By Adelle Chong
As many people may know, Intuit acquired TSheets and rebranded them as well. Many users are left confused about the rebranding 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. Let’s learn a little more about TSheets before diving into what happened to them!
What is TSheets?
Many accountants, small and medium businesses use TSheets for their time- tracking and employee scheduling, since 2006. This service is accessible on both web browser and mobiles. 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, an announcement regarding the acquisition of TSheets was released by Intuit, and TSheets was then rebranded to Quickbooks Time this year. Intuit, the parent company of Quickbooks, is an American business and financial software company that dabbles 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 was managing an integration of TSheets and Quickbooks, an accounting software package developed and marketed by Intuit, with many satisfied customers enjoying this merge. Additionally, the target markets for both services seemed to have a large overlap, being small to medium businesses. The goal 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 so that Intuit could to increase user data into its platform. Intuit has been developing and incorporating artificial intelligence and machine learning in products such as Quickbooks with customer’s data to improve their services. With this acquisition, they would be able to gain more of important 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?
Intuit, Quickbooks’ parent company decided to not make major changes to the core product functionality or the overall customer experience. Instead, they only decided to rebrand the solution. Also, it goes without saying that Quickbooks Time would still continue their integration with Quickbooks, because of how successful it was going all along.
You’re in luck if Quickbooks is your payroll or invoicing solution. Due to the acquisition, 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 not time tracking, rather on finance. TSheets prioritised time tracking functions, 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. QuickBooks Time is still integrated with QuickBooks, just like before. QuickBooks Time will still have the same features as TSheets as the acquisition was to allow a more frictionless collaboration between the two platforms.
Cover imaged sourced from unplashed.com
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