My biggest gripe with Quickbooks has been the lack of integration with the key small business banks, Tide and Starling. It looks like the release of open banking has finally allowed Quickbooks to integrate with banks’ with Quickbooks bank feeds. Tide and Starling now integrate fully with Quickbooks, this is big, for too long this has been Quickbooks biggest weakness. Finally, I can advise clients who use Tide and Starling that they can now use Quickbooks, there are almost no major small business banking services which don’t integrate with Quickbooks.
Open Banking, Tide, Starling and Quickbooks
It appears that Quickbooks was holding off developing their API and waiting for open banking before they integrated some banks. Tide and Starling look to be the last and this is great for Quickbooks customers and Tide and Starling customers.
Open Banking is a series of regulations which came into force on 13 January 2018. This means that all UK-regulated banks will allow you to share your data with authorised third parties – obviously with your permission. This has allowed Quickbooks to connect to third parties using this infrastructure. Check out this link for more on Open Banking.
If you have had an account with Tide or Starling, then you may not be fully aware of how great bank feeds are for small businesses.
- Automatically fetches your transactions – no more manual entry
- Transactions can have rules assigned, so you don’t have to code them individually
- Access to real time information
- You don’t have to send your accountant bank statements
- Bank accounts will be reconciled with little effort
Find out more about the other bank accounts which connect to Quickbooks here.
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