More Tools for Your Cash Flow Arsenal

While there is so much you can do with QuickBooks, there are still times when an add-on product offers features not found in QuickBooks – or with the same level of functionality.  I will put these in 3 “buckets” – invoicing, collections and cash flow.

First, invoicing.  While the desktop version of QuickBooks 2020 addressed some invoicing pain points, these 2 products still have some really nice features not found in QuickBooks Desktop or not at all in QuickBooks Online.

  1. Recur360
  • Recur 360 is great for invoices that are the same amount each time whether it be monthly, quarterly or annually.
  • The invoices are created in Recur 360 (pulling from your customer and items/products/services lists in QuickBooks), which is helpful when you want separation of duties, and syncs with QuickBooks.
  • Customers pay on your Recur360 portal
  • You can setup email reminders of almost due/past due invoices
  • Customers can pay on more than one invoice, you can setup payment plans (neither of which you can do in QuickBooks, and be notified of credit card expirations.
  • Customers can see account history
  • There is a setup fee but then they have a fixed monthly fee and the ACH rate is lower than Intuit.
  1. Bill & Pay

This is a product I’ve used for years and got started because it did so much more than QuickBooks.

  • Invoices are a created in QuickBooks then sync with Bill & Pay (B & P) – which works better for me because my invoices are rarely the amount each time.
  • Customers can pay on more than one invoice, you can setup payment plans (neither of which you can do in QuickBooks), and be notified of credit card expirations.
  • Customers don’t have to create an account to pay, but if they want to see their history online, they would need to create an account (email & password).
  • You can setup a reminder for almost due and then up to 3 for past due invoices.
  • If customers pay by ACH, B & P shows you the date it deposit to your bank account
  • There are simple instructions for you to place a payment link on your website which links back to your branded B & P payment portal.
  • There is no setup fee. You pay a monthly fee plus a per transaction fee (which covers any ACH transactions). The ACH fee is less than the Intuit ACH fees.
  • Use my invitation code MuirAssoc and/or this link and get a free 30-day trial.
  1. The third tool is for times if you are ever having problems getting paid – Collections

 While most businesses have a few slow pay clients, did you know that once an invoice goes beyond 90 days past due, your chances of collecting it drop by 40-80%?!   Unfortunately, many have had invoices go unpaid – and that definitely hurts your bottom line!  If you’re a sizable company, perhaps you have a collection agency that assists you on occasion.  But small businesses either can’t find a collection agency or don’t have the time to find one.

CollBox simplifies debt collection.  CollBox works with QuickBooks – both desktop and online, although the process is slightly different since the two products have different software coding.  You select the past due account(s) you want help and then answer a few questions, such as whether your customer has filed for bankruptcy or what’s the minimum amount you’ll accept to settle the account.  Collbox matches you with a reputable vetted collector for your industry.  You are shown the collector’s offer.  You owe nothing unless they collect.   Below are some screen captures from the demo I watched.

Cash Flow

You are also able to monitor progress and leave messages for the collector.Cash Flow

Of course, it’s to your advantage to monitor almost or past due invoices so you can hopefully avoid collections, but in case the need arises, you might want to check this out!

  1. Last but definitely not least is the Cash Flow Tool.

I’m really excited about this add-on product because the QuickBooks cash flow reports and graphs just don’t do enough for projecting out in your business and lots of my peers are using this both in their business and with their clients.  Cash Flow Tool works with both desktop and online versions of QuickBooks. You can track daily cash balance, easily determine the best time to pay bills or get on the horn to get invoices paid.  Cash Flow Tool can even alert you to day(s) when you’re out-of-cash (hopefully you won’t need that alert). You can see a bird’s-eye view of your historical cash flow for the last 12 months and with their patent-pending CashLearnTM (artificial intelligence), Cash Flow tool can forecast your cash flow for the next 6 months w.  Predictions improve as the AI gathers historical data.    You can also easily run “what if” scenarios.

Cash Flow

There are customizable dashboards so you can review what’s most important to you; They have over 30 business Key Performance Indicators (KPI), so you might use different dashboards depending on who needs to know what.  And if that’s not enough, you can export out to Excel using pre-formatted templates to customize even more.  There’s even a mobile companion app. A few “dashboard cards” I’d like to mention:

  1. Note in the screen shot below that you can easily compare quarters including “like” quarters (e.g. 1st quarter last year to 1st quarter this year – they are in a darker color).
  2. The Cash Flow Tool also monitors cash flow ratios such as Quick and Current which are used by loan institutions and indicators of how your business is doing, not seen in your P & L.

If you want to learn more or see videos, go to  You can sign up for a demo/ or check out their Lite (free) version (forecasts 4 weeks instead of 6 months) or purchase a subscription for the 6 months projections, “heat” map and more.  Receive a 10% discount on your first year when you enter Monica10 on their billing page.

If you try any of these products, I would love to hear how they work for you.

Leave a Reply