As many people may know, Tsheets was acquired by Intuit, and rebranded as well. This transaction has caused many users to be confused, as to where the product stands in the new company, and whether or not changes have been made. Before diving into what happened to TSheets, let’s first understand a little more on what TSheets is!
What is TSheets?
TSheets is the leading platform that accountants, small and medium businesses use for time- tracking and employee scheduling since 2006. You can use this service on both your web browser or mobile phones. In 2008, TSheets released a native employee time tracking app for the iPhone. After a few years, they initiated an integration with accounting and payroll software – QuickBooks.
What happened to TSheets?
In 2017, Intuit released an announcement regarding the acquisition of TSheets, and rebranded it to Quickbooks Time this year. Intuit, the parent company of Quickbooks, is an American business and financial software company that dwelves in financial and accounting related services for clients. This transaction was valued at approximately $340 million and the deal carried out as of 2018.
So why did Intuit decide to acquire TSheets? Prior to this, Intuit had an existing integration of TSheets and Quickbooks, an accounting software package developed and marketed by Intuit, with many satisfied customers using the service. In addition, the target markets for both services overlap greatly, being small to medium businesses. The aim of the acquisition was to allow both platforms to work more seamlessly together, along with Intuit’s other platforms that provide invoicing and payroll.
Another reason for it was to increase user data into its platform. Intuit has been developing artificial intelligence and machine learning in products such as Quickbooks with customer’s data.
It’s been established that their goal was not to target new customers, but what does this acquisition mean for new and existing customers?
The acquisition did not bring about changes to the core product functionality or the overall customer experience. Instead, Intuit, Quickbooks’ parent company had only decided to rebrand the solution. Also, it goes without saying that Quickbooks Time would still continue their integration with Quickbooks.
You’re in luck if Quickbooks is your payroll or invoicing solution. Due to the integration, Quickbooks and Tsheets will have even tighter integrations, which simplifies your time tracking, invoicing and even more!
However, it is important to note that Intuit’s primary focus is on finance and payroll, not time tracking. Tsheets’s priority was time tracking, but after this, it serves more of a side product of a larger platform. More resources would be devoted to payroll and finance, which suggests that Quickbooks Time could potentially be affected negatively.
TSheets was acquired by Intuit in 2018. Since then, TSheets have been rebranded to QuickBooks Time. They still have an ongoing integration with QuickBooks, where Intuit acts as their parent company. The acquisition did not change TSheet’s features; it was merely for both softwares to work together more seamlessly.
Cover picture sourced from Unsplashed.com
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