Intuit and Square: Happy together, thanks to new integration

As part of new alliance, widely used mobile payments platform will be more tightly integrated with QuickBooks.

Square's mobile commerce and point-of-sale solution for smartphones and tablet computers will be one of the most notable small-business applications to get an immediate boost from Intuit's retooled, open QuickBooks Online platform .

Effective Nov. 19, small businesses will be able to more quickly import transaction data and information from Square into QuickBooks, speeding up the time it takes for accurate reporting.

If you're a customer of both companies, you'll be able to activate the integration seamlessly. If you're new, you'll be able to sign up for both Square Register (that's the specific application supported) and QuickBooks together. 

This is just another payment option: Intuit will continue to offer all of its own payment solutions, including its GoPayment mobile option.

"Our customers tell us often how important it is to have accurate and in-depth information about their business," said Francoise Brougher, business lead at Square, in a statement. "Integrating with QuickBooks gives sellers another powerful tool to help them run their business more efficiently."

Make no mistake, this is a big deal, considering how much effort Intuit is putting and will still put into its digital payments options. It is also one that I am certain will be welcome for many small merchants who are interested in best-of-breed applications to run their business.