November 21, 2024 • 24 mins
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Could a mere shift in how you manage finances redefine the success of your small business? Join us on an insightful journey as Cheryl Chen and Ian Horne, explore this possibility with Juliana Berger, the Director of Product Management at Intuit QuickBooks. Live from the energetic Money 2020 USA in Las Vegas, we examine the pressing issue of cash flow challenges that plague small businesses and the innovative solutions being developed in the fintech arena to alleviate these burdens. Juliana shares her wealth of knowledge on how harnessing the power of brands like QuickBooks, Credit Karma, and TurboTax can transform small business financial management from a constant headache into an empowering experience.
Discover how Intuit and QuickBooks are addressing the stress and fear associated with cash flow management by harnessing the power of AI and automation. Through engaging stories and personal anecdotes, including my own ventures into soy candles and football businesses, we illustrate the profound impact of automation on reducing administrative burdens and boosting business efficiency. Listen to discussions about innovative QuickBooks features like automatic reconciliation and cash flow planning that are helping businesses not just survive but thrive by significantly lowering failure rates.
We dive into the realm of big data and AI, exploring how QuickBooks is pushing the boundaries of traditional finance services with solutions like a $50,000 line of credit that requires no additional documentation. Juliana sheds light on how AI is reshaping productivity and competitiveness, serving as a trusted advisor for businesses in this rapidly evolving landscape. As we wrap up, we envision a future where accounting software not only enhances efficiency but seamlessly integrates with everyday business activities, offering unprecedented convenience and personalization. Tune in to uncover how these cutting-edge innovations are setting the stage for the future of small business accounting.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Ian Horne (00:08):
Welcome to the Money Pot.
I'm Ian Horne, european Head ofContent at Money 2020.
And we're coming in live fromLas Vegas.
Today it's Money 2020, usa, ofcourse.
The Super Bowl of fintech.
Is it the Met Gala of fintech?
Is it the Catalina wine mixer?
I don't know, it's a matter oftaste.
I guess, guess, um, anyway,we've got a great episode on the
way.
We're going to talk about thestate of small business cash
(00:29):
flow and what fintech can do tomitigate one of the longest
standing problems in business.
But first let me introduce myco-host, heryl chen, the asia
head of content for 2020.
Sheryl Chen (00:38):
Sheryl, hey it is I , it is you.
Indeed, it's so nice to be withyou in the same room In real
life.
Ian Horne (00:43):
We usually do these online, so it's not quite the
same.
And usually one of us is doinga really anti-social hour, so
it's good that we're both doingit.
What is an anti-social hour forus, anyway?
Second question, Sheryl haveyou ever set up a small business
or carried out any kind offreelance work that required
invoices and so on and did?
Sheryl Chen (01:01):
you get paid on time.
I actually did have a smallbusiness, but that is Tell me
more, I would tell you more.
But it actually contributed tothe startup fatality like rate.
It didn't make it.
It wasn't nice but in terms ofinvoices.
So in my previous role I was ata VC firm.
We were working quite a fairbit with freelancers and for the
(01:22):
first time I actually had tochase my freelancer to invoice
me so that I could get her paidon time.
She's like it's okay.
It's okay, maybe next month.
Next month.
I'm like do you want to be paidon time or not?
Juliana Berger (01:35):
We're going to talk about all of that today.
I'm so excited you said that.
Thank you.
Ian Horne (01:38):
Yes, exactly, and that voice you're hearing is
Juliana Berger, director ofProduct Management at Intuit
QuickBooks.
So of course, that's why I hadto ask that question.
I've also I've been afreelancer, I've run small
businesses and, my God, I suckedat the accounting.
So if I'd known you sooner itwould have been good.
Anyway, juliana, welcome to theMoney Pot.
Juliana Berger (01:54):
Thank you for having me.
Ian Horne (01:55):
And secondly, I know QuickBooks does not need an
introduction really, but can youtell us a bit about it and your
role at the company?
Juliana Berger (02:01):
Absolutely so.
Thank you, first of all, somuch for having me.
I want to hear all about yoursmall businesses and how we can
help, so please, later, let'stalk about that.
As you said, I'm Juliana Berger.
I head our payments andinvoicing business at QuickBooks
and at Intuit and, as you canimagine, this is a massive
business right.
So I am responsible formanaging around $100 billion
worth of transaction volume and$2 trillion worth of invoicing
(02:25):
volume yearly, and that's acrossabout 5 million businesses that
we support worldwide.
I've been at Intuit for abouttwo years, but I have almost 20
years of experience in thefinancial services industry,
working for companies likeAmerican Express, meta and
Citibank, and I got to tell you,ian and Sheryl, I am so excited
(02:46):
to share with you today whatIntuit can do in this space,
because I have never been morepassionate and more bullish
about being able to impact smallbusinesses and their cashflow
like I am today with Intuit, andthat is because of two really
important things.
One is this is a verymission-based company, very
customer obsessed, but also thisis a brand that has the power
(03:07):
of QuickBooks, credit, karma,mailchimp and TurboTax all under
one right.
So when you combine thosebrands together, you get
groundbreaking innovation that'struly game-changing right.
It can really help smallbusinesses be able to drive so
much value in their day-to-dayand not only survive, as you
guys are talking about, buttruly thrive yeah, absolutely,
(03:31):
and it's all about ecosystemsnow, isn't it?
Ian Horne (03:32):
I mean, that's one thing that we we kind of touched
upon in the last podcast thatwe did, but, um, certainly, when
you have those kind of brandsin one place, I can see the
power there.
Um, anyway, you remembered yournumbers, by the way, which I'm
really impressed I so impressedtoo.
Everyone who's here live inVegas with us can see that I
have a big laptop in front of me.
I wrote down the numbersbecause I was never going to
remember all of them.
(03:52):
But we're going to have a bitof a two-part conversation here,
juliana.
I mean, partly we'll learnabout the state of small
business finance and how we canmake it easier to kind of take
the pain out of it, and secondlywe'll look at going beyond the
pain points, right and andturning it into something.
Can we?
Can we say it delightful orsatisfying?
Does that ever happen?
Juliana Berger (04:09):
in accounting it does.
Ian Horne (04:10):
Okay, I like your optimism.
We're going to run with it.
Juliana Berger (04:13):
Accounting is fun, guys, payments is fun.
You're at Money 2020.
Let's go.
Yeah, that's true.
Sheryl Chen (04:17):
I feel like the most.
For me, the most delightfulthing about accounting is when I
don't have to do it.
