The combination will offer a “seamless, automated way to reconcile payments, bills and invoices” with a company’s accounting system, the release stated. There’s no manual entry required.
Invoices will be able to be directly imported with QuickBooks, which can identify and populate any essential information, including vendor, amount due, invoice due date and more, the release stated.
After the invoice is paid through Plastiq, the platform will export the payment information back into QuickBooks, according to the release. It will differentiate the portion of the payment applied to the invoice from Plastiq’s transaction fee.
This kind of separation, the release noted, is crucial for the accuracy of records management.
The new technology is intended to be an improvement over the old ways in which businesses would have to manually input data to QuickBooks weekly in order to keep finances updated. Accuracy was also not at the levels available today since integrations could be incomplete, the release stated.
Eliot Buchanan, CEO and co-founder of Plastiq, said the hope with the new integrations is to reduce errors and cut down on accounting time.
“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,” he said, according to the release.
Plastiq rolled out another feature in August allowing clients to accept credit card payments without giving credit card issuers a cut, PYMNTS reported.
The service, called Plastiq Accept, is aimed to avoid the standard fees of 2.5 percent to 4 percent that companies normally have to pay. Plastiq’s services were intended to help businesses get paid quicker and keep cash flow going unimpeded.