Intuit Amps Up Banking Integration Tech

Accounting and financial software maker Intuit is linking banking and credit card activity to its software aimed at small businesses via QuickBooks. In tandem with this initiative, American Express OPEN has launched an app, known as Connect to QuickBooks, that lets OPEN Card members categorize expenses in the software program.

In a Tuesday (Nov. 3) press release, the companies said that bank feed technology helps step up the automated tasks that would otherwise be time-consuming and are typically tied to bookkeeping. Time-saving is key with the automatic push of transaction data to QuickBooks, according to the release.

In a statement that accompanied the release, Audrey Hendley, senior vice president and head of new products and new product development at American Express OPEN, said, “We often hear that time is a small business’ most valuable asset. Working with Intuit’s new technology, we developed the Connect to QuickBooks app to provide small business owners with time-saving tools to help them run and build their businesses more efficiently.”

The two companies noted that the feed solution is also customizable, with no reliance on “screen scraping technology,” which is relatively less accurate.

[bctt tweet=”The two companies noted that the feed solution is also customizable.”]

And according to the release, the flow of information is comprehensive. The new platform allows companies across a range of small businesses gather access to a varied stream of data tied to transactions. The example given in the release: an expense that would be classified as coming in tandem with an airline ticket could include data such as flight information like the dates and times of the journey. Alternatively, a small business can use visuals to capture data through the use of ReceiptMatch, available through American Express OPEN, and then store it alongside the transaction data itself, according to the release.

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