That's right, Well said.
Juliana Berger (04:26):
We will talk about that too.
Ian Horne (04:28):
Yeah, I mean, there's some incredible data from your
recent study.
I mean, what's the name of thatstudy again, so we can all dig
it out.
Juliana Berger (04:34):
The QuickBooks Small Business Insights Report
and absolutely, please look intothis.
This is the best.
I mean, as you know, right,such a wealth of information.
This gives you such anincredible view into the health
of the small business economyand how they're doing so
definitely want to talk aboutthat as well.
Ian Horne (04:49):
No, absolutely.
I mean, let's look at it.
Oh yeah, Over 85% of US SMBsdescribe as profitable.
And yet 48% describe cash flowas a problem.
You know it's a problem that'sbeing plugged mostly by things
like credit cards and theowner's personal finances.
I think that's 45% of people.
Isn't that wild?
(05:09):
That is absolutely wild.
You know, 15% of businesses saythey're in survival mode.
And yeah, I mean nearly 80% ofbusinesses have used financing
in the last 12 months as of June2024.
I told you that that report isreally interesting.
There's some great stuff.
So, yeah, I mean, can yououtline the cash flow challenge
for small businesses?
I mean, is it life or death formany companies?
Juliana Berger (05:30):
It is life or death.
It truly is, and thank you forsharing your small business
stories as well, because itshowcases that as well.
I mean, you probably know thisinto the data, but almost 50% of
small businesses fail in thefirst five years, right, and
that's a wild number.
I mean, if you think about that, that trickles down right?
The American economy is basedon the survival of small
(05:50):
businesses, and so, when youthink about the impact of cash
flow and you think about howbusinesses have access to cash
flow, you're really talkingabout really testing the ability
of small businesses beingresilient, right, and the
importance of them having accessto the right tools and the
right data for them to makedecisions.
And, as you know, in the studythat you just quoted, right, so
many businesses are sufferingfrom macroeconomic challenges.
(06:13):
Right, compounding resilienceto rising costs.
Right, operational costs.
You've got labor challenges.
All of this is adding to stressand to fear, right.
In fact, 48% of businesses aresaying that they're suffering
from a rise in operational costs, right, and that is leading to
so much of a challenge of themnot knowing what the next three
(06:34):
months look like.
And looking at, you know,day-to-day decisions like do
they make payroll or do theyactually pay their supplier?
Do they pay marketing to growtheir company?
And this is leading to stress,this is leading to fear that
they're not going to make it inthe next couple of years or even
the next couple of months, andthat's where I think our
solutions at Intuit andQuickBooks are really well
positioned to help businesses inthat space.
Sheryl Chen (06:56):
You know what Like when you were talking about how
SMBs are the backbone of theeconomy, right?
That's also the case in Asia,especially in Southeast Asia, I
believe the numbers are 70 to90% of businesses are SMEs, smes
as we call them, smes right, wecall them SMEs in Europe, but
it's SMEs in the US.
Ian Horne (07:15):
What is SMEs?
I'm so curious.
Small and medium enterprises.
Sheryl Chen (07:19):
Yeah, so double-clicking into that.
So a couple of data points fromyour recent survey of small
businesses 65% of businessesreceive support from a qualified
accountant, but 35% don't, andover 40% of SMBs still use pen
and paper to record financialtransactions, amongst other
(07:39):
tools, and 70% are usingaccounting software or an app,
which raises a few questions.
So how do you help them to?
Number one, get invoices paidquicker, leverage things like
B2B for BNPL or assessing betteror cheaper credit.
Ian Horne (07:56):
Yeah, we have a million questions here Should we
start with the invoices,because I think that's a massive
problem.
Juliana Berger (08:00):
Yes, let's please do that.
So, first of all, everythingthat we do at Intuit and
QuickBooks is around solving forwhat I just spoke about before,
which is the stress and thefear that small businesses face
in managing their cashflow right, and what we do, or ultimately
what we're trying to do, iswe're trying to remove the
mystery by helping you manageyour finances right, and that
comes down to me believing thatwe're uniquely positioned to do
(08:23):
so at Intuit right, and that'sbecause of a combination of
three things.
The first is our end-to-endautomation of our workflows, and
I'll talk about that in asecond right.
The second is you have thisincredible power of the brand
that I just spoke about atIntuit right, and we're doing
all of this cross-organizationalplatformization and
interoperability that brings thepower of these brands together,
(08:43):
which is awesome, right?
And then you've got thesereally robust data insights.
I mean, think about how muchdata you have in QuickBooks,
right, we see every money in andevery money out for every small
business that uses QuickBooks.
And then you've got the powerof businesses like that use
MailChimp or TurboTax, right.
All of that data powered bygenerative AI.
That combination of those threecoming together really actually
(09:05):
helps businesses see their fullfinancial picture which, as a
result, allows them to actuallymake investments right, make the
right decisions and, as withthat, actually be able to manage
their cashflow better, get morecashflow in their hands that
they can reinvest into theirbusiness and drive durable
growth right.
And again, I am so biased insaying that we're
(09:26):
well-positioned to do so.
But our customers actuallyagree.
In fact, 36% of our customersthat we surveyed said that the
most important tool that theyuse to manage their business is
their accounting software, butthose same customers tell us
that they're also suffering fromthe massive amount of software
and applications that they haveto manage their business across
day to day.
I actually spoke to a customera little while ago.
(09:47):
She's amazing.
She owns a soy candle company.
I know I love her.
She's great.
If you're looking for candles,please let me know I will send
you one.
Sheryl Chen (09:56):
I had a soy candle hustle.
Juliana Berger (09:57):
Oh my gosh, I'm sending you a candle.
I'm telling you right now I'msending you a candle.
But let me tell you about her.
She's awesome.
She uses 15 differentapplications, guys, 15 different
applications to manage herbusiness.
Think about that, right.
Imagine, like just trying tomanage your day-to-day life with
15 applications, the amount ofstress that that causes.
The back end oh my gosh.
And she told me she's like Ifeel like I don't have control
(10:19):
because I'm alwayscross-referencing and
cross-checking and the datadoesn't integrate well, right.
And she's really looking for asolution where she can do so
much more of that with onesolution.
And that's what we can do,right.
