A partnership between a payment processor and an accounting service seems like a home run for business owners. PayPal and QuickBooks have done just that, and gone a step further by creating a mobile application for businesses to even more easily balance the books.
The companies announced Tuesday (May 19) that their collaboration, which automates the entry of data from PayPal transactions into QuickBooks Online, has culminated in the launch of their mobile app Sync with PayPal. All PayPal transactions, taxes, fees and discounts can automatically be imported into Intuit-owned QuickBooks Online without manual entry.
According to PayPal’s vice president and general manager of North American distribution Stephen Fusco, a mobile collaboration with QuickBooks was a no-brainer. “PayPal is listed by 25 percent of QuickBooks users in their chart of accounts, so we knew an integrated solution would be a valuable tool,” he said.
It’s a solution that can be particularly beneficial to busy owners of SMEs, the firms said. “Our open platform allows small businesses to use the tools of their choice and therefore operate efficiently in a frictionless environment,” Intuit senior vice president for payments and commerce solutions Eric Dunn said in a statement.
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