and contractor-oriented accounting tools.
Construction Industry
- 17.22% of users in the construction industry
- Due to its requirement for job costing and contractor-oriented accounting tools
Accounting Industry
- 13.40% of users in the accounting industry
- Many accounting offices conduct client books or handle their internal operations through QuickBooks
QuikBooks Small Business Index
In September 2024, average real monthly revenue for small businesses in the U.S. having one to nine employees declined to US$51,700 (in terms of 2017 dollars), representing a marginal 0.58% reduction in monthly revenue in line with the economic pressures prevailing.
| Sector | Revenue Decline |
|---|---|
| Education and Health Services | 0.20% |
| Manufacturing | 0.04% |
QuickBooks Online and Desktop Statistics
Intuit is actively encouraging new users to adopt QuickBooks Online rather than its Desktop product. QuickBooks Online is Intuit’s flagship product in terms of revenue and customers. Despite this, QuickBooks Desktop continues to post steady revenue growth, and reactions of longtime Desktop users will be interesting to read when the product is discontinued in August 2024.
QuickBooks Online Revenue
- US$8 billion in revenue in 2023
- Double that of Xero’s US$4.1 billion and 71 times more than FreshBooks’s US$113 million
QuickBooks Corporate Responsibility Statistics
QuickBooks has taken a significant step forward to product innovation and responsibility matters. In 2023, it further pushed on DEI matters, reaching a workforce composition of 34.1% women and 16.3% underrepresented racial groups.
Diversity and Inclusion
- 34.1% of the workforce is women
- 16.3% of the workforce is underrepresented racial groups
Conclusion
QuickBooks statistics: QuickBooks still had a significant role in supporting small businesses at various stages of their accounting needs. With more users joining every day and an emphasis on financial literacy, it sought to meet the demands of the evolving entrepreneurs. Therefore, despite an economic downturn projected for 2024, coupled with the resilience and adaptability of small-business owners and tools like QuickBooks, a longer phase of growth and financial stability is forecast.