Greenback: Sync Expenses From Top Stores and Suppliers
Greenback was born in 2015 with technology innovation leadership and an entrepreneurial spirit. Having had previous companies acquired by Twitter (NYSE: TWTR) and Amdocs (NYSE: DOX), I saw a need and wanted to help small- to medium-size businesses spend less time reconciling bank feeds. Greenback has been helping thousands of businesses by automatically fetching millions of sales and expense transactions on a daily basis with its sophisticated connected accounting platform.
Functionality and Main Features
Greenback has what we call the new bank feed. Bank and credit card statements give clients virtually no insight into what they’ve purchased and how they should categorize it. Plus, during an audit, they’ll still need to show their original receipts. Why should they manually enter data or attach receipts in QuickBooks® if they can get fully itemized transactions directly from the vendor? Greenback’s transaction feed solves that.
Some of the features that customers talk about the most are Greenback’s intelligent syncs, the automation and the fully extracted receipts:
- Intelligent Syncs generate new, enhanced transactions, prevent duplicates, and match and enhance existing transactions. The export wizard detects users’ settings in QuickBooks, including auto taxes, classes, departments and locations, making it quick and easy to map transactions. Greenback gets smarter every time they sync more data.
- Automation saves them time (populates and categorizes transactions for them), increases productivity and automates tax compliance. There’s no need to snap photos or save PDFs of their purchases. Receipts are included with the export.
- Fully Extracted Receipts are 100 percent accurate (direct from the source). Receipt data enables awesome search with a Google-like interface (e.g., find transactions paid with their Visa ending in ****1234, or a specific product they bought).
What Sets Greenback Apart
Greenback fetches itemized receipts – automatically and direct from the source (e.g., Amazon or Home Depot). We are fanatical about details that can save you and your clients time. Not all automation software is created equal. We’ve spent years perfecting the technology to protect your clients’ books. Every transaction goes through a thoughtfully engineered validation process to ensure they have 100 percent accurate financial data.
In an endeavor to “wow” customers, we listen to hundreds of suggestions and then directly incorporate their requests into the features. Customers provide feedback via emails and conversations, and they get it on their roadmap and into the product. Greenback is passionate about going above and beyond just meeting need: we aim to deliver an exceptional customer experience. By interacting with customers and even non-customers, we are inspired by what they love about the platform and what they are still looking for.
Working With QuickBooks
QuickBooks has had a huge impact on Greenback’s success. “They have helped expand our reach immensely, and we truly appreciate their enthusiasm and support," the team says. "Intuit® wants customers to get the most out of their accounting platform in order to grow and succeed, and so do we. When a customer can run their entire business with Quickbooks Online, it’s a win-win. We all want to maximize our productivity and do everything needed to be ready for tax time."
We are excited about Intuit’s future and bringing even more unique features to integrate with the QuickBooks accounting platform. We see ourselves as more than just an app. So, maybe instead of hearing “There’s an app for that,” someday customers will think, “There’s a staging platform for that,” and they mean QuickBooks + Greenback.
Who We Cater To
While Greenback helps all sorts of businesses save time and money, we’ve had remarkable traction in the construction and real estate verticals. The target market includes businesses who have more than 10-20 purchases per month from vendors, such as Amazon, Home Depot, Delta, eBay, Etsy and more. We see the value and benefit the most by realizing significant time savings and improved tax compliance with the app. Greenback simplifies its verification process in QuickBooks. Transactions are automatically matched, data is reconciled from statements and receipts are attached for customers.
Technological innovation is a critical success factor for businesses, so Greenback is always evolving. Businesses may not know what they need, but they do know what obstacles they have. They can’t ask for a feature they’ve never seen before. Greenback’s strategy is to listen, and create features and solutions for customers connected to their network.
We have always have GAAP principles in mind and think through all integrations. For example, for Amazon and Etsy sellers, we generate ancillary transactions for “netted out” fees, discounts and methods of payments that typically are unaccounted for. We want every cent to reconcile, and the only way to do that is by making sure that receipts have every detail itemized. Nobody else does that.