According to Currency Network:
Global payment and financial platform Airwallex has integrated with QuickBooks Online, enabling its customers to import transaction data into QuickBooks, thereby eliminating manual data entry and speeding up the reconciliation process.
Eliminating Manual Data Entry
According to the press release, Airwallex America’s General Manager Ravi Adusumilli mentioned: “As businesses expand globally, everything, including accounting, becomes more complex. The integration of Airwallex with QuickBooks’ bank feeds means our customers can skip the time-consuming and error-prone manual data entry, allowing them to see their books more quickly, comprehensively, and accurately across different markets and currencies.”
“Ultimately, the accessibility of QuickBooks, combined with our global financial infrastructure and software, will empower more robust financial decision-making throughout the entire reporting process.”
It is reported that through this integration, customers of this Melbourne-based company can synchronize card and foreign exchange transactions. Exchanges are markets that support the trading of derivatives, commodities, securities, and other financial instruments. Typically, exchanges can be accessed through digital platforms, and sometimes at physical locations where investors organize trades. One of the main responsibilities of exchanges is to maintain honest and fair trading practices, which help ensure the efficient allocation of securities rates supported by the exchange.
Using QuickBooks’ multi-currency functionality, users can read current period (FX), payments, and transfer transactions across various currency balances. The OAuth connection service enhances security in the automatic transaction synchronization 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 of Airwallex’s bill payment and expense management products. The company praised this flexibility as a way to enhance the platform’s ability to manage and track company and employee expenses. Airwallex also integrates with other accounting software platforms, including Xero, Netsuite, and Sage.
Expanding Products
In April of this year, Airwallex launched virtual Visa cards in Canada to support payments. Payments are one of the foundations of exchange media in the modern world, referring to the transfer of legal tender or equivalent currency from one party to another in exchange for goods or services. The payment industry has become a staple of modern commerce, although participants and methods of exchange have evolved significantly over time. Specifically, the party making the payment is known as the payer, and the recipient reflects the individual or entity receiving the payment.
The company partnered with People’s Trust Company to issue this service, known as the Airwallex Borderless Card. These cards allow businesses to fund transactions in multiple currencies. By allowing users to generate and issue virtual cards directly from the Airwallex multi-currency wallet, it addresses the challenge of high foreign exchange costs associated with traditional business cards. This process eliminates unnecessary foreign exchange conversion fees.
Additionally, these cards are integrated with Airwallex’s expense management products. This integration enables companies to streamline expense reporting processes, upload receipts, and manage approvals.
