Managing bill payments can often be more challenging than it needs to be due to a variety of factors, ranging from late payments to disparate solutions. Looking to simplify management, Inuit Inc. the global fintech, has integrated a new solution that transforms bill pay for businesses and delivers accounts payable (AP) automation into Inuit QuickBooks.
The solution, called QuickBooks Bill Pay ensures cash flow remains problem-free by tackling payments management at its core. The solution, coming from the minds that created Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, tracks and pays bills and is integrated within the QuickBooks platform.
QuickBooks has a suite of powerful financial and accounting tools, delivering unparalleled benefits of simplicity, speed, and accuracy that can help businesses manage their money more effectively. With QuickBooks’ integrated AP automation capabilities, small businesses save valuable time with manual entry reduced by 48 per cent.
“Across the QuickBooks platform, we’re revolutionising money movement to improve the number-one problem small businesses face – cash flow – which impacts their success rates,” said David Talach, senior vice president of the QuickBooks Money Platform at Intuit.
“QuickBooks Bill Pay is a key addition to our ecosystem as we aim to deliver a singular, end-to-end financial solution for small businesses to manage their money. Integrating Bill Pay with our other money offerings enables our customers to leverage game-changing automation capabilities and have the visibility and clarity they need when it comes to their finances.”
Perks of the platform
QuickBooks Bill Pay provides small and mid-sized businesses with automation, digitised record-keeping, seamless payments, and advanced controls with roles and permissions for their team. This is in addition to simplified vendor and contractor management. Businesses can:
- Create bills automatically: Import vendor invoices and QuickBooks will automatically create a bill. All businesses have to do is review and save.
- Assign ownership roles to employees: QuickBooks Bill Pay Elite customers can share roles and permissions to decide who can create, approve, and pay bills. Setting rules helps to customise the bill approval process and automate work, while limiting access to other QuickBooks functionality.
- Effortlessly organise their books: When paying vendors and contractors through QuickBooks, the transaction will automatically be recorded and matched for the business in their books using QuickBooks integrated AP automation capabilities.
- Go paperless and stay tax-ready: Keep digital records of bills and payments in one place, rather than across multiple platforms, spreadsheets, or folders.
- Choose how to pay vendors or contractors: Send electronic payments or paper checks with the help of QuickBooks. Even if your vendor prefers paper checks, you don’t have to spend extra time issuing and mailing them.
- Stay on top of 1099s: With vendor information in one place, businesses can see everyone who needs a 1099 at a glance, allowing them to stay compliant. With QuickBooks Bill Pay Premium or Elite, businesses can also file unlimited 1099s for no additional fee.
Enhancing other services
QuickBooks Bill Pay also enhances the Intuit QuickBooks Business Network, a business-to-business (B2B) network aimed at accelerating and automating B2B payments and improving overall cash flow.
Now, when a small business sends a payment through QuickBooks Bill Pay, vendors who are not part of the QuickBooks Business Network will receive an invite to join. If they choose to sign up, the vendor can save their payment details securely to their network profile for future payments, saving time and reducing errors often associated with manual entry and eliminating the need to share this information with multiple parties. Once part of the network, vendors can also track the status of their incoming QuickBooks Bill Pay payments.
QuickBooks Bill Pay has a plan to meet the needs of businesses of any size. Eligible QuickBooks Online customers in the US can choose between three flexible QuickBooks Bill Pay pricing plans, all of which include expert support.
The QuickBooks Bill Pay Basic plan, which has no subscription fee, includes five free standard ACH payments per month. Furthermore, it has two additional paid plan options (Premium or Elite) that provide small businesses with extra perks. These includes additional standard ACH payments per month, custom bill approval workflows, unlimited 1099s issued to contractors or vendors, and predefined roles and permissions to empower a small business’s team.