Intuit’s New Banking Integration Technology Can Make Accounting More Accurate and Seamless

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American Express OPEN® Card Members First to Benefit From new Technology With Connect to QuickBooks App

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU) is making it easier for small businesses to quickly and accurately update their books by seamlessly connecting banking and credit card transactions to QuickBooks. Leveraging this technology, American Express OPEN has created an app, Connect to QuickBooks that enables enrolled OPEN Card Members to automatically transfer and categorize expenses in QuickBooks.

Bank feeds are a fundamental component of cloud accounting because they automate much of the time-consuming data entry once associated with bookkeeping. By automatically transferring transactions to QuickBooks, small businesses save valuable time and avoid potential data entry errors.

“This new bank feeds technology is all about leveraging the power of our platform to save small businesses time by automating the process of entering data into QuickBooks,” said Avi Golan, vice president and general manager of the Intuit Developer Group. “We’re pleased to be working with American Express to enable American Express OPEN Card Members to be the first to benefit from this new technology. This is a great example of how our open platform approach allows us to partner with leading companies who can help small businesses be more efficient and effective.”

“We often hear that time is a small business’ most valuable asset,” said Audrey Hendley, Senior Vice President, Head of Products and New Product Development, American Express OPEN. “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.”

Connect to QuickBooks

The new bank feeds solution was designed to enable a broad range of financial institutions to create custom apps that can connect their customers’ transactions to QuickBooks. The Connect to QuickBooks from American Express OPEN is the first app to leverage the new technology. The app delivers three key benefits to small businesses:

  1. Accuracy: Transaction information flows seamlessly from American Express through the QuickBooks API. This is a dramatic improvement on existing bank feeds technology that often relies on “screen scraping” technology that is less reliable.
  2. Save Time: New transactions are automatically imported into QuickBooks, so that a small business can add and reconcile expenses at the click of a button. No need to log into multiple accounts to “push” transactions from one system to another.
  3. Comprehensive Information: Small businesses will have access to all of the details associated with a transaction. For example, an expense related to an airplane ticket will include flight dates and times. Small businesses can also easily snap a photo of a receipt using ReceiptMatch™ from American Express OPEN, and store it with the transaction record.

Reaction from Customers

“Having QuickBooks integrate with my American Express Card has been extremely beneficial,” said Michael Morley, owner of Book Solutions LLC, in Fishers, Indiana. “My company has a ton of transactions every day and it’s not uncommon to have over 500 transactions to download. If I didn’t have this feature I would have to do the work manually and that’s just not feasible. This allows me to save time and be more efficient.”

“Having to try and track down receipts from six to eight sales reps with multiple charges everyday made it difficult,” said Brandy Menghi, Accounting Supervisor at ECO Roof and Solar in Denver, CO. “This new integration between QuickBooks and American Express provides me with all the data and details I need so I know where our money is going and what charges are occurring. Having all of that information in one location is nice.”

Global Leader in Cloud Accounting

QuickBooks is the global leader in cloud accounting, with over one million subscribers worldwide. It is built to fuel small business success:

  • Automates Complex Tasks: Simplifies bookkeeping so that every time an invoice is sent, a customer makes a payment or an employee gets paid, the information is tracked and updated.
  • Everything Works Together: Lets small businesses use multiple apps to run their business. As an open platform, QuickBooks ensures that different solutions work together seamlessly, providing small business owners with the vital information and insights they need, when they need them.
  • Personalized by and for Small Businesses: Allows small businesses to customize QuickBooks to fit their type of business.

About Intuit Inc.

Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.

Its flagship products and services include QuickBooks®, and TurboTax® and Mint.com, which make it easier to manage small businesses and payroll processing; tax preparation and filing; and personal finance. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants.

Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2015, with approximately 7,700 employees in major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

Intuit and Small Business Big Game are not affiliated with the NFL or the Super Bowl.

About American Express OPEN

American Express OPEN is the leading payment card issuer for small businesses in the United States and supports business owners and entrepreneurs with products and services to help them run and grow their businesses. This includes business Charge and Credit Cards that deliver purchasing power, flexibility, rewards, savings on business services from an expanded lineup of partners and online tools and services designed to help improve profitability. Learn more at www.OPEN.com and connect with us at openforum.com and twitter.com/openforum.

Intuit Inc.
Steve Sharpe, 650-224-2362
stephen_sharpe@intuit.com
or
Access Communications
Jen Garcia, 415-844-6244
jgarcia@accesspr.com

Source: Intuit Inc.

Released November 3, 2015