How QuickBooks Helps You Accelerate Receivables

The QBC: QuickBooks® Client Newsletter

How QuickBooks Helps You Accelerate Receivables

Getting paid by your customers in a timely fashion is one of the biggest challenges of being a business owner. QuickBooks can help in several ways.

You’re meeting your sales goals. Keeping inventory balanced. Making sure that every billable hour gets invoiced. Taking advantage of vendor discounts. Basically, doing everything in your power to keep cash flow humming.

But you can’t control how quickly your customers pay you.

You can, though, use QuickBooks’ tools to:

  • Make it easier for customers to remit their payments,
  • Remind customers about unpaid balances, and
  • Keep a close eye on unpaid invoices.

Customer Payment ScreenFigure 1: QuickBooks lets you accept payments from customers in multiple forms. Accepting credit cards and e-checks is likely to speed up your receivables.

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Receiving Payments in QuickBooks

The QBC: QuickBooks® Client Newsletter

Receiving Payments in QuickBooks

It’s probably one of your favorite QuickBooks activities. Be sure you understand the mechanics of recording payments.

There are numerous ways to prioritize your workday. Do the most difficult things first. Get important phone calls out of the way. Respond to customer emails.

But it’s likely that one activity takes precedence when you see that it needs to be done: recording payments. While you’re probably very careful with this process, it’s critical that your actions here are accurate. If they’re not, you could either lose money that you’ve earned or anger customers by requesting payments they’ve already made. (more…)

Using Statements in QuickBooks: The Basics

The QBC: QuickBooks® Client Newsletter

Most small businesses use invoices for billing customers. But there are times when you may want to send statements instead of – or in addition to – invoices.

One of the more enjoyable parts of your job is probably sending invoices to your customers to bill for products and/or services is probably one of the more enjoyable parts of your job – second only to recording payments received. Thanks to the company file you’ve built in QuickBooks, creating invoices is generally a very simple process that requires no duplicate data entry.

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Figure 1: You probably use QuickBooks’ invoice forms frequently, so you know how much easier it is to fill them out than to create paper bills.

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5 Ways to Accelerate Your Receivables in QuickBooks

The QBC: QuickBooks® Client Newsletter

Increasing your income is good. But even if you can’t, you can still take steps to collect the money you’re already owed faster. Here are five.

Let customers pay invoices electronically

Let customers pay invoices electronically

If you asked five small business owners to name the top three roadblocks they face in their quest for ongoing profitability, it’s likely that all five would point to slow payments.

It’s everyone’s problem. Accounts receivable requires constant monitoring. As satisfying as it can be to dispatch a group of invoices, you know that it’s going to take some work to bring in payment for at least some of them.

For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Receiving Payments from Customers in QuickBooks

The QBC: QuickBooks® Client Newsletter

Depending on the situation, there’s more than one way to record a payment in QuickBooks.

Cashier Accepting Credit Card

There are undoubtedly some QuickBooks tasks that are more enjoyable than others. It’s no fun paying bills, for example, and making collection calls on unpaid invoices can be downright unpleasant.

But you probably don’t mind recording payments after all of your hard work creating products or providing services, sending invoices or statements, and generating reports to make sure you’re on top of it all.

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For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.