Airwallex, a global payments and financial platform, has integrated QuickBooks Online to enable its customers to import their transaction data into QuickBooks. This eliminates the need for manual data entry and speeds up the accounting reconciliation processes.

Eliminating Manual Data Entry

According to the press release, Ravi Adusumilli, the Executive General Manager for the Americas at Airwallex, mentioned: "As businesses scale globally, everything gets more complex, including accounting. Airwallex's Bank Feed integration with QuickBooks means our customers can skip time-consuming, error-prone manual data entry for a faster, more holistic, and more accurate view of their books across markets and currencies."

"Ultimately, QuickBooks' accessibility coupled with our global financial infrastructure and software will enable stronger financial decision-making throughout the reporting process."

With this integration, the Melbourne-based firm's customers can reportedly sync card, foreign exchange (FX), payment, and transfer transactions across various currency balances using QuickBooks' Multicurrency feature. The OAuth connection service enhances security during the automated transaction syncing process between QuickBooks and Airwallex. This eliminates unnecessary data entry tasks, reduces potential errors, and allows businesses to manage their finances more efficiently.

Additionally, this step complements the existing QuickBooks integration for Airwallex's Bill Pay and Expense Management products. The company has lauded this flexibility as a way to enhance the platform's ability to manage and track company and employee spending. Airwallex has also integrated other accounting software platforms, including Xero, Netsuite, and Sage.

Expanding Offerings

In April, Airwallex launched virtual Visa cards in Canada to support payments among businesses in the country. The company issued this service, dubbed Airwallex Borderless Card, in partnership with Peoples Trust Company. The cards allow businesses to fund transactions in multiple currencies.

It addresses the challenge of high foreign exchange costs imposed by traditional business cards by letting users directly generate and issue virtual cards from their Airwallex multi-currency wallet. This process eliminates unnecessary FX conversion fees.

The cards are also integrated with Airwallex's Expense Management offering. This integration enables firms to simplify expense reporting processes, upload receipts, and manage approvals.