Maintaining a healthy cash flow is essential for any business but using manual accounts payable processes—which is time-consuming and error-prone—can potentially cause irreparable damage to vendor and partner relationships.
Intuit is looking to tackle this very issue, in addition to other cash flow management challenges with QuickBooks Bill Pay. The new solution leverages automation to help businesses create bills and choose how to pay vendors and contractors.
“Across the QuickBooks platform, we’re revolutionizing 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, in a prepared statement.
“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,” he added.
The Continued Shift to Digital
Accounts receivable and accounts payable processes are increasingly becoming more digital, and much of this can be attributed to the pandemic.
Businesses want to send and receive payments faster, safer, and in a way that ensures accurate record-keeping. Checks are soon becoming an antiquated method of payment for many companies as this particular form of payment is slower, costlier, and more prone to fraud.
The automation of accounts receivable (AR) also deserves mention as doing so can help businesses boost their cash flow, save money, and is better for the environment. By shifting towards digitization, businesses can leverage both artificial intelligence and machine learning to detect critical patterns, offering valuable insights to enhance their operations in many ways.
One example is that businesses can determine which segment of their customers tends to pay quicker, offering additional insights that can help them craft specific marketing campaigns to target these specific customers.
