Keeping up with financial management is an integral part of every business, and it includes:
Managing incoming payments
Handling outgoing accounts
Come tax time, ensuring that your financial information is in order for the IRS.
Quickbooks offers all of those solutions for small business owners. When you integrate your contract management solution with Quickbooks, it offers advantages to both you and your customers.
Know when you have payments due.
One of the most important aspects of your contracts — for your business — is the moment when you get paid. When you integrate with Quickbooks, you'll know when you have payments due and how those payments can influence the financial future of your business. These payment records help you evaluate contract risk in real-time. You will also get a better idea of when your cash flow allows you to make payments of your own.
Your customers can integrate your contracts into their payment reminders.
Customers need to know that they have a payment due. Without reminders or clear due dates, they might put off writing that important check. Thanks to your enterprise contract management software's integration with Quickbooks, your clients will be notified of every invoice. That means you will be more likely to get paid on time. The integration also takes payment terms into consideration. So each invoice can accurately reflect whether it’s Net 30, Net 60, or something more complex.
Keep track of how your current contracts are impacting your finances.
How you manage your contracts can have a big impact on your business's finances and the way you interact with your customers. For example, have you been charging too little for your services to cover all of the expenses associated with contract fulfillment? Maybe it’s time to adjust how your contract scoring tool evaluates discounts. Conversely, has an increase in the price of your services caused you to lose more business than you can afford to lose? See if there’s a trend in your customers who decline renewal. Thanks to Quickbooks integration, you can more easily see how your contracts influence your business's overall financial standing. This makes it easier for you to make changes before you have bigger financial problems.