If you think about the power ofQuickBooks and you think about
the power of MailChimp and whatthe workflow automation that
exists with those, if you thinkabout the specific
(10:39):
differentiating features that wehave that we can offer, like
automatic reconciliation, whichtakes the manual guessing out of
the process, you power thatwith our cash flow planner,
which allows businesses to seeup to 90 days in advance what
their cash flow is going to looklike, and then marry that with
generative AI and the power ofinsights.
These companies, with all ofthat together, can actually not
(11:00):
only again survive but thrivemuch more than their competitors
, and I gave you guys an insightearlier, which is 50% of
businesses tend to fail.
In the first five years.
That number drops to 31% forbusinesses that use QuickBooks
31% right, and I would love tobelieve that that is because of
some of the value that we'redriving with our solutions.
Sheryl Chen (11:18):
No, I love the example and it hits so close to
home because during the pandemicI actually tried, I doubled
with doing my own soy candlesite hustle.
It's insane because you have todo like procuring you have to
do, like scent formulating,marketing, everything,
especially if you're doing itsolo.
Like branding, communications,everything went crazy, exactly
(11:44):
Like I still have the designsitting in my ipad right now.
it never got off the ground,it's so hard I have I think it's
like 20 kg or 20, 50 kg of likesoy wax sitting somewhere and
that's great.
Ian Horne (11:58):
It's insane yeah, I think.
I think that's easily forgottenabout small businesses.
Each one is someone's dream.
Sheryl Chen (12:03):
It's someone's big idea right and my dreams have
died yeah, no, don't say thatwell, there's still.
Ian Horne (12:08):
There's still kilograms of candles.
I don't want to buy Sheryl'scandles.
Please reach out to us.
Um, I'll let you do the pricingon that, but but no same, I'm
the same.
I ran a football business.
I used to run a football leaguein london, or soccer, you know
and I've still got lots offootball kit lying around the
place I'm never going to useagain.
But yeah, that was a big idea.
But again, with things likethat, you just want to get paid,
right, it's not going to oweyou money.
(12:28):
That's one of the big problems.
That kind of comes up and youknow you talk about using things
like MailChimp.
But how automated is thatprocess?
Because I think the most tiringthing come on, just pay me now.
Juliana Berger (12:44):
I'm going to tell you right now that
automation of processes is sucha big problem for the business
that we face.
In fact, I'm going to give youan astounding number.
Are you ready for this?
This is one of my favoritestatistics.
Almost two thirds of thecompanies that we have surveyed
say that, on average, they'respending 14 hours a week on
administrative tasks related tocollecting payments.
(13:05):
When I say that again, 14 hoursa week of administrative tasks-
that's gross.
That's.
I mean, think about it.
Five day work week right,that's almost three hours a day
of you in front of a computerchasing down money Right and it.
And then it goes back to likechasing you talked about like
chasing down money right andchasing down money Right and it.
And then it goes back to likechasing you talked about like
chasing down money right andchasing down payments.
Access to capital is anothermajor problem for small
(13:28):
businesses today, a huge one,right, in fact?
Our survey that you mentioned,we actually learned that 58% of
small businesses are often paidlate 58% and 64% of them
actually have today outstandinginvoices that are out overdue by
more than 60 days.
Imagine what that does to abusiness's ability to thrive and
(13:48):
survive.
You guys know this right bypersonal example, Especially
like small businesses, exactlyright, like they can't, then
you're in a zero sum game of doI make payroll or do I pay my
supplier?
Ian Horne (13:58):
Yeah, yeah, I mean you mentioned like getting
better access to credit.
I mean, how do you helpbusinesses do that?
I mean we've seen innovationslike you know B2B, you know BNPL
and things like that.
Or buy now, pay later.
Is that the sort of thing youfacilitate?
Juliana Berger (14:12):
We have so much opportunity around the access to
capital and credit as well.
One of the products that wejust launched this year that
we're very excited about isactually our QuickBooks line of
credit, so this offersbusinesses up to $50,000 of
credit line, and again with noadditional documentation needed,
right?
So you have that access alreadyat your fingertips.
And we spoke about the cashflowcrunch right and the challenge
(14:33):
with late payments and thenmaking the decisions of do I pay
my supplier or do I makepayroll.
You have access to that $50,000at your fingertips and you can
do that to advance suppliersright to buy more soy or some
more candle wax to make yourcandles right, or you can use
that to bridge the gap of thoseunpaid invoices, and you do that
, naturally, and what thatactually delivers is more money
(14:55):
in the hand of businesses thatthey again can use to fuel their
growth.
Sheryl Chen (15:00):
Actually, you know what that is so interesting?
Because 50,000, that's a lotand you're saying that no
further documentation is needed.
But from your end, how do youmanage your risk to us, we see?
Juliana Berger (15:10):
every dollar in and every dollar out for every
business that uses QuickBooks.
Right, this is a dream, I mean.
I'll tell you honestly, when Iworked for Citibank, I used to
(15:32):
be like, oh my gosh, we have allthe data in the world.
This is amazing.
We can do so many cool thingswith this big data.
Woo, big B, big D data.
Then I went to Meta and I waslike, oh my God, forget the
banks.
Meta and Facebook has all thedata in the world.
They have all the data aboutall the users in the whole wide
world.
Like this is what big datalooks like.
I'm now convinced that Intuitwins the game when it comes to
big data.
Right, when you think about thedata that we have with
(15:53):
QuickBooks and with companies,and you power that with data
like TurboTax and others, we cando such a specific and really
marketleading risk modelanalysis because we have that
information at our disposal, andso we can offer you products
that very few companies canbecause we have that data.
Ian Horne (16:12):
Yeah, I think you're leading us on to the next thing
here, because obviously we'vetalked about the pain points, as
I said we would.
We've kind of covered the.
You know, Sheryl and Iobviously have stories here to
tell and gripes, and I'm surethese are very relatable to
people that are listening in.
But how do we kind of go beyondthat?
I feel like fintech generallyis at that point of going beyond
, beyond the payment, beyondbanking and so on.
So how does QuickBooks intendto go beyond accounting and
(16:35):
offer value for SMBs, value thatthey'll love, things that are a
bit different, things theyweren't used to having before?
Juliana Berger (16:41):
Great question, and I'm going to be honest with
you both.
I am so bullish on AI, andparticularly how much AI can
transform the fintech industry.
Right, and?
And I'll, and I'll give you anexample.
Not only are am I bullish.
This is not because we're abunch of you know nerds and
Silicon Valley building products, right?
This is because I actuallybelieve that this can add value
to our customers, and they'retelling us so, right?
(17:05):
So 82% of our small businessesthat we surveyed tell us that
they're using AI in some way,shape or form for their business
.
