Intuit hosted its second virtual QuickBooks® Connect on 3 March 2021, where the theme was again this time “We go further together.” Thousands of Quickbooks Users, accountants and bookkeepers and finance professionals attended to take advantage of the many opportunities to grow, learn, and share.
Chaser participated in a breakout session with Iwoca, Dext (formerly Receipt Bank), PayPal, Capitalise.com, and Snyder, add-on software businesses that truly have an impact on Quickbooks end users. Together we shared how our respective businesses solve daily business challenges of Quickbooks users, how our products integrate with QuickBooks, and things customers look forward to.
Here are the points that were covered in the session:
- How do you embed your product with QuickBooks?
Simply put: Chaser helps QuickBooks users to automate their accounts receivables and get invoices paid faster. Through a two-way integration, customer and invoice data is pulled from a QuickBooks account into Chaser. Chaser uses this data to automatically chase outstanding invoices. The payment reminders are deeply personalised so that look like they’ve come directly from the sender.
To ensure users are always chasing payments based on the most up to date data, the software securely syncs with your QuickBooks account:
- automatically before any payment reminder is sent,
- every hour,
- and on demand whenever you choose
So you’ll never chase an invoice incorrectly or twice.
Chaser’s newly released Payment Portal which uses information in QuickBooks. Customers chased for payments can access the portal and see all their paid and due invoices, and choose from multiple payment methods to pay you - meaning easier, faster payments.
Also, using insights and years of experience in understanding payment behaviours, and how best to recover late payments, Chaser launched a collections service last year. Using this in-house expertise and data insights from QuickBooks and Chaser accounts, we also provide an embedded debt recovery service, with zero handover time - as all your customer and invoice data is already stored in your Chaser account.
You can get your debts paid faster, using our insights and expertise, and you can track every step of our recovery process - including customer responses, from your integrated accounting system.
Chaser account. We know how important customer relationships are to small and medium businesses, which is why Chaser’s integrated debt recovery service puts your customer relationships first, always working collaboratively with your customers to reach an agreeable solution.
- What are you most excited about on the horizon for your product or service?
Chaser is continually looking for ways we can solve more of the receivables headaches faced by business leaders, and help give small and medium businesses the confidence that they will get paid for their work.
Chaser users can look forward to easier, faster payments in 2021 with the launch of the Payment Portal. The Payment Portal gives all your customers access to a dedicated portal where they can see information on all their payments in one place. This new feature offers more payment options to suit your customers needs in one location, such as connecting their chosen payment platform, and international bank transfers. This portal also means saved time, because there’s less back and forth payment admin as your customers have access to all relevant documentation and payment details in their dedicated portal. Ultimately, the payment portal will help to ease communication, ensure you and your customers are always on the same page - and make both yours and your customers’ lives easier.
Secondly, we’re excited to be able to support more businesses to recover bad debts whilst protecting their customer relationships, with the re-launch of Chaser’s collections service.
Especially during the pandemic, when many businesses and their customers have been struggling with cash flow, we know that recovering late payments whilst keeping customers happy can sometimes feel like a balancing act.
But Chaser’s collections service makes this simple, with friendly debt recovery that you can trust. Our in-house, ethically trained collectors take a collaborative approach with your customers to secure payment in an agreeable manner, whilst keeping your customer relationships intact.
Businesses are getting their debts paid faster with Chaser’s collections service, by capitalising on our 7 years of experience in helping thousands of businesses get invoices paid, and by using our insights on customer payment behaviours from your QuickBooks and Chaser accounts. We’re delighted to be providing this service, as another step toward our mission of giving all businesses the confidence that they will get paid for their work.
- What problem do you solve for our audience?
Small and medium businesses are the worst-hit by late payments, with on average 48% of all their invoices paid late every month! And this problem is only becoming worse, with the CPA noting a 209% increase in the number of late payments since the pandemic was declared.
This can have a crippling effect on small and medium businesses’ cash flow, it causes difficulties forecasting and inhibits business growth. As we’ve learnt at Chaser, effective, rigorous credit control can put an end to those late and inconsistent customer payments - and alleviate their negative impacts on your business.
However, running an effective credit control process is not easy. Often, customers will ignore or try to get out of making payments. And disconnected data can sometimes make it impossible to keep on top of who owes what, when - and when they were last followed up with. Chasing these payments up effectively can also be incredibly time-consuming.
It’s easy enough to send out quick, mass-automated emails trying to remind your customers to pay. But for anyone that’s tried these, they’ll know that these robotic-sounding emails often end up being ignored, or getting sent straight to spam.
Chaser helps small and medium businesses put an end to their late payments. By providing an effective accounts receivable management software, that automates the invoice chasing process, without losing the human touch. Chaser solves the problem of ignored payment reminders, by allowing users to send personalised automated messages that look like they were hand-typed and sent directly from the sender. This includes sending from your regular email address, and customising reminders and documentation with your own logo and branding.
Through reporting and insights on customer payment behaviours, intelligent custom schedules, and human-like chasing, Chaser users are getting paid on average 16 or more days faster, and reducing days sales outstanding by 25% or more. Our users are also putting an end to the time-consuming, disconnected administrative tasks and follow ups - with many of our users saving 15 or more hours per week on accounts receivable tasks.
- Why are you passionate about our audience?
Small and medium businesses are the group worst-hit by late payments, with on average 48% of all their invoice paid late in a month. As a network of small and medium businesses, we’re passionate about helping QuickBooks users at businesses that sell on payment terms have the confidence that they will get paid for their work.
Chaser has been designed and is continually being updated to help small and medium businesses to put an end to late payments, and the time-consuming tasks that come with them, in the most efficient and friendly ways possible, with receivables automation that uses a human touch.
- What is one thing that has kept you sane during the pandemic?
In both a business and personal sense, many of us have seen lots of turmoil during the pandemic. One thing that has kept us sane at Chaser is knowing that we’ve helped to support businesses with some of the key problems they were facing during this tough time.
We know from research by the CPA that the number of late payments increased by 209% during the pandemic, and for many businesses I’ve spoken with, this had been having a crippling effect on their cash flow and their ability to grow in 2020.
Simply not having the time, resources or often the expertise in-house to run credit control effectively was worsening their cash flow position throughout the pandemic at such a critical time, as they were increasingly facing bad debts. Being able to help businesses relieve these cash flow strains and their feedback has been incredibly rewarding for the team at Chaser and helped spirits high. For example, just recently we spoke to one of our partners, Real Time Finance, who helped their clients’ reduce their aged debts by £40,000 in the first 2 weeks of implementing Chaser.
It’s sharing wins like this, and making a point of celebrating them within the team that’s really helped to make our purpose as a business clear and keep us sane, throughout what’s been such a challenging time.
How does Chaser work with QuickBooks?
Chaser can be fully integrated with your QuickBooks account in less than 2 minutes. Integrating Chaser with QuickBook offers you several benefits, including:
- The ability to save time by automating your invoice chasing without losing the human touch, so customers won’t know you’re using an automated system to chase them
- Send unlimited reminders that can be scheduled at varying intervals throughout the invoicing process and tailored to different customer groups.
- Stay on top of your accounts receivables by seeing all communications on payments, including replies, at a glance and leaving notes for your colleagues.
- Due to the seamless integration QuickBooks users can streamline their receivables process into Chaser’s innovative credit control solutions, eliminating the need for multiple platforms.
The QuickBooks Online ecosystem never stops improving. Stay tuned to more articles for enhancements and innovations to grow and scale your business.
To learn more about Chaser and it’s integration with Quickbooks Online, please visit our site: https://www.chaserhq.com/integrations/quickbooks-online.
