Streamlining Payroll with Franklin and Quickbooks Online
Mar 31, 2023
At Franklin, we make managing payroll simple, secure, and compliant for both cash and crypto use cases. One of the most common requests we get from customers is if they can integrate their payments and payroll runs with their accounting software. Today we’re excited to announce the integration of Franklin’s payroll platform with QuickBooks Online. By combining the power of our payroll software with QuickBooks’ accounting capabilities, we’ve created a seamless solution for managing your finances and your workers’ pay.
What Our Integration Does
With our QuickBooks integration you have the ability to easily track all of your payroll expenses, including a breakdown of taxes and deductions, directly in your QuickBooks instance. You can configure the integration to automatically sync and record payroll transactions after every payroll run, or just manually sync them yourself with the click of a button. We’ll include the date, amount, and description for every transaction synced. Crypto transactions are automatically converted to USD.
Finally, you can easily customize your Chart of Account mappings to work with the accounts that you’re already using in QuickBooks. Our integration fits into your workflow; you don’t need to change anything in the accounting system.
How to Integrate
Ensure you have all of the proper asset accounts set up in your QuickBooks instance. Note: if you are paying people in crypto, you’ll need to add your Treasury Smart Contract Address as an asset account (similarly to how you have a bank account as an Asset account).
Navigate to the Reports section in Franklin and select “Connect to QuickBooks”.
Log in to QuickBooks
Link your Chart of Accounts
Technical Considerations
Underneath the scenes, we are using Intuit’s own OAuth library and a well supported QuickBooks client. All tokens we use to access the system are encrypted at rest, and we never use our token to access any of your data that isn’t required for syncing. Secure payroll is front and center at Franklin, and that philosophy extends to all of our third party integrations. The only QuickBooks data we store is a reference to our transactions’ journal entry id, in case you need to re-sync or make adjustments to those transactions.
Conclusion
By integrating our payroll product with QuickBooks, we’ve created a comprehensive solution for managing your finances and your workers’ pay. With streamlined payroll and tax processes, you can save time, reduce the risk of errors, and have clear visibility into all your payroll accounting. Check out Franklin to see how else we can help streamline all your payroll needs!