50% of them have said thattheir productivity has increased
over that period of time, and72% of them have said that they
are looking for AI and AIsolutions to help them be
competitive in the market, right, and so I think it's really
important for us to step forwardinto that space to be able to
(17:26):
be the trusted advisor for thosebusinesses with those solutions
.
Now I wanna be very clear onsomething that's important this
is not about taking away jobs.
This is about empowering jobs.
This is about making sure thatpeople have the control needed
to be effective in what they do,right, and I'll give you two
examples of how we're doing thatat Intuit.
The first and foremost isaround personalized and
(17:47):
customized insights.
Right?
This is about driving awarenessand giving you customization so
that you can make the rightdecisions.
I'm going to paint a picture ofwhat that looks like.
Imagine a world we spoke aboutbefore.
54% of businesses are paid late, right?
Imagine a world where I canshow you all of the overdue
invoices that you have and thenclick of a button I can generate
(18:08):
overdue invoice reminders foryou.
You decide the tone If you wantit to be happy, if you want it
to be more aggressive, you cantell me what tone.
Really you can literally, yeah,exactly, or do you want to add a
late fee?
Like you, decide the tone.
Right that we want thesemessages to be in, but we'll
draft them for you.
All you got to do is review,press, send and automatically
(18:29):
your chances of getting paidgoes up.
Right?
I'll give you another example.
We see how your customersinteract with other businesses.
So what if we provided youinsights about how your customer
likes to pay or how theygenerally pay over all in their
ecosystem?
Right, we can provide you thoseinsights that can then help you
make the right decisions, andwe call that personalized,
customizable insights.
That's area number one thatwe're investing in with AI.
(18:49):
The second area that we'reinvesting in is what we're
calling progressive automation,and this is about doing it for
you and doing it with you, andremoving the tedious tasks of
what you do in your day-to-dayto empower you to spend your
time on what matters most to you.
I'm going to paint anotherpicture for you.
Imagine what I just told youbefore about the 14 hours a week
that you're spending in frontof your computer drafting
(19:11):
invoices or trying to get paid.
What if you're on the go, you'rein the car and you're just
dictating into your phone likehey, bill Sherrill, an invoice
of X, y, z of what I wanted topay me for.
Or you're at a project andyou're taking notes and you just
take photos of that, of thosenotes, automatically, send that
to QuickBooks and we'regenerating that invoice for you.
(19:32):
All you have to do is go in,review those invoices and press
send and you don't have toactually type them in, right,
you're removing the actual workof having to do that.
That is so important for ourbusinesses, even more for our
mid-market businesses that havevery complex AR and AP needs.
So that for us is such a hugeopportunity area for us and one
that we're actually very excitedabout with our Intuit
(19:53):
Enterprise Suite, of offeringrobust automation in your
workflows, offering automatedapprovals, automated reminders,
that you can then be able to gettime back hundreds of hours
back.
If you cut that, you know 14hours a week and get paid up to
four times faster each year.
Ian Horne (20:10):
Wow, I mean, I love the energy you're bringing to
this.
By the way, it is actuallyquite nice to talk about, you
know, accounting being coveredin such an exciting way, yeah,
yeah, I think you're in theright room, I think you are in
the right audience to be sayingthat.
But I mean, let's look at AIand big data and what we do with
that.
Obviously, automation is oneside of that, but the other side
of it is personalization andgiving people specific products
(20:31):
that they need In the retailmarket.
We usually look at that interms of, say, hyper
personalization.
In SMBs, you're probablylooking more like verticals, so
could you give us an example ofhow you better serve a vertical?
Juliana Berger (20:44):
Great question, and we're seeing such a huge
trend in this over the pastcouple of years, and one that
we're actively investing in.
So verticalization for us issomething about not only outside
in, but inside out.
Right, we're actually seeing50% 3X is the chances, right.
50% of the businesses that wereusing horizontal payment
services before are now usingpayment services offered by
verticalized solutions, and thechances of someone who's using a
(21:08):
horizontal payment solution,like a Stripe or something else,
to move to a verticalizedsolution is 3x over the next two
years, right?
So think about that.
That is about meeting thecustomer where they are right
and solving for their end-to-endworkflow, and how we're
thinking about that into it istwofold.
One is inside out, so how do wetake our capabilities, our APIs
(21:30):
, and then embed that upstream,beyond accounting, but to where
the business and the decisionsare being made, where the
customer is meeting theircustomer?
How do we embed our APIs intothose front office experiences
so that we can be there for ourcustomer at that time of need?
It also means outside in.
How do we then take the data ofthose front office solutions
and embed them into QuickBooksso that we have all of that data
(21:52):
information at your fingertipsand you're not like my wonderful
soy candle customer who has todeal with 15 different
integrations at one time or 15different apps at one time to
manage your business.
Sheryl Chen (22:02):
I really really love it were 15 different apps
at one time to manage herbusiness.
I really really love it.
And also, I agree, I love theenergy.
But unfortunately we arerunning out of time.
So one last question.
So you've you've painted very,very nice picture right being in
a car.
Okay, so imagine I am Sheryl,I'm in a self-driving car, I'm
telling my phone, Bill Ian Hornhe owes me like a shit ton of
(22:26):
money.
Bill to Ian Horn, Put a latepayment notice on that.
I can already do it.
Juliana Berger (22:32):
He always pays late, girl Wow.
Ian Horne (22:35):
I'm not denying it.
Sheryl Chen (22:36):
He doesn't do his expenses on time.
I've heard complaints, so wecan already do it now.
But what does accountingsoftware?
How will it look like in fiveyears time?
Juliana Berger (22:47):
That's exactly how I'm telling you right now.
I think it's the ability for usto be able to truly drive
automation, so that you don'thave to come to us, we come to
you.
In my opinion, the bestaccounting software, the best
software you can build, the bestpayment experience you can
build, is one that is trulyseamless, right, and I use Uber
as an example of a paymentsexample, right, the reason that
(23:07):
that is such a great paymentsexperience is because it is
built into your Uber experienceand I don't have to do anything
for you, right, and so exactlythat, if you're just talking
into your phone or doing as partof your day-to-day workflow and
you don't have to sit in frontof a computer for 14 hours to do
anything, that's the future.
Ian Horne (23:25):
Great stuff, juliana.
I have taken liberties of ourtwo minute warning.
By the way, you won't have seenthe person waving frantically
through the window at me, butthat has happened.
