QuickBooks alternative for paying overseas vendors and contractors

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!

Connect QuickBooks and Wise:
Save time on reconciliation

Use Wise as a QuickBooks alternative for paying overseas vendors

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.

How to make a batch payment through Wise?

It’s easy to create a batch payment. You'll need to set up a Wise Business account first.

1. On your activity page, click Batch payments.

2. Download a batch payment template file.

3. Open the template file in a spreadsheet editor and fill in your transfer details.

4. Save your file as a .CSV (it should have .csv at the end) and upload the file to your account.

5. Review the transfers in your batch.

6. Pay for your batch.

7. 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.

Start saving time and money
today with Wise

How to make the most of the QuickBooks Multicurrency feature

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 Wise Business account, and pay them at the mid-market rate.

Bills paid on Wise will automatically be marked in QuickBooks as paid. This means you can save hours spent on account reconciliation.

Use Wise and QuickBooks together

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.

Join Wise Business today

Some key features of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Batch payment options. Fast payment of up to 1,000 people.

Read the guide on how to open a Wise Business account

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Sources

1. QuickBooks help article

2. QuickBooks website

3. QuickBooks help article

4. QB wire fee