Looking to get learn more about working in India for a US company? This article goes over the key things you need to know, such as visas, payroll, and more.
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 find out!
Batch payments are great for businesses that need to make a large number of payouts to customers, employees, or suppliers.
The Wise batch payment tool or mass payment allows you to create and send multiple payments in one go by simply uploading a file. You can then make a single transfer to cover all payments.
It’s easy to create a batch payment. You'll need to set up a Wise Business account first.
On your activity page, click Batch payments.
Download a batch payment template file.
Open the template file in a spreadsheet editor and fill in your transfer details.
Save your file as a .CSV (it should have .csv at the end) and upload the file to your account.
Review the transfers in your batch.
Pay for your batch.
Track your transfers in real-time on your account.
You can create up to 1,000 transfers with a single .CSV file rather than setting up one transfer at a time.
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.
Bills paid on Wise will automatically be marked in QuickBooks as paid. This means you can save hours spent on account reconciliation.
QuickBooks is a great accounting software option for local transactions. For $50 a month, 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.
If you have international bills to pay, not only can you pay them at the mid-market rate with Wise, but now you can also sync Wise Business with QuickBooks.
You can see your unpaid bills in real-time and pay them seamlessly from your ‘Bills’ page on Wise.
Your bill payments and any other Wise transactions will be synced, matched, and categorized in QuickBooks for simple reconciliation.
Once connected, all bills you create in QuickBooks Online will automatically sync in real-time to Wise, where you can choose which ones to pay.
Sound amazing? See for yourself how much time and hassle you can save.
|Some key features of Wise Business include:
|Read the guide on how to open a Wise Business account
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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