So that is all we have time for.
But what a great conversation,really, really fun to have you
with us, Juliana.
The SMB market is an interestingspace right now.
Of course, it's exciting to seehow life can be made easier for
so many entrepreneurs andinnovators so they can get on
(23:47):
doing what they do best right.
So thank you again, Juliana,and thank you, Sheryl.
Always fun recording these withyou in person.
Thank you both Always have alaugh, even if you are making
fun of my ability to repay mydebts.
We'll move on.
Anyway, thank you to everyonelistening live at the Money Pot
here in Vegas and also back homeor wherever you are right now.
If you've got an inspired ideafor an episode, drop us a line.
(24:09):
At podcast at money2020.com.
Ian Horne and Sheryl Chensigning out.
Sheryl Chen (24:14):
And keeping our dreams alive.
Yes, I love that.
Welcome to the Money Pot.
I'm Ian Horne, european Head ofContent at Money 2020.
And we're coming in live fromLas Vegas.
Today it's Money 2020, usa, ofcourse.
The Super Bowl of fintech.
Is it the Met Gala of fintech?
Is it the Catalina wine mixer?
I don't know, it's a matter oftaste.
I guess, guess, um, anyway,we've got a great episode on the
way.
We're going to talk about thestate of small business cash
(00:29):
flow and what fintech can do tomitigate one of the longest
standing problems in business.
But first let me introduce myco-host, heryl chen, the asia
head of content for 2020.
Sheryl Chen (00:38):
Sheryl, hey it is I , it is you.
Indeed, it's so nice to be withyou in the same room In real
life.
Ian Horne (00:43):
We usually do these online, so it's not quite the
same.
And usually one of us is doinga really anti-social hour, so
it's good that we're both doingit.
What is an anti-social hour forus, anyway?
Second question, Sheryl haveyou ever set up a small business
or carried out any kind offreelance work that required
invoices and so on and did?
Sheryl Chen (01:01):
you get paid on time.
I actually did have a smallbusiness, but that is Tell me
more, I would tell you more.
But it actually contributed tothe startup fatality like rate.
It didn't make it.
It wasn't nice but in terms ofinvoices.
So in my previous role I was ata VC firm.
We were working quite a fairbit with freelancers and for the
(01:22):
first time I actually had tochase my freelancer to invoice
me so that I could get her paidon time.
She's like it's okay.
It's okay, maybe next month.
Next month.
I'm like do you want to be paidon time or not?
Juliana Berger (01:35):
We're going to talk about all of that today.
I'm so excited you said that.
Thank you.
Ian Horne (01:38):
Yes, exactly, and that voice you're hearing is
Juliana Berger, director ofProduct Management at Intuit
QuickBooks.
So of course, that's why I hadto ask that question.
I've also I've been afreelancer, I've run small
businesses and, my God, I suckedat the accounting.
So if I'd known you sooner itwould have been good.
Anyway, juliana, welcome to theMoney Pot.
Juliana Berger (01:54):
Thank you for having me.
Ian Horne (01:55):
And secondly, I know QuickBooks does not need an
introduction really, but can youtell us a bit about it and your
role at the company?
Juliana Berger (02:01):
Absolutely so.
Thank you, first of all, somuch for having me.
I want to hear all about yoursmall businesses and how we can
help, so please, later, let'stalk about that.
As you said, I'm Juliana Berger.
I head our payments andinvoicing business at QuickBooks
and at Intuit and, as you canimagine, this is a massive
business right.
So I am responsible formanaging around $100 billion
worth of transaction volume and$2 trillion worth of invoicing
(02:25):
volume yearly, and that's acrossabout 5 million businesses that
we support worldwide.
I've been at Intuit for abouttwo years, but I have almost 20
years of experience in thefinancial services industry,
working for companies likeAmerican Express, meta and
Citibank, and I got to tell you,ian and Sheryl, I am so excited
(02:46):
to share with you today whatIntuit can do in this space,
because I have never been morepassionate and more bullish
about being able to impact smallbusinesses and their cashflow
like I am today with Intuit, andthat is because of two really
important things.
One is this is a verymission-based company, very
customer obsessed, but also thisis a brand that has the power
(03:07):
of QuickBooks, credit, karma,mailchimp and TurboTax all under
one right.
So when you combine thosebrands together, you get
groundbreaking innovation that'struly game-changing right.
It can really help smallbusinesses be able to drive so
much value in their day-to-dayand not only survive, as you
guys are talking about, buttruly thrive yeah, absolutely,
(03:31):
and it's all about ecosystemsnow, isn't it?
Ian Horne (03:32):
I mean, that's one thing that we we kind of touched
upon in the last podcast thatwe did, but, um, certainly, when
you have those kind of brandsin one place, I can see the
power there.
Um, anyway, you remembered yournumbers, by the way, which I'm
really impressed I so impressedtoo.
Everyone who's here live inVegas with us can see that I
have a big laptop in front of me.
I wrote down the numbersbecause I was never going to
remember all of them.
(03:52):
But we're going to have a bitof a two-part conversation here,
juliana.
I mean, partly we'll learnabout the state of small
business finance and how we canmake it easier to kind of take
the pain out of it, and secondlywe'll look at going beyond the
pain points, right and andturning it into something.
Can we?
Can we say it delightful orsatisfying?
Does that ever happen?
Juliana Berger (04:09):
in accounting it does.
Ian Horne (04:10):
Okay, I like your optimism.
We're going to run with it.
Juliana Berger (04:13):
Accounting is fun, guys, payments is fun.
You're at Money 2020.
Let's go.
Yeah, that's true.
Sheryl Chen (04:17):
I feel like the most.
For me, the most delightfulthing about accounting is when I
don't have to do it.
That's right, Well said.
Juliana Berger (04:26):
We will talk about that too.
Ian Horne (04:28):
Yeah, I mean, there's some incredible data from your
recent study.
I mean, what's the name of thatstudy again, so we can all dig
it out.
Juliana Berger (04:34):
The QuickBooks Small Business Insights Report
and absolutely, please look intothis.
This is the best.
I mean, as you know, right,such a wealth of information.
This gives you such anincredible view into the health
of the small business economyand how they're doing so
definitely want to talk aboutthat as well.
Ian Horne (04:49):
No, absolutely.
I mean, let's look at it.
Oh yeah, Over 85% of US SMBsdescribe as profitable.
And yet 48% describe cash flowas a problem.
You know it's a problem that'sbeing plugged mostly by things
like credit cards and theowner's personal finances.
