Although QuickBooks may do a fantastic job at managing your businesses accounting needs, it may not be making your life any easier with accounts receivable. The software isn’t made to streamline or automate the accounts receivable process, so sometimes it takes a little extra work. Usually accounts receivable issues stem from poor management, which can be solved with these 4 QuickBooks accounts receivable tips.
- Remove Payment Barriers
This is one of the most crucial aspects of QuickBooks accounts receivable. The more difficult you make it for customers to pay you, the longer it will take, or not at all. Make sure the invoice contains every bit of information the customer will need to pay you, including purchase orders and a return address for payment. Give the customer an option to pay quickly and immediately online. It will take much longer to receive a check via snail mail than it will for them to click a link and enter their information
- Invoice Quickly
If you wait too long to send an invoice to the customer, you are showing them that you don’t care about getting paid late. This opens the door to late payments. Make sure that you are sending the invoice to customers as soon as they receive your product or service.
To succeed in QuickBooks accounts receivable, you need to keep in constant communication with your customers. Call and confirm that your customer received the invoice to be sure it was sent to the right address or didn’t get caught in a spam folder. If the invoice goes overdue, check in again to find out why. The more you contact them, the better a relationship you will have and the less likely they will be willing to pay you late.
- Add QuickBooks accounts receivable software
QuickBook accounts receivable functions aren’t the best, which is why adding an accounts receivable software will make the process faster and easier. QuickBooks accounts receivable software can automate sending invoices and allow you to keep track of all customer communications.
Since QuickBooks accounts receivable functions aren’t very strong, you have to be sure you are keeping track of them well to get paid on time. Keeping in constant contact with the customer, sending invoices on time and with the correct information is the first step. Adding a QuickBooks accounts receivable software will make your life easier and streamline processes.