40% of Small Business Owners Expect AI to Boost Their Income, Finds Latest SimplyWise Survey

NEW YORK, September 6, 2023 (Newswire.com) - While the pandemic rocked the U.S. economy and workforce, entrepreneurship witnessed a remarkable rise, with a record number of small business applications filed. The 2023 SimplyWise Small Business Confidence Survey looks at the economic outlook of this growing group of small business owners (SBOs) and compares it to that of the rest of the American workforce.

Key Findings:

• 40% of Small Business Owners (SBOs) believe advances in Artificial Intelligence (AI) will increase their income in the next 12 months. This is in contrast to the rest of the U.S. workforce, 31% of whom believe AI will improve their income.
• 42% of American workers making at least $100,000 per year believe generative AI will lead them to make more money in the next year—compared to just 22% of workers whose salaries are under $100,000. 
• 62% of SBOs reported their income did not keep up with inflation over the last year, and 60% believe their income will still not keep up with inflation in the next 12 months.
• 40% of SBOs worry that China will negatively impact their business operations over the next year.
• 74% of female SBOs (compared to 41% of male SBOs) feel their income has failed to keep up with inflation over the past year.

The survey was conducted as an online, random sample survey of 1,175 American adults (age 18+). The survey was fielded Aug. 11-12, 2023. It is meant to compare the economic outlook of small business owners to the rest of the American workforce, given the COVID-19 pandemic and current geopolitical uncertainty. 

SimplyWise has been working with small business owners and sole proprietors over the past three years to organize their expenses and financial documents to help them optimize their finances and maximize tax deductions. Their flagship product is a top-rated receipt scanner app with over 250,000+ users.

"The last few years have seen some incredible changes - yet small business owners continue to show their resilience, seeing opportunity in the uncertainty and finding innovation in new technologies like AI," says SimplyWise CEO Sam Abbas. "These owners are the backbone of our economy, and we're here to support the work they do." 

About SimplyWise

SimplyWise is a technology company that uses AI to help 250,000+ small business owners, sole proprietors, and freelancers organize their important information-from bills to receipts and beyond-and make better financial decisions.

Source: SimplyWise