47.6% of Businesses Reported Their Current Performance as Average in August 14 – 27, 2023

Biweekly Business Trends – United States – August 14 – 27, 2023​

• The U.S. Census Bureau’s Business Trends and Outlook Survey conducted in August 2023 revealed that nearly half of respondents considered their current business performance as “average,” with about 20% rating it as “above average” and 11% as “excellent.”

• Looking ahead, the majority of respondents expected their business performance to remain “average” in the next six months, while 22% anticipated “above-average” performance and 8% expected “excellent” performance.

• When it comes to forecasting, approximately 34% of respondents felt confident in predicting their business performance for the next “4-6 months,” while 22% extended their horizon to “7-12 months,” and 17% believed they could predict beyond “12 months,” highlighting varying degrees of forecasting capabilities among businesses.

47.2% of Businesses Reported Their Current Performance as Average in July 31 – August 13, 2023

Biweekly Business Trends – United States – July 31 – August 13, 2023

• Survey reflects diverse business performance levels, including average, above average, and below average, showcasing a mix of optimism and challenges.

• Respondents express a varied outlook, with optimism evident in expectations of above-average performance, while most anticipate an average performance level.

• Survey highlights the complexities of prediction, as confidence wanes for longer time frames, emphasizing the challenges of foreseeing distant outcomes.

Retail eCommerce Sales Increased 1.9% in July 2023

Monthly Retail eCommerce – United States – July 2023

• Retail trade sector displays recent positive growth, reflecting potential rise in consumer confidence and spending.

• Nonstore retailers, including online businesses, experience substantial expansion, highlighting the growing preference for digital shopping.

• Small business owners advised to stay adaptable to market fluctuations and capitalize on the steady growth of nonstore retail through enhanced online presence.

47.5% of Businesses Reported Their Current Performance as Average in July 17 – 30, 2023

Biweekly Business Trends – United States – July 17 – 30, 2023​

• U.S. Census Bureau’s Survey reveals diverse views on current business performance, with a significant “Average” sentiment and a range from “Above average” optimism to “Below average” acknowledgment of challenges.

• Anticipating future performance, most businesses foresee an “Average” trajectory, while a notable group expresses optimism with an “Above average” outlook and another segment approaches the future more cautiously with a “Below average” prediction.

• Respondents’ confidence in prediction spans various time horizons, with a focus on short- to medium-term planning, a willingness to strategize for longer periods, and a forward-looking subset emphasizing the ability to predict performance beyond immediate horizons.

Retail eCommerce Sales Increased 1.9% in June 2023

Monthly Retail eCommerce – United States – June 2023

• Retail trade experienced modest month-over-month and year-over-year growth, indicating stable consumer spending and a positive overall trend.

• Nonstore retailers saw significant month-over-month and impressive year-over-year growth, highlighting the increasing importance of e-commerce in modern consumer behavior.

• Small business owners should focus on optimizing online presence, enhancing customer experiences, and staying attentive to market trends to thrive in these evolving sectors.

7 Ways AI is Transforming Small Business Accounting

• AI is transforming the way small businesses approach accounting.

• AI can automate time-consuming tasks, provide more accurate financial insights, and make accounting easier, faster, and more efficient.

• AI can help small businesses achieve greater accuracy in their accounting by automating data entry and identifying and correcting errors in financial data.

• AI can provide small businesses with real-time insights into their financial health by analyzing large amounts of financial data.

• AI can help small businesses detect fraud by analyzing financial data and identifying unusual patterns or anomalies.

5 Accounting Technology Trends for Small Businesses

• Cloud-based accounting is becoming increasingly popular for small businesses because it offers many benefits, such as increased accessibility, real-time data, and improved collaboration.

• Artificial intelligence and machine learning are being used to automate many manual accounting tasks, which can help small businesses improve accuracy and speed up their processes.

• Mobile accounting apps allow small business owners to manage their finances on-the-go, which can be helpful for businesses that need to stay on top of their finances while they are away from the office.

• Blockchain technology is a secure and transparent way to store and share financial data, which could help small businesses improve the accuracy and efficiency of their financial reporting.

• Data analytics and visualization tools are becoming increasingly important in accounting, as they can help small businesses gain valuable insights into their financial data.