Aimed at entrepreneurs and business owners wanting to spend less time manually entering data into spreadsheets, accounting software QuickBooks Online can now automatically import all payments processed with Square.
The new service is known as Sync with Square and also provides a detailed breakdown of all transactions made using Square.
Square offers several payment processing options for retailers including the Square reader, which plugs into a smartphone or tablet’s audio port, to accept credit card payments. The company also introduced an invoicing service last year which allows organizations to send invoices online or on mobile devices and collect payments remotely.
QuickBooks, produced by Intuit, had been relatively unrivaled in the small business accounting space for many years until a new crop of startups entered the space such as web-based accounting platforms FreshBooks and Wave Accounting which both integrate payment processing.
Facing these competitors, Intuit has been working to innovate over the past few years to update its desktop accounting software. In that time, it launched QuickBooks Online (a web-based version of QuickBooks), released APIs that let developers integrate new functionality into QuickBooks, and opened an app marketplace to allow customers to easily add additional services on top of QuickBooks Online.
Accounting is often considered one of the most tedious aspects of business. Partnerships, innovations, and a good dose of competition in this space are helping make it less so.