New survey finds that biggest challenge to tracking business expenses for entrepreneurs is the "time-intensive process" NEW YORK, April 3, 2014 --
American Express OPEN, the small business division of the financial services company, and Intuit, announce the launch of ReceiptMatchSM with QuickBooks®, the number one cloud accounting solution for small businesses and accountants worldwide. This first-of-its-kind mobile and desktop integration is designed to help small businesses seamlessly sync Business Card expenses with QuickBooks, helping to alleviate end-of-the-month pileups of expense receipts.
ReceiptMatch, the mobile app and web-based service that launched last year, helps small business owners reconcile receipts with their American Express Business Card online account on-the-go. The new feature will close the gap between the time when the Business Card is swiped for a purchase and the expense is entered into QuickBooks. This will mark the first time a Business Card will be integrated directly into QuickBooks. Moreover, as businesses rely on their Business Cards to make large ticket purchases, the integration will help make for a faster and easier accounting process.
By simply syncing a business's QuickBooks account with its American Express online account, Business Card expenses can be tagged with the proper expense categories. Here is how it works:
- Snap a picture. Take a picture of a receipt with a mobile phone and ReceiptMatch will match it to the corresponding Business Card transaction.
- Tag the expense. Label the transaction with your company's own QuickBooks categories, customer and/or job codes right from the ReceiptMatch Mobile App or the American Express online statement.
- Transfer the information. Review and send the transaction data with a link to the receipt image directly to your QuickBooks company file. You don't have to enter transaction data manually into QuickBooks—your expense is now filed.
"Our Card Members place a large number of business transactions on their Card every month," said Manish Gupta, Executive Vice President and General Manager, American Express OPEN. "Integrating ReceiptMatch and QuickBooks will help them power through the tiresome, but necessary process of reconciling Business Card expenses with their accounting system quickly and easily."
"The ReceiptMatch and QuickBooks integration is a great example of how QuickBooks is evolving into a platform that is connecting the most valuable solutions into a single, interconnected business management solution for small businesses," Said Dan Wernikoff, Senior Vice President and General Manager for Intuit, Small Business Financial Solutions.
ReceiptMatch with QuickBooks comes free on all Small Business Cards from American Express OPEN. More information is available at www.open.com/quickbooks.
The Pains of Expense Management in Numbers
Automating expense management processors can help business owners and their employees save time and focus more on doing their jobs – proof that for any business, time is money. According to the Small Business Expense Management Survey from American Express OPEN and Intuit, 81% of small businesses say they use multiple tools to run their businesses – everything from apps to software.
The majority (74 %) of business owners said that the time spent reconciling expenses keeps them from tackling more important business-related activities. Given the chance to cut the time spent managing their expenses, 35% of small businesses said they would use the extra time to interact with customers and one third (33%) would market their business. On the other hand, more than a quarter (26%) would handle non-business related tasks.
Additional findings from the survey include:
- Burning the midnight oil.Expense management is one component of a large and onerous process business owners encounter every day.
- 41% of small businesses say the biggest challenge to tracking business expenses is the nature of the time intensive process
- Nearly one-fifth (17%) of small businesses say they spend "too much time" managing their expenses
- Technology for most, but not for all. Adopting new technologies can be overbearing, but businesses do turn to software for their finances.
- More than three-quarters (77%) of small businesses use some kind of financial management software to track their business expenses
- Yet, 18% of small businesses do not rely on financial management software to track expenses
- Seeking counsel before taking the technology leap. Entrepreneurs seek out assistance from professionals when deliberating over new financial technologies to adopt for their business.
- Three-quarters (75%) of small business owners say they seek counsel before adopting a new financial technology of which 35% turn to accounting professionals and 20% look to their peers
The 2014 Small Business Expense Management Survey was conducted among a nationally representative sample of 1,000 small business owners and managers of companies with fewer than 100 employees. The survey was conducted online by Ebiquity from February 28 – March 7, 2014. The poll has a margin of error of +/- 3.1% at the 95% level of confidence.
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.
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®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. 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 2013. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.