Business accounting is a process. As with any process, it’s important to streamline things so that you are confident the process is running efficiently. Using third-party payment providers with QuickBooks Online is a great way to streamline your accounting process.
In today’s episode, Bernard Roesch shares the pros and cons of using a third-party payment system with QuickBooks Online.
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What is a Payment Provider?
A payment provider enables you to pay outside vendors directly from QuickBooks. Intuit does not currently offer an accounts payable payment provider, but you can use third-party payment providers that integrate with QuickBooks Online. Using a third-party payment provider enables you to easily send an electronic payment to a vendor. Even if the vendor is not already set up for electronic payments, you can use the third-party payment provider to send to them payment without having to mail a check. This makes your accounts payable process much more efficient.
Benefits of Integrating Your Payment Process into QuickBooks Online
Keeping your entire accounting process centralized is helpful. By integrating your accounts payable process into QuickBooks Online, using a third-party payment provider, you can keep track of bills and payments with your vendors. When a vendor sends you a bill, you can log that bill. You can track when the payment is due, and send the payment using the third-party payment provider. Because this is integrated within QuickBooks, you are able to ensure your QuickBooks data is updated regarding the payment you sent.
Downsides of Using Third-party Payment Systems
Although integrating third-party payment systems into QuickBooks Online can streamline your accounting process, there are a number of downsides to be aware of and address as part of the process. First, you have to integrate the payment system into QuickBooks. Because QuickBooks Online doesn’t offer a native payment system at this time, the integration process is something you have to set up. Typically, these processes are fairly simple, but depending on the payment system you choose, there may be a few complex parts of the integration process where you need a consultant to guide you. Also, moving data between systems can sometimes be complex. While third-party payment systems are supposed to integrate nicely within QuickBooks, there are certain situations where you may need to migrate data from QuickBooks to the payment system, at least during the setup process. When these payment systems work, they are a great addition to your accounting workflow. But as with any third-party integration, complexities can cause confusion if they occur.
Need Help Setting Up a Payment Provider?
If you need help configuring a third-party payment provider with QuickBooks Online, contact Bernard today.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.