Airwallex and QuickBooks Collaborate to Streamline Business Accounting

CoinDesk reports:
Global payment and financial platform Airwallex has integrated with QuickBooks Online, allowing its customers to import transaction data into QuickBooks, eliminating the need for manual data entry and speeding up the reconciliation process.
Eliminating manual data entry
According to the press release, Ravi Adusumalli, Managing Director of Airwallex Americas, said, “As our business expands globally, everything, including accounting, becomes more complex. Airwallex’s integration with QuickBooks bank feed means our customers can skip the time-consuming, error-prone manual data entry and see their books in various markets and currencies faster, more comprehensively, and more accurately.”
“Ultimately, QuickBooks’ accessibility combined with our global financial infrastructure and software will make financial decision-making throughout the reporting process more powerful.”
Reportedly, through this integration, the Melbourne-based company’s clients can sync card and foreign exchange transactions. Exchanges are referred to as markets that support the trading of derivatives, commodities, securities, and other financial instruments. Typically, exchanges can be accessed through digital platforms and sometimes through physical addresses where investors organize trades. One of the primary responsibilities of an exchange is to maintain honest and fair trading practices. These help ensure the efficient allocation of the securities rates supported by the exchange. Using QuickBooks’ multi-currency feature, this period reads (FX), payments and transfers of balances across various currencies. In the automatic transaction synchronization process between QuickBooks and Airwallex, OAuth connection services enhance security. This eliminates unnecessary data entry tasks, reduces potential errors, and enables businesses to manage their finances more effectively.
Furthermore, 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 platform management and track company and employee expenses. Airwallex has also integrated 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 the modern world’s exchange medium; it refers to the transfer of legal currency or equivalent currency from one party to another in exchange for goods or services. The payment industry has become a fixed industry in modern business, although participants and exchange methods have changed significantly over time. In particular, the payer is referred to as the payer, and the payee reflects the individual or entity receiving the payment. The most common payment is one of the foundations of the modern world’s exchange medium, referring to the transfer of legal currency or equivalent currency from one party to another in exchange for goods or services. The payment industry has become a fixed industry in modern business, although participants and exchange methods have changed significantly over time. In particular, the payer is referred to as the payer, and the payee reflects the individual or entity receiving the payment. This term is most commonly seen in businesses in this country. The company partnered with People’s Trust Company to issue a service called the Airwallex Borderless Card. These cards allow businesses to provide funds for transactions in multiple currencies.
It solves the high foreign exchange cost challenge posed by traditional business cards by allowing users to generate and issue virtual cards directly from Airwallex’s multi-currency wallet. This process eliminates unnecessary foreign exchange fees.
In addition, these cards are also integrated with Airwallex’s expense management products. This integration allows companies to streamline the expense reporting process, upload receipts, and manage approvals.