Managing cash flow is an important part of being a business owner because it will help in making timely business decisions. This skill allows you to have the necessary financial resources for purchases, and expenses. Additionally, it will give you useful knowledge for budgeting. QuickBooks Online is here to help.
Managing your cash flow means understanding where your money is coming from and where it is going. QuickBooks Online helps by offering you ways to receive payments faster on your outstanding invoices. Let’s look at some of the ways this online accounting software platform can improve managing your cash flow.
The Benefits of Digital Payments
Offering an online payment option to your customers is one way to receive payments quicker. By using QBO, you can easily offer your customers online payment options. This makes the process more convenient which results in them paying you quicker.
To use the digital payment feature in QuickBooks Online, you will need to open a “Merchant account” with your bank. A Merchant Account will connect you to the financial institutions of your customers. This will allow you to process card payments and wire transactions.
You can integrate your electronic payments into your QuickBooks Online program. Resulting in a simplified and more efficient accounting process for your company.
Staying Informed with Reporting
Making decisions for your company can be difficult. Having all of the relevant data for an informed decision can be hard to find. With QuickBooks Online Reports, you have an overview of your business. These reports show data for any given point or period of time. They give financial insight to help you make needed decisions for your business.
Accounts Receivable Reports
QuickBooks Online offers a wide selection of reports. Accounts Receivable reports show you what your customers owe you. Allowing you to stay on top when payments are due, so you can ensure timely payments by your customers.
QuickBooks Online will let you customize your reports so you will see just the information you are looking for. Therefore, you can filter your reports so you the specific data, date or date range you are looking for. With QBO reports you will get the information you need in a matter of minutes. In addition, all reports are accessible on the QuickBooks Mobile app.
By tracking what customers owe you money, and when it is due with accounts receivable reports, you will better understand your company’s cash flows.
Sending Payment Reminders in QuickBooks Online
Payment reminders for outstanding invoices is a helpful way to ensure timely payment by your customers. Customers may forget about an invoice for various reasons and a reminder is a way to guarantee they recognize there is still an outstanding balance with your company.
QuickBooks Online allows for the automated and manual generation of reminder notices. Many times, a gentle reminder is all customers need to prompt them to make payments.
Need Help with QuickBooks Online? Contact Us!
QuickBooks Online is an efficient tool for small business owners. Because of its ability to create invoices, link payments and track accounts receivables in several reports, you can stay on top of outstanding balances. If you have an interest in furthering your knowledge of this accounting software, and how it can benefit your business, do not hesitate to reach out to us. We are happy to answer your questions. The Barklee Institute can also help you setup a QuickBooks Online account, visit: QBO Services – The Barklee Institute to learn more!