Plastiq, a payment solutions provider for businesses, has announced it is the first company to fully integrate Intuit QuickBooks Online into its payments platform. The integration will help businesses save time and money with an even more seamless, automated way to reconcile payments, bills and invoices with their accounting system with no manual entry required.
The new integration will import invoices directly from QuickBooks, quickly identifying and populating all essential information such as vendor, amount due, invoice due date and more. Once the invoice has been paid through Plastiq, the platform will then export the payment information back into QuickBooks, including differentiating the portion of the payment applied to the invoice from Plastiq’s transaction fee. This separation of payments into proper classifications is immensely important for accurate record maintenance for monthly reporting, tax returns and audits.
“Time and again, we’ve heard from our customers how crucial QuickBooks is to their recordkeeping, but as a small business ourselves, we also recognise how time-consuming and error-prone it can be to manually maintain accurate QuickBooks records,” said Eliot Buchanan, CEO and co-founder of Plastiq. “By integrating QuickBooks into Plastiq, we’re giving businesses back vital time and resources while greatly reducing the chances of human error, enabling businesses to keep their eyes on innovating and propelling growth.”
Previously, businesses had to spend hours manually inputting all of their bill payments into QuickBooks each week in order to keep all of their financial records synchronised across platforms, a process which is tedious and takes a massive amount of resources. Although some partial QuickBooks integrations were previously available, incomplete integrations meant that accuracy often suffered, with import/export errors; the need to manually update records to correct classifications, add details or delete duplicates; and more. With Plastiq, businesses QuickBooks entries will be updated completely and accurately, eliminating costly errors to not only save time and money but also ensure accurate monthly reconciliations and reduce the risk of tax record errors.
Plastiq has revolutionised how its more than 1.5 million customers optimise working capital by providing an all-in-one solution that enables them to pay or accept payment for anything with cash or a credit card, even where credit cards or digital payments are not accepted. Thanks to strategic partnerships with companies including US Bank, Visa, Mastercard, Silicon Valley Bank and more, any business – from e-commerce companies and healthcare facilities to construction companies and restaurants – can use Plastiq to pay or get paid.