WSW - Podcast QuickBooks Business Network and Vendor Direct Pay
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[00:00:00]
Dan DeLong: Hi, Rachel. How are you?
Rachel Dauchy: I'm good. How are you?
Dan DeLong: All right. Very good. Very good, thanks. All right.
Why Business Network Matters
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Dan DeLong: So today we're gonna be talking about the QuickBooks Business Network. Doing a lot of research today and yesterday, and, interesting [00:01:00] some of the interesting findings because I saw probably about a week or so maybe, two, three weeks ago, there was something about direct pay, and I saw some Facebook posts about, hey, that was...
I didn't opt in for that. So I, thought it'd be a good idea to, do a topic. Rachel, do you, do you, have you tested out the Business Network or opted in or...?
Rachel Dauchy: Yeah. I h- I did opt in, but I don't really know how it works, and somebody requested me one time in the Business Network, and it didn't it didn't go right.
So I am- ... I need to know how this works 'cause I am not doing it right.
Dan DeLong: Yeah.
Blog Guide and Where to Enable
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Dan DeLong: So I created a blog and put it on... Let me share this share my screen again. This time without... found. We won't be playing the coffee shop [00:02:00] vibe here. All right, so I put a, blog together, like what in the world is, the QuickBooks Business Network.
There is a little critique of the, information that's in there. It's an audio. You can play it. Actually it was 14 minutes, I, I'm interested in, on what the AI critique of my article is. And it goes through what it is, how it works. And then I do have a lot of Intuit articles down here at the bottom, so a really good resource I hope, for you on all of the things of what you do with it.
Now, the way to get to it you go into your company settings, and it's... Okay. It's [00:03:00] in the advanced is where you first opt into the Business Network.
How Connections Work
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Dan DeLong: The concept of the, the QuickBooks Business Network is is very similar to bill.com where you can set up a profile, for yourself and your, business, and then you own or manage the contact information that's associated with that profile in that environment, right?
In, in bill.com if you, have, if you have set up a, a, a profile in, on their platform, and then somebody else requests to pay you through the, the vendor network, then they don't have to set up all of that type of stuff get your ACH information because you're gonna be putting that, into bill.com.
So QuickBooks Business Network is very [00:04:00] similar, right? You own your own contact information and your own, stuff, right? So where do you find all that, right? So that was part of the the challenge for me, is where you- Now maybe I didn't have it turned on right.
I'm checking right now. You, do actually because I looked for you.
Finding Profiles and Sending Requests
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Dan DeLong: So if I go into create a new customer, right? So- Oh, mine on. And I go and add a new customer, and if I just search for Rachel's- company. I was, I had a brain fart there for a second. Deposited. I can't spell it right.
There we go. Yep, there you are. Yeah, there we go.
Rachel Dauchy: Cool.
Dan DeLong: So if I were to add you as a customer I can just select you here, [00:05:00] right? Now, because you have opted into the business network- you own all of that information that's, listed here. Now, it's nice to know that a lot of that is obfuscated or, blocked out so it doesn't necessarily, provide, anybody who happens just to be searching in the company name field, contact information.
Because, that's one of the no-nos of this is you can't use this for marketing purposes to send emails to anybody who's already in the, the business network. So they are nice enough to hide the phone numbers and, and email addresses that, that are in here.
Rachel Dauchy: Gosh, what could it be since my name, my my actual business name is right there?
Oh.
Dan DeLong: Yeah mine's pretty, Guessable too with
Rachel Dauchy: [00:06:00] B- and that's in, from 10 years ago when I set up my solo bookkeeping firm to be Rachel Doughty Bookkeeping-
LLC.
Dan DeLong: Now, where did, where do you go? Here I was trying to remember where, you go to update your profile.
But I had noticed that myself because I, requested. So once you enter... Let me just, finish my thought here. So as soon as you... Let me put Rachel in again. Did.
All right, so now you have this, As soon as as soon as I put in that information, it copies all of that information in here, right? And then as soon as I... I'm sorry, my, my other monitor is behind, behind my computer, so I'm trying to see what's down in the lower right there. This gives an option to connect, [00:07:00] with, Rachel, because I won't see this information until Rachel accepts my connection, right?
So it's going to hide all this stuff until- She, and I officially get connected through the QuickBooks that that I'm sending this from, right? So
Rachel Dauchy: that we- Will you do it so I can see what it looks like on my end, Dan? Because now- Okay ... I'm remembering when somebody did this before and they ended up sending me a bill, then it it wasn't connected.
