If you're a business owner who utilizes Quickbooks Online (QBO), it has probably made your bookkeeping much more convenient. You can collaborate with other users, create backups and automatically send out reports. An added bonus is Quickbooks Online integration accounting. This allows you to connect with other services that can help you streamline your business.
One of those services that integrate with Quickbooks is Bill.com. It provides an efficient way for your business to pay bills online and get paid. When using both services, you can sync invoices, customers, vendors, and accounts.
The Bill.com dashboard allows you to easily keep track of your bills and payments with these five categories:
- Bills to pay
- Payments out
- Bills to approve
- Open invoices
- Payments in
Here are six tips that you can use to make your Accounts Receivable and Accounts Payable processes even faster:
Easily Enter Invoices
With the capability of Quickbooks Online integration accounting, invoices can be entered by having vendors send them to your email or by using a drag-and-drop function to quickly take them from your desktop and place them in the Bill.com software program. If you receive an invoice through the mail, you can easily snap a photo of it with the Bill.com mobile app and enter it into the system.
Optimize Approval Flow For Paying Bills
Integrating Bill.com with Quickbooks Online also allows you to quickly add a new approver so that bills can be paid when they are ready to go. This can be done in the "Bill Details" area by adding an approver's email address. You can also add "Notes" directly to a bill. Payment can be made electronically through Bill.com. If you have an international vendor that you need to pay, you can do that through the system too, which is much more cost effective than utilizing a bank. After paying your bills, the data in Bill.com syncs with QBO. This helps you keep more accurate books, avoid double data entry and reconcile faster.
Avoid Paying Costly Fees On Incoming Payments
PayPal is an excellent platform if you are a consumer who is receiving payments. However, it can become costly if you are using it for your business. Invoicing and online payments cost a fee of 2.9 percent, which also includes a $.30 charge for each transaction that's made. If you're using this platform for your business invoicing and payments, you can see how quickly fees can add up. For example, if you have a $5000 monthly payment, you'll end up paying $146.50 just in fees.
Instead of using a platform like PayPal, you can utilize an ePayment completed by using an Automated Clearing House network, which is similar to the same mechanism that allows an employer to pay an employee with a direct deposit transaction. This is considerably lower in cost at only $.49 per ACH payment. It's also as much as three times faster than using a service like PayPal.
Automate Your Accounts Receivable
Another tip that you can use to streamline your accounting process is by using the feature on Bill.com that allows you to automate recurring invoices that you send out. This is done in the Bill.com dashboard, which allows you to see which invoices have been sent out automatically. You can sync the data so that all of your reconciling is done in QBO.
Automatically Send Out Payment Reminders
Bill.com also allows you to easily send out late payment reminders. You can perform this task in your "Bills" section and have it done automatically if a payment is not received by its due date. This frees up time for you to work on other activities that are important for your business.
Send Checks Faster
If you are currently having to take the time to send out checks to vendors, you'll be able to accomplish this faster by utilizing the check payment option in Bill.com. By using the eCheck option on Bill.com, your funds are transferred directly from your bank to the bank of your vendor. This alleviates the possibility of lost or stolen checks as well as preparing envelopes and having to manually send them out, and the QuickBooks Online integration accounting functionality will ensure that you avoid double data entry.
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