September 17, 2013
By Bob Coleman
Editor, Coleman Report
We spoke with Terry Hicks, VP & General Manager at Quickbooks Online, at the ASBDC Annual Conference in Orlando last week about how Quickbooks Online can use their accumulated data to determine successful small businesses that need access to capital. Watch the short interview here.
Bob Coleman: We’re talking with Terry Hicks, VP & General Manager at Quickboooks Online. Terry you were talking on the American Small Business Development Corporation meeting panel about small business financing. Why is Quickbooks here and why are you interested in small business financing?
Terry Hicks: Our mission is to simplify the business of life for consumer and small business. Small business is big business for Intuit. When we think about simplifying their lives we focus on the biggest and most important problems, and access to capital is a big problem for small businesses.
Bob Coleman: What I enjoyed about your presentation was big data. You have so much data. In terms of making your customers job easier with your lenders, do you see Intuit playing that much larger of a role helping them get loans?
Terry Hicks: Well I think that a lot of things that you talked about are easily detected through the use of quickbooks and the data that they have. We think that if we provide insights and make that information transparent it will benefit the small businesses.
Bob Coleman: You were saying that you can determine a higher liklihood of success based on how often they used your product. Tell me about that.
Terry Hicks: Well if you think about it’s just normal and good financial practice. You are on top of your business. You download all the transactions that happen. You look at patterns in how you deal with your receivables. Are you letting them go willy-nilly or do you have a regular program where you are collecting it. Are you keeping it in a tight range? Are you paying your bills on time? Are you making payroll on a regular basis? All of these things have a bearing on your credit worthiness and if your hygeine is good you are more likely to succeed.
Bob Coleman: I thought that was fascinating because you touch so much of the data from the small business person. Credit card processessing, you know what their revenues are, what their deposits are, and their payroll, it’s amazing. I certainly enjoyed your presentation I think you are doing a great job for main street so Terry thank you very much.
Terry Hicks: Thank you!