Dive into QuickBooks Bill Pay: A Comprehensive Guide from the Experts

NOTE: This is an excerpt from Intuit's "In The Know" Webinar Series that covers new and upcoming features in QuickBooks Online. You can register for the series here. 

Introducing Carla Caldwell

In the August 2024 "In The Know" webinar, Intuit welcomed Carla Caldwell, a renowned firm leader, ProAdvisor, and trainer, to dive deep into QuickBooks Bill Pay. Although their webinars usually feature Intuit product leaders, requests from their audience for more detailed insights prompted them to bring Carla onboard. With her vast experience, she shared how she integrates QuickBooks Bill Pay into her practice.

Getting Started with QuickBooks Bill Pay

Setting up QuickBooks Bill Pay is as easy as setting up QuickBooks Payments. Users need to apply for activation, and then they can schedule payments directly within the app. Carla walked through the simple steps of selecting the bank, the vendor, and the payment method.

Subscription Plans and Split Billing

Carla explained the three subscription levels for QuickBooks Bill Pay: Basic, Premium, and Elite. Each plan offers different features, including the number of free ACH transactions and processing of 1099s. One notable feature is split billing, which allows firms to manage client subscriptions without shouldering additional costs. More Information is on this blog article

Role-Based Permissions

A critical aspect of QuickBooks Bill Pay is its role-based permissions, enhancing security and efficiency. Carla outlined the roles:

• Bill Clerk: Manages vendors and adds bills but cannot initiate payments.
• Bill Approver: Approves bills to be paid.
• Bill Payer: Initiates payments.

These roles ensure a secure and streamlined workflow.

Scheduling and Tracking Payments

QuickBooks Bill Pay allows for advanced scheduling of payments. Payments can be set up weeks in advance, ensuring no deadlines are missed. The system connects to bank accounts and verifies payment details, offering options to add memos and notify vendors. Carla also highlighted the feature where vendors can securely enter their payment information for ACH transactions. Scheduled payments can be tracked and reviewed in the Bills tab of QBO, with the option to cancel if needed.

Exploring Alternatives

While QuickBooks Bill Pay offers a robust solution for managing payments within the QuickBooks ecosystem, it's essential to consider other options that might better suit specific business needs. Platforms like Corpay One provide a comprehensive approach to managing expenses with seamless payment processes. Melio offers flexibility by allowing businesses to pay vendors with credit cards, even when vendors don't accept them directly. Relay Pro stands out with its detailed financial insights and banking platform that streamlines payments. For creative entrepreneurs, MakersHub offers tailored tools to manage invoices and payments effortlessly. Each of these alternatives brings unique features to the table, allowing businesses to choose a solution that aligns with their operational requirements. You can see a side by side comparison here

Conclusion

Carla Caldwell’s insights during the "In The Know" webinar provided invaluable guidance for accountants and firms looking to leverage QuickBooks Bill Pay. From setup and flexible subscription plans to role-based permissions and detailed tracking, QuickBooks Bill Pay enhances financial management capabilities within QuickBooks Online.