Technology has revolutionized many aspects of business, perhaps none more so than the accounting industry which has gained incredible efficiencies. New accounting software reduces workloads, increases productivity, and improves accuracy and access to real-time data.
QuickBooks Online brings those advantages to the cloud, enabling businesses to benefit from transformative technology and innovation. Proof of this may be found in theirrecently announced results for the quarter ending on January 31, 2017. Intuit reported revenue of over $1 billion, a 10% increase over the same period last year. Even more impressive was their subscriber growth rate of almost 50 percent during this quarter! QuickBooks Online subscribers now total 1.87 million, with 370,000 international users. In addition, because QuickBooks Online is an open platform, it connects with approximately 2,000 apps.
Recurly recently completed an integration with QuickBooks Online, giving our customers access to best-in-class applications for both subscription billing and accounting. Recurly customers taking advantage of this integration will benefit from an accelerated month-end close process because the data needed to calculate revenue, cash, and accounts receivable can be automatically imported from Recurly into QuickBooks Online. This lets finance and accounting professionals focus on more strategic goals such as analyzing and understanding trends in their business’ billing and revenue to make more informed business decisions.
Our integration also enables our customers to eliminate many tedious, manual processes. Without this kind of integration, many businesses are forced to export their data into Excel, manually manipulate it, and then import it back. Our integration eliminates this process and the inherent opportunities for errors that manual manipulation brings.
Recurly’s QuickBooks Online integration combined with our revenue recognition tool provides additional benefits. Our tool lets our customers automate and complete their revenue accounting process by calculating their month-end and deferred revenue balances, which can then be posted as a journal entry in QuickBooks Online.
Recurly customers can also utilize QuickBooks Online’s bank account reconciliation functionality to reconcile their cash accounts at the end of each month. If their banking information is integrated with QuickBooks Online, they can then reconcile payment information from Recurly with corresponding deposits in their bank accounts to quickly and accurately calculate cash balances.
Recurly strives to provide finance professionals with comprehensive tools to support crucial accounting processes for subscription businesses. Our integration with QuickBooks Online makes it easier than ever to use Recurly in conjunction with other business systems, creating a whole that’s greater than the sum of the parts.