I then had to request their information- that direction, and it was really confusing. Now I remember.
Dan DeLong: Yeah.
Rachel Dauchy: So maybe it was something like I didn't accept it, or I didn't approve it, or I don't know what. Yeah.
Accepting Requests and Fixing Confusion
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Dan DeLong: Yeah, 'cause you have to... So if I go back in here to the business network, mine is still off, right?
But when [00:08:00] you expand this area, I can turn it on or I can click on go to my profile, right? So here is where my information lives. I haven't found a way to navigate to this manually other than going through the settings. So you go into account and settings- Oh, I see ... down to advanced, and then click the link to go into your profile.
But here was the problem that I had, right? I, sent a request to myself for a second business that, you know, from the Power Hour to the from the school of bookkeeping so that I could sh- pay my own shared expenses that I have between the two companies. And so I requested to connect to the Power Hour to myself, right?
The Power Hour is a client of my firm. So I'm an accountant user in the firm, and then the Power Hour is is its own subscription. So when it asked me to connect [00:09:00] because I was the... That was a client it got, lost in that link, right? Because going through emails and then going t- into your firm and then a client, is, a recipe for QuickBooks and this process to get lost.
So I never actually finished, the, setup because I couldn't accept the request because the login that I was trying to use was a client. It wa- it was, attached to a client as opposed to as opposed to, like a, a direct thing. I noticed today as I was playing around with it, there is a tab here on your profile for requests.
So- Oh ... when you ha- when you have requests and you can't accept them through email, which is very similar to the, the whole process with the firm [00:10:00] firm ID invitations for accountant invitations. So now you have a, like a dashboard for requests and I, saw oh, here's the QB Power Hour.
I can con- I can accept it right here, and then it shows that I can connect it. So-
ACH Setup and Data Sync
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Rachel Dauchy: Yeah, and I think you have to set up the bank or the... You have to s- designate what payment method you will accept- Yeah ... with. 'Cause I think now I'm realizing, I think that was my issue. So I'm setting it up right now, and just a little fun fact, I searched to connect it, Chase, and it said, "We don't know Chase."
I'm like, "What?" So I had to put in the routing and account number manually, but I thought that was funny. Yeah. I was like, "What? You don't know
Dan DeLong: Chase?" So that's one of the advantages here is that you own all of this contact information that's in here. I don't live in Arizona anymore, so I'm realizing [00:11:00] that my address here is wrong, but this is my dummy dem- demo account.
But if you wanted to know my, my address in when I did live in Arizona, there it is. And that's why we don't broadcast this on YouTube anymore because all my- Yeah ...
Rachel Dauchy: my phone number and email- I think if everything is set up correctly, it should work as you're describing. It should.
Dan DeLong: Yeah. Yeah, and then you can go in here and you can edit- I'll have to try it one more time
You know, the contact information that's in here, which then takes you back to your company information. So it's just pulling the information from the company setup into that business the business network pro contact information, right? So that is where you can do that. Let me come back in here.
And then you can also set up your ACH information, though this takes [00:12:00] those, takes that process of collecting that information to get paid, off, off of your plate. The problem is this is only with QuickBooks, right? So this is only gonna be a, an option to use when you're using, from QuickBooks to QuickBooks user, right?
That count- that's gonna be, it's it's forcing you, right? To to utilize the, services, right? What was I gonna say here? So there is, So in, in general once you've set it up, you verify your, own business information, you can connect with a customer or vendor, and then you exchange details permissions, and then use that connection to pay, get paid, and keep things current.
[00:13:00] So if you- Yeah, just,
Rachel Dauchy: sorry to interrupt. Go ahead. But just to let, you know, I did get an email from your request. Okay. And I, then I just approved it, so you should see it in your tab. And then I also was able to verify the, my ECH account. So yeah, now I think I'm not gonna have those wacky issues anymore.
Dan DeLong: Yeah.
Check Names and Editable Fields
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Dan DeLong: Sarah asked a question in the chat, "Why would you want to print the name on the check to be diff- be the display name and not the LLC name? Can you choose one if it's not the DBA?" Yeah, you can actually. Now that I thought about it. Let's go back in there.
Rachel Dauchy: Yeah, that's a really good question. I think, Jessica, you might wanna mute.
You have some background noise there. Sorry. Oh, that's good.
Dan DeLong: It's okay. Did I add you? I forgot if I did or no.
Rachel Dauchy: Yeah. Yeah. So now if you go to,
Dan DeLong: Yep ...
