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QuickBooks, Amazon To Provide Automatic Purchase Reconciliation

Intuit has announced a new integration between its QuickBooks software and Amazon Business to allow small businesses to automate purchase reconciliation, according to a press release.

Amazon Business purchases will be automatically integrated into QuickBooks via the integration, and data will be refreshed multiple times per day. The automation includes purchase details, with item descriptions, costs and fee breakdowns added in.

The idea is to reduce the need for manual entry and help business owners better understand how their business expenses are categorized. Users won't have to go back and forth between Amazon and QuickBooks for purchases, either, the release stated.

Through the integration, every purchase from Amazon Business will be categorized separately and matched with bank transactions in QuickBooks, which the release said will help businesses understand their spending more accurately.

Rajneesh Gupta, vice president of global enterprise partnerships at Intuit, said the integration will "make the lives of small business owners and the accounting professionals that serve them easier," according to the release.

“Small businesses are increasingly looking for ways to seamlessly manage their business, while reducing the time it takes to do so," he said in the release. "This integration allows both small businesses, and the accountants who serve them, to better manage a business owner’s purchases and overall books. Small businesses use Amazon Business to purchase a number of goods to enable their business growth. This integration will automate the data entry and reconciliation small businesses need to do to keep their books up to date."

This month, Intuit launched the QuickBooks Commerce program, aimed to provide a “central hub” for small businesses to access a number of sales channels, integrate new ones, manage orders and fulfillment and access profitability insights. The service will lend businesses a hand in avoiding stockouts, and sync access to inventory from both online and offline channels.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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