QuickBooks online for contractors: how to keep bills and late fees under control stress-free
We all know how essential it is to ensure that bills are paid on time to avoid late fees and potential damage to your reputation. However, keeping track of bills and payments can be a complex and time-consuming task, especially if you have multiple clients and projects.
One way to streamline this process and ensure that bills are paid on time is by using QuickBooks Online. Here's how contractors can use QuickBooks Online to make sure bills are paid on time:
You can set up bill reminders
QuickBooks allows you to set up reminders for upcoming bills, so you don't forget to pay them on time. You can set reminders for specific dates or a certain number of days before the due date, and you'll receive an email notification when the reminder is triggered.
Record bills and payments
QuickBooks allows you to track bills and payments in one place, making it easy to see what bills are outstanding and what payments have been made. You can also mark bills as paid or unpaid, helping you keep track of your progress.
Use the calendar view to look at the bigger picture
QuickBooks has a calendar view that shows you a visual representation of your bills and payments. This can help you see at a glance what bills are coming up and when they need to be paid.
Set up automatic payments.
If you have bills that are paid on a regular basis, you can set up automatic payments in QuickBooks. This allows you to schedule payments in advance, ensuring that bills are paid on time without you having to remember to do it manually.
Monitor cash flow
By tracking your income and expenses in QuickBooks, you can get a clear picture of your cash flow and ensure that you have enough funds available to pay bills on time. You can also use the cash flow forecast feature to see a projection of your future cash flow and plan accordingly.
In the end, QuickBooks Online can be a useful tool for contractors who want to make sure they pay their bills on time and avoid late fees. By setting up bill reminders, recording bills and payments, using the calendar view, setting up automatic payments, and monitoring cash flow, you can better manage your finances and keep your business running smoothly.