Recent news from the Post Office stated that they will be slowing down the delivery of first-class mail beginning October 1, 2021. As a result, they will be increasing the first-class mail delivery standard from one to three days to one to five days as of this date. That includes any bills your business pays by check and mail.
Did you know that QuickBooks Online now has a new, upgraded, embedded bill payment capability? This gives small business owners incredible control and flexibility over their outgoing payments. Bill Pay, powered by Melio, helps small businesses manage their cash flow by giving them more flexibility to pay bills directly from QuickBooks and choose how vendors receive payment by direct deposit or by check.
The beauty of QuickBooks is that it already helps small businesses record bills, keep their books up-to-date, and manage the accounting for their businesses; so, having fast and easy bill payment capability as part of your QuickBooks toolbox makes this software even more powerful.
- Extend cash flow: Bill Pay is free for paying with checks and bank transfers (ACH). Small businesses can also pay using their credit card, even when credit cards are not accepted by the vendor, for a minimal 2.9% tax-deductible fee, giving them the extra cash flow sometimes needed, and earn credit card rewards in the process. They can also extend float by expediting payments, so they can hold on to funds longer, but still pay vendors on time.
- No subscriptions: Neither the small business nor the vendor has to sign up or subscribe to any “service” to use Bill Pay. It’s now part of your QuickBooks toolbox!
- Run your business anywhere: Many small business owners are on the go, but they still need to be able to track and monitor payments and make transactions at a moment’s notice. Bill Pay is fully integrated with QuickBooks Online and QuickBooks Mobile. Businesses can schedule payments or pay bills across devices with just a few clicks without leaving their QuickBooks workflow.
- Save time: Bill Pay is the tool small businesses need to help reduce the time needed for logging payments.. Bill Pay can automatically capture bills and invoices to digitize the paper trail, deliver easy tracking of money sent, and allow the business owner to get back to running his/her business.
- Safe and secure: Bill Pay payments are safe, and sensitive banking details are secured. Data is transmitted using state-of-the-art cryptographic algorithms. Personal information is never saved locally on their servers.
Start using Bill Pay, powered by Melio, today and enjoy the security of on-time payments, and tremendous flexibility and control over your cash flow.
For questions and additional information, please contact Debbie Chrzanowski, CPA, Senior General Ledger Specialist at Tronconi Segarra & Associates. 716.633.1373 or dchrzanowski@tsacpa.com.
