QuickBooks is sure to benefit from deeper integration with the time-tracking app, but what does it mean for other accounting systems?
Intuit, the company behind the QuickBooks online accounting system, has agreed to acquire the TSheets time-tracking and scheduling application for $US340 million.
As we’ve discussed previously, when we looked at TSheets along with other time-tracking systems, it handles clocking in and out, and records the time devoted to particular customers or jobs. This information is useful for payroll and billing purposes, and there's an optional rostering module.
TSheets is already integrated with QuickBooks and other accounting systems, but Intuit's announcement made no mention of whether the time tracker will continue to support third-party software such as Xero.
More than 35,000 businesses with more than half a million customers use TSheets, with enough of them in Australia to justify the local office. Some 17,000 businesses use both QuickBooks and TSheets.
“With TSheets as part of Intuit, we have a tremendous opportunity to provide millions of small businesses and self-employed a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project,” said Intuit small business and self-employed group senior vice president and chief product and platform officer Alex Chriss.
“This acquisition will unlock critical upstream data that will allow us to create frictionless experiences that remove work, make it easier to get paid, and provide valuable insights into the health of our users' businesses.”