I think that's 45% of people.
Isn't that wild?
(05:09):
That is absolutely wild.
You know, 15% of businesses saythey're in survival mode.
And yeah, I mean nearly 80% ofbusinesses have used financing
in the last 12 months as of June2024.
I told you that that report isreally interesting.
There's some great stuff.
So, yeah, I mean, can yououtline the cash flow challenge
for small businesses?
I mean, is it life or death formany companies?
Juliana Berger (05:30):
It is life or death.
It truly is, and thank you forsharing your small business
stories as well, because itshowcases that as well.
I mean, you probably know thisinto the data, but almost 50% of
small businesses fail in thefirst five years, right, and
that's a wild number.
I mean, if you think about that, that trickles down right?
The American economy is basedon the survival of small
(05:50):
businesses, and so, when youthink about the impact of cash
flow and you think about howbusinesses have access to cash
flow, you're really talkingabout really testing the ability
of small businesses beingresilient, right, and the
importance of them having accessto the right tools and the
right data for them to makedecisions.
And, as you know, in the studythat you just quoted, right, so
many businesses are sufferingfrom macroeconomic challenges.
(06:13):
Right, compounding resilienceto rising costs.
Right, operational costs.
You've got labor challenges.
All of this is adding to stressand to fear, right.
In fact, 48% of businesses aresaying that they're suffering
from a rise in operational costs, right, and that is leading to
so much of a challenge of themnot knowing what the next three
(06:34):
months look like.
And looking at, you know,day-to-day decisions like do
they make payroll or do theyactually pay their supplier?
Do they pay marketing to growtheir company?
And this is leading to stress,this is leading to fear that
they're not going to make it inthe next couple of years or even
the next couple of months, andthat's where I think our
solutions at Intuit andQuickBooks are really well
positioned to help businesses inthat space.
Sheryl Chen (06:56):
You know what Like when you were talking about how
SMBs are the backbone of theeconomy, right?
That's also the case in Asia,especially in Southeast Asia, I
believe the numbers are 70 to90% of businesses are SMEs, smes
as we call them, smes right, wecall them SMEs in Europe, but
it's SMEs in the US.
Ian Horne (07:15):
What is SMEs?
I'm so curious.
Small and medium enterprises.
Sheryl Chen (07:19):
Yeah, so double-clicking into that.
So a couple of data points fromyour recent survey of small
businesses 65% of businessesreceive support from a qualified
accountant, but 35% don't, andover 40% of SMBs still use pen
and paper to record financialtransactions, amongst other
(07:39):
tools, and 70% are usingaccounting software or an app,
which raises a few questions.
So how do you help them to?
Number one, get invoices paidquicker, leverage things like
B2B for BNPL or assessing betteror cheaper credit.
Ian Horne (07:56):
Yeah, we have a million questions here Should we
start with the invoices,because I think that's a massive
problem.
Juliana Berger (08:00):
Yes, let's please do that.
So, first of all, everythingthat we do at Intuit and
QuickBooks is around solving forwhat I just spoke about before,
which is the stress and thefear that small businesses face
in managing their cashflow right, and what we do, or ultimately
what we're trying to do, iswe're trying to remove the
mystery by helping you manageyour finances right, and that
comes down to me believing thatwe're uniquely positioned to do
(08:23):
so at Intuit right, and that'sbecause of a combination of
three things.
The first is our end-to-endautomation of our workflows, and
I'll talk about that in asecond right.
The second is you have thisincredible power of the brand
that I just spoke about atIntuit right, and we're doing
all of this cross-organizationalplatformization and
interoperability that brings thepower of these brands together,
(08:43):
which is awesome, right?
And then you've got thesereally robust data insights.
I mean, think about how muchdata you have in QuickBooks,
right, we see every money in andevery money out for every small
business that uses QuickBooks.
And then you've got the powerof businesses like that use
MailChimp or TurboTax, right.
All of that data powered bygenerative AI.
That combination of those threecoming together really actually
(09:05):
helps businesses see their fullfinancial picture which, as a
result, allows them to actuallymake investments right, make the
right decisions and, as withthat, actually be able to manage
their cashflow better, get morecashflow in their hands that
they can reinvest into theirbusiness and drive durable
growth right.
And again, I am so biased insaying that we're
(09:26):
well-positioned to do so.
But our customers actuallyagree.
In fact, 36% of our customersthat we surveyed said that the
most important tool that theyuse to manage their business is
their accounting software, butthose same customers tell us
that they're also suffering fromthe massive amount of software
and applications that they haveto manage their business across
day to day.
I actually spoke to a customera little while ago.
(09:47):
She's amazing.
She owns a soy candle company.
I know I love her.
She's great.
If you're looking for candles,please let me know I will send
you one.
Sheryl Chen (09:56):
I had a soy candle hustle.
Juliana Berger (09:57):
Oh my gosh, I'm sending you a candle.
I'm telling you right now I'msending you a candle.
But let me tell you about her.
She's awesome.
She uses 15 differentapplications, guys, 15 different
applications to manage herbusiness.
Think about that, right.
Imagine, like just trying tomanage your day-to-day life with
15 applications, the amount ofstress that that causes.
The back end oh my gosh.
And she told me she's like Ifeel like I don't have control
(10:19):
because I'm alwayscross-referencing and
cross-checking and the datadoesn't integrate well, right.
And she's really looking for asolution where she can do so
much more of that with onesolution.
And that's what we can do,right.
If you think about the power ofQuickBooks and you think about
the power of MailChimp and whatthe workflow automation that
exists with those, if you thinkabout the specific
(10:39):
differentiating features that wehave that we can offer, like
automatic reconciliation, whichtakes the manual guessing out of
the process, you power thatwith our cash flow planner,
which allows businesses to seeup to 90 days in advance what
their cash flow is going to looklike, and then marry that with
generative AI and the power ofinsights.
These companies, with all ofthat together, can actually not
(11:00):
only again survive but thrivemuch more than their competitors
, and I gave you guys an insightearlier, which is 50% of
businesses tend to fail.
In the first five years.
That number drops to 31% forbusinesses that use QuickBooks
31% right, and I would love tobelieve that that is because of
some of the value that we'redriving with our solutions.
Sheryl Chen (11:18):
No, I love the example and it hits so close to
home because during the pandemicI actually tried, I doubled
with doing my own soy candlesite hustle.
It's insane because you have todo like procuring you have to
do, like scent formulating,marketing, everything,
especially if you're doing itsolo.
