Written By: Anthony Norberg
In the fast-paced world of accounting, efficiency is key. At Porte Brown, we understand the importance of streamlined processes and the role they play in successful financial management. That’s why our QuickBooks team is excited to introduce you to the QuickBooks Bill Pay service, a feature designed to make bill payments smoother and more manageable.
QuickBooks Bill Pay is a feature that allows users to pay their bills directly within the QuickBooks platform. This service offers three subscription levels, each with its own set of features and benefits.
For businesses just starting out with QuickBooks Bill Pay, the Basic Plan is a great option. At no monthly cost, this plan offers five free ACH payments, automated bill creation, auto-match transactions, and includes additional users. Transaction fees apply for additional ACH payments ($0.50 each), faster ACH payments ($10 each), and check payments ($1.50 each).
The Premium Plan, priced at $15 per month, is designed for businesses with a higher volume of transactions. It offers 40 free ACH payments per month, automated bill creation, auto-match transactions, unlimited 1099 filing, and includes additional users. Transaction fees are the same as the Basic Plan.
For businesses seeking the most comprehensive solution, the Elite Plan, priced at $90 per month, offers no-fee ACH payments, automated bill creation, auto-match transactions, unlimited 1099 filing, roles and permissions settings, and bill approval workflows. Transaction fees are the same as the other plans.
Setting up QuickBooks Bill Pay is a straightforward process. First, sign up for a QuickBooks Online (QBO) subscription. Then, sign up for a QBO Bill Pay plan within QuickBooks. You’ll need to fill out a quick form with your business and personal information. QuickBooks will then send two small test deposits to your bank account to verify it.
With Bills Approval Workflows in place, when a non-admin User creates a Vendor Bill, QBO-Advanced checks if it meets the conditions of the Bill Approval template. If it does, the Bill's status becomes "Needs approval". Until it's approved, non-admins can't transmit bills to vendors. Once the bill has been approved and it is sent it will be processed in 24 hours. There are however extra fees for individuals who want faster ACH payments.
Once you’re set up, using QuickBooks Bill Pay is simple. When you’re ready to pay a bill, the system will guide you through confirming the account from which you want to send the payment, confirming the recipient of the payment, and scheduling the payment. You can even leave a note for the vendor. To view your Bill Pay payments, go to the Expenses tab, click on the Bills tab, and then click on “Show Bill Pay Payments.”
In the dynamic world of accounting, QuickBooks Bill Pay stands as a testament to the power of efficient financial management. It’s not just a tool, but a partner that works with you to streamline your bill payments, giving you more time to focus on what truly matters - growing your business.
Get in touch today and find out how we can help you meet your objectives.
