What is the Intuit Small Business Revenue Index?
The Intuit Revenue index is the first index to provide current information on monthly small business revenue. The Index is based on a set of approximately 240,000 small businesses that use QuickBooks Online, of which approximately 15 percent are sole proprietorships with no employees. This is not survey data, but instead data generated from Intuit's QuickBooks Online records in near real-time.
What is the purpose of the Index and why is it unique?
The Intuit Small Business Revenue Index provides insights and trends on small business activity. Month-to-month revenue among small businesses is important to measure and gives a more complete picture of the health of the overall economy. Because the Index is created with online QuickBooks data, the Index is quickly calculated with a lag of only a few weeks. Uniquely, the Intuit Revenue index is the only index that publicly tracks small business revenue.
How is your Index different than the numbers put out by other organizations?
The Revenue Index is the first to provide near real-time information on monthly small business revenue. The only other similar information on small business revenue comes from the Statistics of Income (SOI) from the Internal Revenue Service. This data is provided on an annual basis only and available about two years after the close of a tax year. The National Income and Product Accounts also provides data monthly at an aggregate level past dates for available SOI data, but it is revised once the SOI data is complete.
When will your Index be available?
The 2015 calendar is shown below. Each release will represent a full month of data, through the 21st of the previous month.
Month Release Date
Tue, January 6, 2015
Tue, February 3, 2015
Tue, March 3, 2015
Tue, March 31, 2015
Tue, May 5, 2015
Tue, June 2, 2015
Tue, June 30, 2015
Tue, August 4, 2015
Wed, September 1, 2015
Tue, September 29, 2015
Tue, November 3, 2015
Tue, December 1, 2015
Tue, January 5, 2016
Why do you release the Revenue Index for the prior month and not the current month?
The data for the Revenue Index is pulled on the 3rd Sunday of each month for the previous full calendar month. A few extra weeks are needed to make sure that the Index has the most up-to-date information as many businesses backfill their accounting files for the previous month.
How many firms are represented in your index?
The Intuit Small Business Revenue Index is based on approximately 240,000 small businesses that use QuickBooks Online, a subset of the total QuickBooks Online user base.
How many customers does Intuit QuickBooks have and are all of these used in the index?
Intuit QuickBooks serves more than 4 million small businesses with desktop, application and online financial management services. The Index is based on approximately 240,000 small businesses that use Intuit QuickBooks Online. This number is a subset and not the total number of Intuit QuickBooks users.
See the description of our methodology
What steps has Intuit taken to ensure the privacy and security of its customers' account details used in the Index?
Does the Index reflect Intuit's base of QuickBooks customers or Intuit's business results for any period?
No. The percentage changes in revenue reflect the conditions of the economy, and do not represent changes in Intuit's base of QuickBooks customers or Intuit's business results for any period.
How does the Revenue Index complement Intuit's Employment Index to tell a more complete story about small business growth and the economy?
Intuit's Revenue and Employment Indexes enrich our understanding of small business by providing current, monthly data on small business revenue, hiring, hours worked, and compensation trends in the U.S. Together, the Intuit Small Business Indexes provide a deeper understanding on small businesses and the unique impact they have on the economy.
Why do you revise the data each month? Is this standard practice with other indices?
As with the Bureau of Labor Statistics data, there may be revisions to the Intuit Index numbers. These calculations include re-computing seasonal factors and the moving average process used to obtain the curve, which can change the values for previously reported months. Changes to the data also arise from revisions to the government employment data that are used as inputs to the Intuit Index.