- QuickBooks launched QuickBooks Bill Pay to bring accounts payable automation and processes to small business clients.
- The new product is integrated into the QuickBooks platform and aims to help users manage bill payments to vendors and contractors.
- The announcement comes after the company ended a long-standing relationship with Bill.com.
Aimed at small-to-mid-sized businesses, the new bill pay tool will help Quickbooks’ clients track and automate their bill payments within its platform. The new tool also includes a suite of financial and accounting tools such as digitized record-keeping, vendor management, and advanced controls with customizable permissions for teams.
By integrating a bill payment tool into its existing platform, the company makes it easier for business users to manage bill payments to vendors and contractors. Additionally, by bringing AP processes into a single solution, businesses will have better cash flow and money movement visibility and may mitigate missed and late payments.
“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 Intuit Senior Vice President of the QuickBooks Money Platform David Talach.
With Bill Pay, businesses can:
- Set permissions and rules to customize the bill approval process for different team members
- Import vendor invoices and to automatically create a bill
- Keep digital records of bills and payments in one place
- Send electronic payments or paper checks without issuing and mailing them
- View and file 1099s for vendors
“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. Integrating Bill Pay with our other money offerings enables our customers to leverage game-changing automation capabilities and have the visibility and clarity they need when it comes to their finances,” added Talach.
QuickBooks has a three-tiered pricing plan for the Bill Pay tool, ranging from free to $45 per month. The base level includes five free ACH payments per month while the upper tiers include more ACH payments per month, custom bill approval workflows, unlimited 1099s for vendors, and predefined team permissions.
Founded in 1983, QuickBooks is one of the oldest fintech solutions for small businesses. The company has undergone recent friction when it comes to integrated bill pay, having leveraged a partnership with Bill.com for several years, and later ending that relationship in favor of a partnership with Melio.
QuickBooks is owned by Intuit, a public company that trades on the NASDAQ under the ticker INTU and has a current market capitalization of $151 billion.