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Overdue invoice reminder template for small businesses

[Music] hey I'm Jaclyn and welcome to in the know this is our weekly video show designed to keep you up to date on the most exciting Innovations across the QuickBooks ecosystem today we're diving into the world of payments we heard that QuickBooks Online customers want to send a single email reminder to payers for their open balance instead of having to send one email per unpaid balance which adds up to multiple email EMS thanks to your feedback you can now send a single email reminder for all open invoice balances owed to you by a given payer and now for the fastbacks this feature is available to QuickBooks Online users with payment options to access it visit the sales tab head to customer then click the drop down to send a reminder it's available as of May 2024 globally if you finded this update interesting or help go ahead and like subscribe and hit the Bell to get notified all right let me introduce you to ammer who is The Talented product manager behind this exciting update ammer welcome thank you jacine so much for having me and I'm super super excited to hop right on with payment reminders today when I send an email reminder I'm sending 10 different invoices with their email reminders and my customer is getting 10 different emails so we heard that we know this is a problem and so what we did was that we we now allow you to consolidate all of these open balance for a given customer with a single email if you just click on the sales tab in the left navigation so just locate the sales tab then here you'll see customers so just go ahead and click on the customers then here you'll be able to see all of the open balance for any of your given customers so let's go ahead and select this one customer with about 341,000 in open balance right this is quite a lot we'll hit that drop down send reminder and boom this is a completely new experience um you'll notice two things on the left side it's something very familiar to sending an invoice email subject to from all of that but on the right side now you'll see that the the entire open balance for a given customer it's right there along with all of the invoices that they can pay directly this is a brand new experience at least on the reminder end and that's one of the access points to find it let me quickly show you the next access point so there's two ways we know our our our customers also uh do this from the individual customer detail page right so I can click on the customer and then once I click on that individual customer I can head up all the way up to that new transaction button and once I click that I see something called send grouped reminder right and and once I click on that this is also going to send you to that same experience for that customer so again two different access points making it very simple for you and then you might also be wondering what does the payer see this is really important right uh from the payer side so the payer what they do is they get an email uh of that preview that you just saw and they can individually pay each of the invoices again from a singular place so if they click on an invoice they get to this page um where where they can type in their credit card information and let's see we'll go down and they can just pay and once they hit pay now it it it will be complete and that was the payment reminders experience uh thank you so much jacqulyn this has been amazing we're super excited to launch this out to everyone and um yeah until next time ammer thank you so much for being on the show we'll turn now to Pro advisors Nao Carter gray and Kenji kuramoto for them to weigh in Kenji and Nao thank you so much for being with us on the show and for joining us on this episode of in the know where we've been discussing payment reminders so na let me start with you how does this new update help your clients collect their receivables faster first off thanks for having me I'm super excited to be here this new features is awesome like we never really knew we needed it until it got released uh so you know I'm one of those people who encourages my clients to make sure you're collecting on your accounts receivable but every once in a while there will be an invoice or two that falls through the cracks now with this new feature clients will be able to send multiple invoices in one reminder which I think is super helpful um just for um transparency sake because say a client does absolutely forget to pay an invoice they went on vacation you know might be graduation season they're out of the office and then that next invoice creeps up on them this way you you know my clients can let their clients know like hey you owe us money and it's a gentle reminder doesn't feel very intrusive it's just kind of like here they are outlined one place with a total chef's kiss so thank you Engineers for introducing this feature again didn't really know we needed it until I saw it and was like man this is going to be awesome oh I love that Kenji we know okay cash flow is the lifeblood of any small business I know that at cue you do a lot of um cash flow advisory and forecasting so how can something like this feature actually lend itself to talking to clients about their cash flow a little bit more holistically yeah and we do a lot of advisory work around cash flow and I'll give an example um especially when you think about Services businesses but it could expend to other businesses too is if you want to try to get cash in the door faster you know sometimes you can do the work quicker or you can um try to ship something quicker but often times it means invoicing quicker too and if you're going to invoice quicker that means invo voicing more often sometimes we used to work with clients who are like well we aggregate all of our time till the end of the month and then we send out a bill we go in and usually recommend let's try to increase you know the frequency of when we invoice let's try to move to where we invoice each week and so they they usually go oh that's a great idea because we can get cash in Faster however it creates more invoices and so instead of maybe you'd send out a monthly invoice now you've got weekly invoices so it's a little easier for their customers to sometimes either miss an invoice or things like that this now the payment reminders feature really help so when we're advising to say hey let's invoice a little more often um and maybe create more invoices a kind of a a batch action tool like or payment reminders where you can do them collectively is super useful and super helpful for those who are trying to get cash flow in the door a lot quicker now now if we take the accountants point of view from yourself I've heard from you in past conversations actually having when clients have stud your cash flow that can help with the month-end reconciliation process could you expand on that so when C my clients are happy they're smaller businesses so when they see that money in the bank you know first thing they think is that hey we can spend it um so if they're invoicing their clients more frequently and they're getting that money in the door they're happy campers because now they have some cash on hand that they can do whatever they need to do with it um and we like to plan around around those Cycles so that they're thinking about not just oh I have cash in the door I can spend it but also how can we best utilize this cash when we're sending out invoices can we encourage those behaviors where we're asking our clients to put to pay on a recurring basis so maybe we don't have to send out an invoice or invoice reminder uh we can also think about things like maybe offering a discount if they pay sooner rather than later right um but this all takes some getting used to especially when your business is kind of just starting out and you're just so excited that you have paying customers sometimes these things fall through the cracks so I love to use them as opportunities if especially if we're starting to see like hey this particular customer of yours owes you a lot of money maybe time to like scale back what you're doing or having a conversation with them about you know how can we help you but you help us by paying us on top right makes so much sense sense yeah often times I think we as accountants think about when transaction volumes increase we kind of go oh yuck like that's going to get more complicated could get more expensive more timec consuming and the challenge is often times more transaction volume means more success for the client things are maybe going better they got more invoices going out right more dollars to collect and we're thinking in terms of like yikes that could be more work for us as accountants and so I like it when there's a process or a tool that aligns us better with when clients are being successful it's no longer kind of like oh great they're sending out way more invoices it should be like great you're sending out more invoices and it's no big deal whether it's this you know it's it's five or 50 because tools we have will be able to are enabled to allow us to help on things like Collections and payment reminders irregardless of how many invoices have been generated by the client so I I like tools like that that again kind of align us a little bit better with our clients and their success well nio Kenji thank you so much for being on the show and just for having some fun with us and for sharing all of your Rich point of view absolutely love having you here and hope to catch you next time thank you for having us thank you and thank you for watching this episode I'm jacine the host of Ino and leader of proadvisor training and certification be sure to like subscribe and hit the notification Bell so that you don't miss a single episode we'll catch you next time he