Like branding, communications,everything went crazy, exactly
(11:44):
Like I still have the designsitting in my ipad right now.
it never got off the ground,it's so hard I have I think it's
like 20 kg or 20, 50 kg of likesoy wax sitting somewhere and
that's great.
Ian Horne (11:58):
It's insane yeah, I think.
I think that's easily forgottenabout small businesses.
Each one is someone's dream.
Sheryl Chen (12:03):
It's someone's big idea right and my dreams have
died yeah, no, don't say thatwell, there's still.
Ian Horne (12:08):
There's still kilograms of candles.
I don't want to buy Sheryl'scandles.
Please reach out to us.
Um, I'll let you do the pricingon that, but but no same, I'm
the same.
I ran a football business.
I used to run a football leaguein london, or soccer, you know
and I've still got lots offootball kit lying around the
place I'm never going to useagain.
But yeah, that was a big idea.
But again, with things likethat, you just want to get paid,
right, it's not going to oweyou money.
(12:28):
That's one of the big problems.
That kind of comes up and youknow you talk about using things
like MailChimp.
But how automated is thatprocess?
Because I think the most tiringthing come on, just pay me now.
Juliana Berger (12:44):
I'm going to tell you right now that
automation of processes is sucha big problem for the business
that we face.
In fact, I'm going to give youan astounding number.
Are you ready for this?
This is one of my favoritestatistics.
Almost two thirds of thecompanies that we have surveyed
say that, on average, they'respending 14 hours a week on
administrative tasks related tocollecting payments.
(13:05):
When I say that again, 14 hoursa week of administrative tasks-
that's gross.
That's.
I mean, think about it.
Five day work week right,that's almost three hours a day
of you in front of a computerchasing down money Right and it.
And then it goes back to likechasing you talked about like
chasing down money right andchasing down money Right and it.
And then it goes back to likechasing you talked about like
chasing down money right andchasing down payments.
Access to capital is anothermajor problem for small
(13:28):
businesses today, a huge one,right, in fact?
Our survey that you mentioned,we actually learned that 58% of
small businesses are often paidlate 58% and 64% of them
actually have today outstandinginvoices that are out overdue by
more than 60 days.
Imagine what that does to abusiness's ability to thrive and
(13:48):
survive.
You guys know this right bypersonal example, Especially
like small businesses, exactlyright, like they can't, then
you're in a zero sum game of doI make payroll or do I pay my
supplier?
Ian Horne (13:58):
Yeah, yeah, I mean you mentioned like getting
better access to credit.
I mean, how do you helpbusinesses do that?
I mean we've seen innovationslike you know B2B, you know BNPL
and things like that.
Or buy now, pay later.
Is that the sort of thing youfacilitate?
Juliana Berger (14:12):
We have so much opportunity around the access to
capital and credit as well.
One of the products that wejust launched this year that
we're very excited about isactually our QuickBooks line of
credit, so this offersbusinesses up to $50,000 of
credit line, and again with noadditional documentation needed,
right?
So you have that access alreadyat your fingertips.
And we spoke about the cashflowcrunch right and the challenge
(14:33):
with late payments and thenmaking the decisions of do I pay
my supplier or do I makepayroll.
You have access to that $50,000at your fingertips and you can
do that to advance suppliersright to buy more soy or some
more candle wax to make yourcandles right, or you can use
that to bridge the gap of thoseunpaid invoices, and you do that
, naturally, and what thatactually delivers is more money
(14:55):
in the hand of businesses thatthey again can use to fuel their
growth.
Sheryl Chen (15:00):
Actually, you know what that is so interesting?
Because 50,000, that's a lotand you're saying that no
further documentation is needed.
But from your end, how do youmanage your risk to us, we see?
Juliana Berger (15:10):
every dollar in and every dollar out for every
business that uses QuickBooks.
Right, this is a dream, I mean.
I'll tell you honestly, when Iworked for Citibank, I used to
(15:32):
be like, oh my gosh, we have allthe data in the world.
This is amazing.
We can do so many cool thingswith this big data.
Woo, big B, big D data.
Then I went to Meta and I waslike, oh my God, forget the
banks.
Meta and Facebook has all thedata in the world.
They have all the data aboutall the users in the whole wide
world.
Like this is what big datalooks like.
I'm now convinced that Intuitwins the game when it comes to
big data.
Right, when you think about thedata that we have with
(15:53):
QuickBooks and with companies,and you power that with data
like TurboTax and others, we cando such a specific and really
marketleading risk modelanalysis because we have that
information at our disposal, andso we can offer you products
that very few companies canbecause we have that data.
Ian Horne (16:12):
Yeah, I think you're leading us on to the next thing
here, because obviously we'vetalked about the pain points, as
I said we would.
We've kind of covered the.
You know, Sheryl and Iobviously have stories here to
tell and gripes, and I'm surethese are very relatable to
people that are listening in.
But how do we kind of go beyondthat?
I feel like fintech generallyis at that point of going beyond
, beyond the payment, beyondbanking and so on.
So how does QuickBooks intendto go beyond accounting and
(16:35):
offer value for SMBs, value thatthey'll love, things that are a
bit different, things theyweren't used to having before?
Juliana Berger (16:41):
Great question, and I'm going to be honest with
you both.
I am so bullish on AI, andparticularly how much AI can
transform the fintech industry.
Right, and?
And I'll, and I'll give you anexample.
Not only are am I bullish.
This is not because we're abunch of you know nerds and
Silicon Valley building products, right?
This is because I actuallybelieve that this can add value
to our customers, and they'retelling us so, right?
(17:05):
So 82% of our small businessesthat we surveyed tell us that
they're using AI in some way,shape or form for their business
.
50% of them have said thattheir productivity has increased
over that period of time, and72% of them have said that they
are looking for AI and AIsolutions to help them be
competitive in the market, right, and so I think it's really
important for us to step forwardinto that space to be able to
(17:26):
be the trusted advisor for thosebusinesses with those solutions
.
Now I wanna be very clear onsomething that's important this
is not about taking away jobs.
This is about empowering jobs.
This is about making sure thatpeople have the control needed
to be effective in what they do,right, and I'll give you two
examples of how we're doing thatat Intuit.
The first and foremost isaround personalized and
(17:47):
customized insights.
Right?
This is about driving awarenessand giving you customization so
that you can make the rightdecisions.
I'm going to paint a picture ofwhat that looks like.
Imagine a world we spoke aboutbefore.
