Tax time can be a pain point for many of us, especially small business owners.
Per recent data released from the National Federation of Independent Business (NFIB), 50% of small businesses regularly face cash-flow problems. What’s more, federal, state, and local tax payments exacerbate their cash-flow challenges.
Accounting firm Crowe LLP, and Intuit Inc. are well aware of this. That’s why the entities have joined forces to alleviate some of strain tax season can cause.
They’ve recently announced a business advancement initiative, a move that will give 1,000 qualifying BIPOC U.S. small businesses access to the QuickBooks financial technology platform and accounting and consulting services from Crowe in an effort to foster sustainable growth.
“Our mission at Intuit is to power prosperity,” said Barry Pennett, Chief Sales Officer, Intuit QuickBooks in a news release. “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.”
The initiative comes at a time when many Americans are grappling with the effects of rising living costs, particularly Black business owners.
Black taxpayers are audited at 2.9 to 4.7 times the rate of non-Black taxpayers per a recent comprehensive study conducted by economists from Stanford University, the University of Michigan, the University of Chicago, and the Treasury Department. This compounds already pervasive financial disparities Black business owners can face when sustaining and scaling their brands.
“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 in a news release. “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.”
