Finance Automation: Key Strategies For Smarter Financial Management
Handling finances manually is slow, repetitive, and full of errors. From chasing invoices to approving expenses, finance teams spend too much time on admin...
QuickBooks is one of the best accounting software options in the market. It has a wide range of built-in features including a payroll service and bill pay to local vendors.
But, is it the best option for your international business? Let's see an alternative for paying overseas vendors and contractors.
Wise Business can help you save big time on international payments.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.
Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.
Some key features of Wise Business include:
Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account
Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
Free invoicing tool: Generate and send professional invoices
No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here
Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. You'll need to set up an account first.
Without enabling the multicurrency feature on QuickBooks, it's not possible to pay overseas contractors or vendors in different currencies.¹
The feature offers a wide range of billing and invoicing solutions for small business owners who have customers, vendors, or bank accounts that use foreign currencies.
However, QuickBooks doesn’t have a built-in payment service to execute international transactions. This means that you have to integrate a bank or financial institution to do it for you.
Unfortunately, banks are generally not the best option for international payments due to high transfer fees and poor exchange rates. Most banks charge $20 - $40 for a $1000 transfer abroad. Imagine how much that would cost if you were to pay hundreds of vendors and contractors.
Luckily, you can connect QuickBooks and Wise to pay international bills seamlessly. You can see which bills need to be paid in your account, and pay them at the mid-market rate.
QuickBooks is a great accounting software option for local transactions. For a monthly fee, you can get a wide range of accounting services that are very useful to reduce admin work. However, finding a cost-effective bank to integrate with is not easy.
But now you can sync Wise Business with QuickBooks.
Sound amazing? See for yourself how much time and hassle you can save.
Connect QuickBooks and Wise:
Save time on reconciliation
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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