Fyle and QuickBooks Partner on Expense Management and Bookkeeping Solutions

Fyle and Intuit QuickBooks have partnered on real-time expense management and simplified bookkeeping solutions.

Designed for small and medium-sized businesses (SMBs), the Fyle and QuickBooks combined solution helps automate expense reporting, credit card reconciliation and closing the books, the companies said in a Tuesday (May 2) press release.

“The work involved in administering staff expenses isn’t core to anyone’s role, but it’s time-consuming and frustrating,” Fyle CEO Yashwanth Madhusudan said in the release. “We look forward to working closely with the Intuit team to bring the combined best-in-class solution of Fyle plus QuickBooks to SMBs and accounting firms in the U.S.”

Fyle’s bidirectional integration with QuickBooks brings together the capabilities of both offerings, according to the press release.

For example, Fyle provides an alternative to manual reconciliation by integrating with Visa and Mastercard business and corporate credit cards, notifying employees via SMS and Slack when they spend on their cards, collecting a text with a picture of the receipt from the employee, and matching that to the right expense, the release said.

These capabilities are added to Intuit QuickBooks, which helps SMBs keep track of income and expenses, employee expenses, inventory and other financial functions in real time, per the release.

“By joining forces with Fyle, we can help clients and prospective customers simplify bookkeeping, automate expense reporting and reconciliation, thereby making more productive use of time,” Kevin Zavaglia, vice president of U.S. sales for Intuit’s Small Business and Self-Employed Group, said in the release.

Fyle has found that two-thirds of the customers who come to the company looking for an expense management solution are transitioning from manual processes, Madhusudan told PYMNTS in an interview posted in April 2022.

The demand for spend management software has been driven in part by people using apps and software in their personal lives and wanting to see that same kind of efficiency in the workplace, Madhusudan said at the time.

“While demand has undoubtedly increased, it pales compared to the existing market opportunity,” Madhusudan said. “Roughly $1.5 trillion is spent on commercial credit cards with millions of small businesses that are yet to streamline their processes.”