The e-invoicing network, Tradeshift, has linked up with QuickBooks’ five million users of its accounting and payments products to form a partnership that gives the nascent network truly global scale. The enlarged audience for the e-invoicing and trading network could mean that corporate treasurers, financiers, factoring firms and other players in the financial supply chain could soon have an international network over which to run electronic e-invoicing, invoice trading and other associated services, potentially cutting costs and delays.
Tradeshift has connected 150,000 businesses so far in its short life, but will grow considerably with its new investor and partner Intuit helping out. According to the firms, the planned integration of Intuit’s accounting and payments products with Tradeshift’s electronic trading network will streamline commerce between Intuit’s large small-to-medium sized enterprises (SMEs – primarily in the US) and the participants on the electronic trading network.
SMEs using QuickBooks should find it easier and less time consuming to comply with their customers’ e-invoicing mandates, following the link-up. Large enterprises will find that more of their suppliers will be willing to participate due to the reduced cost and friction enabled by the planned integrations and upgrade in scale.
“At Tradeshift we understand the future of business will rely upon open connectivity between companies,” said the firm’s chief executive officer (CEO), Christian Lanng. “At the heart of this understanding is realising companies of all sizes must be provided a level playing field where they have access to the tools needed to operate efficiently and effectively in a digital world.
“Partnering with Intuit will create one of the largest global networks of suppliers the business world has ever witnessed and is an enormous leap forward in achieving our goal of connecting every company on the planet on one, shared, open network,” continued Lanng.
According to Eric Dunn, senior vice president of Intuit’s commerce network solutions group, “Connecting Intuit’s small businesses to enterprises via the Tradeshift network addresses a very important pain point for many of our customers.”
It is only when scale is achieved that many technology and online network businesses, such as LinkedIn for instance, can truly flourish. With this latest deal between Tradeshift and Intuit, the e-invoicing and trading arena may just have got a similarly global and growing network.