The integration comes despite QuickBooks loosely competing with Square, since it already offers its own point-of-sale service that retail shop owners use to integrate transaction data directly into their accounting records.
Right now, if Square customers want to push data to QuickBooks, they have to do it manually. However, the partnership between the two companies will bring an automatic solution for pushing data from Square’s mobile POS readers and the Square Market commerce platform into QuickBooks. Beyond that, we don’t really know much more about how the integration will work.
A lot of QuickBooks customers are small businesses that still do a lot of invoicing and rely somewhat on paper trails, which cancels out a big portion of clients that use Square and don’t have to worry about that kind of process. Yet the partnership does make sense for both companies. For Intuit, it’s able to give Square users an incentive to start using its more comprehensive accounting solution. And for Square, it’ll theoretically grab users that would have otherwise just used the mobile POS service from QuickBooks to make things easier.
The integration between QuickBooks and Square is expected to launch Nov. 19, according to the companies.