We are thrilled to announce that Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) has joined forces with Bacchetta & Company in an exciting new partnership!
Stop Chasing Payments: QuickBooks’ Reminders Can Help You Get Paid Faster
In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven't fully utilized these features yet, it's time to revisit them and streamline your collections process.
Here’s an updated guide on how to use QuickBooks' payment reminder tools to ensure timely payments, while better managing your customer relationships.
Setting Up Customer Groups
To start leveraging QuickBooks' payment reminder feature, you must first create customer groups. Here’s how to set them up:
Access the Customer Groups Feature
Access the Customer Groups Feature
Go to the Customers menu.
Select Payment Reminders and then Manage Customer Groups.
Create a New Customer Group
Click on Create Customer Group to open a wizard that will guide you through the setup process.
Enter a name for your group (e.g., "California High Balance") and add a description if needed. Click Next.
Define Group Filters
In the Select Fields window, set the filters for your group:
Field:Select State.
Operator:Choose Equals.
Value:Select CA(or any other relevant states).
Add additional filters as needed (e.g., Open Balance greater than $500). Click Add for each filter.
Review and Finalize
The View/Select Customers window will display your filtered list. You can choose to automatically add or remove customers based on their balance status or manage it manually.
Click Finishand then OK to save your new customer group.
Your customer groups will now appear in the Manage Groups window, where you can edit, delete, or email the group as needed.
Sending Effective Payment Reminders
With your customer groups in place, you can now set up and send payment reminders to ensure timely collections:
Access Payment Reminders
Go to the Customers menu.
Click on Payment Reminders and then Schedule Payment Reminders.
Create a New Reminder Schedule
Click on Let’s get started.
Choose whether to send reminders via invoices or statements. For example, to remind customers 15 days past due, click New Schedule next to Invoice and name your schedule (e.g., "15 Days Past Due").
Define the Reminder Criteria
Under Send reminder to, select your previously created group (e.g., "All customers").
Click Next, then Next again to review your customer list.
Click Finish, then OK.
Customize Your Reminder Message
Back on the Schedule Payment Reminders screen, click+ Add Reminder.
Enter the number of days (e.g., 15) after which the reminder will be sent.
Customize the reminder email using the sample text provided. You can insert fields for personalized data by clicking Insert Field.
Finalize and Save
Review your email, check spelling, and click OK.
Save the reminder or add additional reminders as needed.
Managing and Sending Reminders
QuickBooks will notify you when payment reminders are due. To manage and dispatch these reminders:
Review and Send Reminders
Open the Customers menu.
Select Payment Reminders and then Review & Send Payment Reminders.
Check the reminders you wish to send and click Send Now.
Track and Monitor
You can monitor the status of sent reminders in your customers' invoice histories and sent mail folder.
Best Practices for Using Payment Reminders
While QuickBooks' payment reminders can be a powerful tool, it is important to use them with care – the last thing you want to do is alienate loyal clients. Follow these tips to maintain the utmost professionalism:
Avoid Overuse: Excessive reminders can annoy customers. Ensure reminders are timely and warranted.
Etiquette Matters: Customize reminders to be polite and professional to maintain positive customer relations.
Monitor Effectiveness: Track the effectiveness of your reminders and adjust schedules or messages as needed.
By integrating these tools into your QuickBooks routine, you can reduce instances of non-payment and improve your cash flow. Should you need further assistance or have questions about using QuickBooks to its fullest potential, feel free to reach out. Our team is here to help you streamline your business operations.
More About Us
Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)
Offices in Flemington, NJ and Califon, NJ
Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.
Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.
Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.
Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.
Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.
We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.
Tax & Small Business Updates
Get the latest in tax and small business updates and issues that affect your finances and growth prospects.