Financial software giant Intuit has announced plans to acquire TSheets, the company behind the eponymous time-tracking and employee scheduling app, in an all-cash deal valued at around $340 million.

Founded out of Idaho in 2006, TSheets’ cross-platform app enables employees to clock in and out of a shift using their own mobile devices, with GPS serving to confirm an employee’s location. It also allows managers and admins to schedule employee shifts, with changes showing up for everyone in real time.

Above: TSheets

Palo Alto-based Intuit is among the more recognizable brands in the finance software sphere. Among the most popular tools is accounting software QuickBooks, which TSheets has integrated with since 2012 through the QuickBooks app store. Last year, Intuit and TSheets announced a deeper integration of their respective software, with QuickBooks customers now able to leverage TSheets to manage their employees’ scheduling and time-tracking without leaving QuickBooks.

Tighter integrations

This acquisition makes a great deal of sense. According to Intuit, 12,000 businesses are already using both QuickBooks and TSheets, and bringing TSheets in-house will help Intuit create tighter alignments between the software.

“With TSheets as part of Intuit, we have a tremendous opportunity to provide millions of small businesses and self-employed [users] a smarter, simplified way to quickly and accurately track their time, send invoices, run payroll, and understand profitability by project,” said Alex Chriss, SVP and chief product officer for Intuit’s small business arm. “This acquisition…

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