Libeo and QuickBooks Addressing Accounting and Payments Industries

FACTS

• Intuit, subsidiary of the US group Quickbooks, software vendor and service provider specialising in SME’s management activities, and the BtoB payment platform, Libeo, announced a strategic partnership.

• Goal: Improve billing management processes.
• QuickBooks claims more than 6 million customers worldwide, and soon gained ground on the French market. Libeo intends to establish themselves in this ecosystem using their technology meant to streamline and secure payments.
• Through this partnership, QuickBooks will be provided access to Libeo’s payment feature, enabling their users manage the entire purchasing cycle, from collecting to clearing payments.
• How it works
  • Their platforms are linked through APIs (no technical development is required).
  • The imported suppliers’ invoices added in QuickBooks and Libeo don’t require that data be filled out over again.
  • The users may trigger payments without specifying the recipients' IBANs: only specifying the supplier’s e-mail address.
  • Once the bill paid with Libeo, the transaction’s status is automatically updated in QuickBooks.
• This reduces the risk of possible human errors, including redundancies, and automates payments’ verification.

CHALLENGES

• Value proposition. Through this partnership, they feature a one-of-a-kind solution and key differentiation vector, binding QuickBooks’s expertise in accounting management and Libeo’s innovative one-click payment service.
• Optimised experience. Accountants may rely on a full service accounting and financial offer which makes room for dematerialisation and payments. They could then save time when accounting operations to focus on customer assistance and consulting activities, instead.

MARKET PERSPECTIVE

• Three months ago, Libeo announced a €2 million funding round meant to speed up their growth and boost their presence on the market. This partnership with QuickBooks highlights similar goals.
• Just like Libeo and QuickBooks, Sellsy (sales management software vendor) teamed up with GoCardless (FinTech dematerialising recurring payments). In this case, the point is to enable their customers to manage billing processes and direct debits based on just one tool.