54% of businesses are paid late, right?
Imagine a world where I canshow you all of the overdue
invoices that you have and thenclick of a button I can generate
(18:08):
overdue invoice reminders foryou.
You decide the tone If you wantit to be happy, if you want it
to be more aggressive, you cantell me what tone.
Really you can literally, yeah,exactly, or do you want to add a
late fee?
Like you, decide the tone.
Right that we want thesemessages to be in, but we'll
draft them for you.
All you got to do is review,press, send and automatically
(18:29):
your chances of getting paidgoes up.
Right?
I'll give you another example.
We see how your customersinteract with other businesses.
So what if we provided youinsights about how your customer
likes to pay or how theygenerally pay over all in their
ecosystem?
Right, we can provide you thoseinsights that can then help you
make the right decisions, andwe call that personalized,
customizable insights.
That's area number one thatwe're investing in with AI.
(18:49):
The second area that we'reinvesting in is what we're
calling progressive automation,and this is about doing it for
you and doing it with you, andremoving the tedious tasks of
what you do in your day-to-dayto empower you to spend your
time on what matters most to you.
I'm going to paint anotherpicture for you.
Imagine what I just told youbefore about the 14 hours a week
that you're spending in frontof your computer drafting
(19:11):
invoices or trying to get paid.
What if you're on the go, you'rein the car and you're just
dictating into your phone likehey, bill Sherrill, an invoice
of X, y, z of what I wanted topay me for.
Or you're at a project andyou're taking notes and you just
take photos of that, of thosenotes, automatically, send that
to QuickBooks and we'regenerating that invoice for you.
(19:32):
All you have to do is go in,review those invoices and press
send and you don't have toactually type them in, right,
you're removing the actual workof having to do that.
That is so important for ourbusinesses, even more for our
mid-market businesses that havevery complex AR and AP needs.
So that for us is such a hugeopportunity area for us and one
that we're actually very excitedabout with our Intuit
(19:53):
Enterprise Suite, of offeringrobust automation in your
workflows, offering automatedapprovals, automated reminders,
that you can then be able to gettime back hundreds of hours
back.
If you cut that, you know 14hours a week and get paid up to
four times faster each year.
Ian Horne (20:10):
Wow, I mean, I love the energy you're bringing to
this.
By the way, it is actuallyquite nice to talk about, you
know, accounting being coveredin such an exciting way, yeah,
yeah, I think you're in theright room, I think you are in
the right audience to be sayingthat.
But I mean, let's look at AIand big data and what we do with
that.
Obviously, automation is oneside of that, but the other side
of it is personalization andgiving people specific products
(20:31):
that they need In the retailmarket.
We usually look at that interms of, say, hyper
personalization.
In SMBs, you're probablylooking more like verticals, so
could you give us an example ofhow you better serve a vertical?
Juliana Berger (20:44):
Great question, and we're seeing such a huge
trend in this over the pastcouple of years, and one that
we're actively investing in.
So verticalization for us issomething about not only outside
in, but inside out.
Right, we're actually seeing50% 3X is the chances, right.
50% of the businesses that wereusing horizontal payment
services before are now usingpayment services offered by
verticalized solutions, and thechances of someone who's using a
(21:08):
horizontal payment solution,like a Stripe or something else,
to move to a verticalizedsolution is 3x over the next two
years, right?
So think about that.
That is about meeting thecustomer where they are right
and solving for their end-to-endworkflow, and how we're
thinking about that into it istwofold.
One is inside out, so how do wetake our capabilities, our APIs
(21:30):
, and then embed that upstream,beyond accounting, but to where
the business and the decisionsare being made, where the
customer is meeting theircustomer?
How do we embed our APIs intothose front office experiences
so that we can be there for ourcustomer at that time of need?
It also means outside in.
How do we then take the data ofthose front office solutions
and embed them into QuickBooksso that we have all of that data
(21:52):
information at your fingertipsand you're not like my wonderful
soy candle customer who has todeal with 15 different
integrations at one time or 15different apps at one time to
manage your business.
Sheryl Chen (22:02):
I really really love it were 15 different apps
at one time to manage herbusiness.
I really really love it.
And also, I agree, I love theenergy.
But unfortunately we arerunning out of time.
So one last question.
So you've you've painted very,very nice picture right being in
a car.
Okay, so imagine I am Sheryl,I'm in a self-driving car, I'm
telling my phone, Bill Ian Hornhe owes me like a shit ton of
(22:26):
money.
Bill to Ian Horn, Put a latepayment notice on that.
I can already do it.
Juliana Berger (22:32):
He always pays late, girl Wow.
Ian Horne (22:35):
I'm not denying it.
Sheryl Chen (22:36):
He doesn't do his expenses on time.
I've heard complaints, so wecan already do it now.
But what does accountingsoftware?
How will it look like in fiveyears time?
Juliana Berger (22:47):
That's exactly how I'm telling you right now.
I think it's the ability for usto be able to truly drive
automation, so that you don'thave to come to us, we come to
you.
In my opinion, the bestaccounting software, the best
software you can build, the bestpayment experience you can
build, is one that is trulyseamless, right, and I use Uber
as an example of a paymentsexample, right, the reason that
(23:07):
that is such a great paymentsexperience is because it is
built into your Uber experienceand I don't have to do anything
for you, right, and so exactlythat, if you're just talking
into your phone or doing as partof your day-to-day workflow and
you don't have to sit in frontof a computer for 14 hours to do
anything, that's the future.
Ian Horne (23:25):
Great stuff, juliana.
I have taken liberties of ourtwo minute warning.
By the way, you won't have seenthe person waving frantically
through the window at me, butthat has happened.
So that is all we have time for.
But what a great conversation,really, really fun to have you
with us, Juliana.
The SMB market is an interestingspace right now.
Of course, it's exciting to seehow life can be made easier for
so many entrepreneurs andinnovators so they can get on
(23:47):
doing what they do best right.
So thank you again, Juliana,and thank you, Sheryl.
Always fun recording these withyou in person.
Thank you both Always have alaugh, even if you are making
fun of my ability to repay mydebts.
We'll move on.
Anyway, thank you to everyonelistening live at the Money Pot
here in Vegas and also back homeor wherever you are right now.
If you've got an inspired ideafor an episode, drop us a line.
(24:09):
At podcast at money2020.com.
Ian Horne and Sheryl Chensigning out.
Sheryl Chen (24:14):
And keeping our dreams alive.
Yes, I love that.
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