Streamlining your accounting workflow is key to keeping your data up to date. By having a simple process, you can be confident that you and your team will use the process and will, therefore, have your information accurate and up to date. Receiving payments is one of the most important parts of accounting. There are plenty of opportunities to streamline the receiving of payments within QuickBooks. In this episode of MissionBusinessPodcast.com, Bernard Roesch shares features of QuickBooks you can use to streamline the process of receiving payments for invoices.
If you have any questions about this podcast episode, please feel free to contact us.
The Usual Payment Process
Most businesses have an invoicing and payment process that follows the steps listed below.
- First they send an invoice, then the client mails a check, the business receives the check, the business deposits the check, and then that deposit is recorded within QuickBooks.
- This keeps your invoices up to date as paid or not and keeps your bank balance accurate after making deposits. However, this can be time consuming and inefficient.
Streamlining The Payment Process
Using simple features within QuickBooks, you can significantly streamline and automate the receiving of payments.
- First, you can send an invoice that contains an electronic payment link.
- The client can click this link to complete the payment directly from their computer.
- The client inputs their bank information in a secure way that is not stored or viewable to you. It is all managed within QuickBooks at the Intuit level.
- The payment is sent from their bank account to your bank account without ever exposing their banking information to you.
- This enables the client to pay you quickly and for you to receive payment without any manual effort from you.
Streamlining The Payment Bookkeeping Process
Since the payments are done through QuickBooks, the logging of those payments within QuickBooks can be automated.
- QuickBooks knows that the payment is for the invoice you sent to the client based on tracking that is in the link they use for payment.
- QuickBooks marks the invoices “Paid” and also tracks when payments are funded by the bank and deposited into your account.
- By using this feature of QuickBooks, not only have you streamlined how your clients pay you, but you have also automated much of the bookkeeping routine around receiving payments.
If you’re currently using mailed physical checks and making deposit errands, this is something you can significantly streamline within QuickBooks. Contact Bernard today to set up your automated process for receiving payments.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.