The $340-million deal was described as involving cash and "other consideration"
Already integrated with the QuickBooks line, TSheets reportedly has more than 35,000 customers. TSheets CEO Matt Rissell will lead the product, reporting to Alex Chriss, chief product and platform officer for the group that manages Intuit's accounting software applications.

"With this transaction, we will work together to vastly improve the customer experience and product benefits of the TSheets and QuickBooks integration," Russell said in a prepared statement.