Intuit and American Express OPEN announced Thursday the launch of ReceiptMatchSM with QuickBooks – an integration that represents the latest in a slew of professional partnerships for the cloud-accounting giant Intuit.
American Express OPEN's original ReceiptMatch launched last year as both a mobile app and a web-based service that allowed card holders to capture images of purchase receipts that could later be indexed into accounting software such as Intuit's. But the SM iteration speeds up the process by synching a business's QuickBooks account with its American Express online account for instant tagging and filing of expenses.
Here's how it works: A user snaps a picture of a receipt and the app matches it to the corresponding business card transaction, which then prompts the user to label the transaction with the company's QuickBooks categories or job codes. The app then automatically transfers the information to the company's QuickBooks file.
The benefits are twofold. Since tagging can be done on the fly as purchases are made, an in-house bookkeeper no longer has to sit down and manually tag the expenses in QuickBooks. And with the IRS accpeting digital receipts, the wallet-heavy paper versions can be thrown away.
Intuit has been announcing parterships and product integrations about once a quarter, which according Dan Wernikoff, the SVP of Intuit's Small Business Financial Solutions Group, will continue going forward. "For us it's about finding the most pervasive systems that businesses use," Wernikoff told me in an interview. "We want to make all of the solutions they use work together."