QuickBooks makes accounting a lot easier in businesses but collecting on unpaid invoices tends to be difficult no matter what. There is only so much QuickBooks collections can do before it is on you to contact customers and demand payment. Improving your collections strategy can improve your cash flow and, ultimately, help you grow your business. There a few ways that you can change your collections strategy in QuickBooks.
When it comes to establishing a QuickBooks collections strategy, there are certain invoices you may want to focus on most. Whether that is collecting on those that are the latest on payment or those that owe the most, the key is to knowing when it’s time to call these customers. In QuickBooks, this can take up a good chunk of your time searching through aging reports. Once found, you will have to set up a reminder. By using automation in QuickBooks collections, you can make this process faster and easier. Once the invoice goes past a certain amount of days due, you will automatically be alerted. You can prioritize which actions you need to take first without having to go on the hunt, instead you are able to get to work as soon as you log in.
ONLINE BILL PAY
Allowing customers to pay their bills online is one of the easiest ways to speed up payment. Instead of waiting for a check in the mail, a fax or having to take their card information over the phone, the customer can be reminded to take the action and given a link to do it immediately. Improving your QuickBooks collections function by adding a software that makes online bill pay possible greatly improves your collections strategy.
One of the most important aspects of a QuickBooks collections strategy is communicating with customers. If you were to leave it up to your customers to pay on their due date with no follow ups, you would never get paid. It’s crucial to communicate regularly via email or the phone with invoice receipt confirmation, payment reminders and overdue notices. Logging all of these emails and phone calls to remind yourself where you have left off with these customers ensures better service and faster payment. This can easily be done with a QuickBooks collections application.
There are tons of software options out there to improve collection processes, but can they integrate seamlessly to QuickBooks? Finding an application that was built to make your QuickBooks experience easier is key. This ensures that all of the information stored in QuickBooks already can be transferred to the QuickBooks collections software you choose.
If QuickBooks is making your life easier with accounting, make QuickBooks collections even better. Being able to automate the process, allow customers to pay online and communicate with customers faster makes the accounts receivable process less frustrating. Being able to integrate all of those functions to QuickBooks collections processes is even better.