QuickBooks Online (QBO) was launched by Intuit in 2010 as a web-based accounting platform for small and medium-sized businesses, following on the strength of the on-premise version, QuickBooks Desktop. Two years later Intuit released a new version for the Canadian market, that offered tax code information specific to Canada. Then in 2013, Intuit announced that QuickBooks Online had been rebuilt “from the ground up” to include third-party integrations. The next-generation version of QBO was touted as a powerful open-platform that would streamline business tasks.
This change to the platform was powerful, and today, third-party applications are as much a part of the QuickBooks Online experience as any of the platform’s own built-in features. In particular, third-party integrations, can enhance nearly every module within QBO, through the addition of automation technology, dashboards, or forecasting tools. Looking specifically at payment processing integrations, QBO users can access tools that speed up the process, offer more electronic payment options, and even introduce more complex elements like approval workflows.
Among consumers, a majority (56%) of bills are already paid online in the United States, with millennial consumers leading the charge. The trend among businesses is equally strong, as indicated in an IOFM study. Around 63% of businesses reported paying electronically, compared to the 37% of businesses that continue to rely on paper checks or manual payments. More than half of enterprises surveyed cited cost savings as the top benefit of switching to electronic payments, along with more efficient and streamlined processing.
One way to streamline not only your payments processing, but your entire accounts payable (AP) process in QBO is through Beanworks. As a cloud-based solution, Beanworks seamlessly integrates with QuickBooks to solve your accounts payable challenges while saving time and money. The Beanworks payments module, BeanPay, simplifies vendor payments and unlocks more payment types, like virtual credit cards that can earn you money through cash-back rebates.