Intuit Inc., the venerable provider of cloud accounting tools for companies and individuals, today announced that it has agreed to acquire partner TSheets.com LLC in a $340 million deal.

Eagle, Idaho-based TSheets offers a software-as-a-service platform for managing employees’ work hours. It has two main components each designed to handle a different aspect of the task. The most important is a cross-device app that enables a company’s personnel to punch in and out for shifts, as well as receive notifications for important events.

A manager can configure the client to alert employees at key points during a work day such when their break starts or if they’re about to go into overtime. Supervisors also have access to a scheduling interface for allocating shifts, which is the second major component of TSheets’ platform.

The service provides the ability to assign work via a shared timesheet and see who has punched in at any given time via a real-time tracking feature. If a deeper view is needed, a firm can collect location data via the TSheets app to see how workers are spread out throughout its various sites.

Intuit said more than 12,000 companies already use the time management service together with its QuickBooks accounting platform. The provider plans to build on the current integration between the products to let customers track employee shifts from the same place they handle payroll, expenses and related tasks.

Intuit expects to wrap up the acquisition in the second quarter of its 2018 fiscal year. Matt Rissell, the founder and chief executive officer of TSheets, will stay at the helm after the transaction completes.

The deal marks the second time in a month that Intuit has expanded into a new segment. In November, the company entered the lending market with a service called QuickBooks Capital that offers access to short-term business loans and uses machine learning to determine a firm’s creditworthiness.

Image: Intuit