Rachel Dauchy: and then it [00:14:00] also gives an option to merge with a contact that you may already have.
Oh, so yeah, it gives my DBA as a name to print- Yep ... on the checks.
Dan DeLong: Yep.
Rachel Dauchy: But in my case, and I don't, and I don't know 'cause I'm not an expert, but Sarah, wouldn't I be able to accept a check that says either Rachel Dautchi Bookkeeping or Net Positive? That's my understanding. Once you- I thought I could, but I don't know.
Dan DeLong: And once once you're connected, then it's completely editable.
I can see, that information that, that filled in. And as- If you change if you move your business address or change an email address or contact information in your QuickBooks, then that's gonna flow directly into my contact information for you. So-
Rachel Dauchy: Gosh, it'd be nice if I could, It'd be nice if I could [00:15:00] attach a W-9 to my profile so then that way when you add it, you already have it.
Dan DeLong: Yeah. That's gonna be more in when you're actually sending funds, right? If you put in the contractor payments and add people through the, contractors, that's where you can request the-
Rachel Dauchy: Oh.
Yeah. Okay. Nevermind. I'm thinking backwards.
Dan DeLong: Yeah. And then, at that point it will, it'll update those, update those things and tie it back into your QuickBooks.
Direct Pay Explained
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Dan DeLong: The other thing is this- direct pay, right? When you are both connected and you both have, or, you're, sending some- I
Let me back up a second. So the advantage now is that when you have when you're connected through the, [00:16:00] QuickBooks Business Network, and you are sending invoices through QuickBooks Payments or QuickBooks Bill Pay and paying through QuickBooks Bill Pay on both sides, there's where the neatness happens, right?
Yeah. Because if I send you, Rachel, an invoice, then, I, because we're both on the network because it's coming from QuickBooks to QuickBooks and that there's a connection with the network, now I can, enter that in as a bill. Or the system can enter that in as a bill because it knows the from and it knows the to, and it can then create that bill for you.
So you're importing bills into your QuickBooks from another person's QuickBooks. So there's a lot of data to data, Yeah. And we do that ... or subscription to subscription.
Rachel Dauchy: So this'll- [00:17:00] Yeah ... be cool.
Dan DeLong: Yeah. Now, when you are connected like this, there is of course be- The, standard time when you are making payments through the QuickBooks Bill Pay service.
So everyone that is involved with money movement, not just Intuit Bill.com, Melio, Ramp, anytime that you send money part of what they want you to do is to get the money faster. And so they'll give you, they'll give you options to get the money faster. And usually, and typically that, that'll come along with with a fee, right?
The Intuit created this direct pay, which is a faster way to get the, funds. Now, to my knowledge, there isn't a fee [00:18:00] for this. However, it's weird as I was, looking it up. In this case the vendor provides contact and, ACH through the Intuit flow, right?
For signing up for in this case, if they don't have, QuickBooks Intuit will use this as an opportunity to sell them something, right? The QuickBooks Money account. And then what they can do, what they do when they choose vendor direct it is essentially a virtual card that Intuit creates to basically be the escrow of moving money from one bank account to, another.
And they, it can't be more than $25,000, which is what I was noticing on various posts that we're [00:19:00] talking about. What the heck is this vendor paying thing? And they're now got a virtual card for, $25,000. It can't be a recurring payment. And it has to happen during, certain hours before it's instantly available.
So basically it's one of those fast ways to move money. But it does cause a lot of confusion if, people aren't aware of it. And that's one of the main reasons we want to talk about it is that we want to make sure that people are, people are aware that, that are supporting cl- customers when they get these kinds of questions.
So feel free to share them the blog article.
You can opt out obviously to be able to do this, if, you don't want to see it because I think this is one of those things where, I [00:20:00] see Intuit getting into trouble. Now that they're getting more and more involved with, with, all things, all money movements, whether it be, money coming in with QuickBooks payments or money going out with QuickBooks bill pay or payroll for employees.
QuickBooks Money and Lending Talk
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Dan DeLong: Now and we're gonna talk about this in a couple weeks, there's a credit card for, Intuit. They're, the, the Money I'm sorry, the- There is? ... the lending yeah.
Rachel Dauchy: For the QuickBooks checking account? Or is that def- QuickBooks Money different? It's
Dan DeLong: different. It,
Rachel Dauchy: Oh, that's the, their lending thing.
Dan DeLong: Yeah. There's, the, lending, the capital, short-term- Yeah ... So they're, pretty much trying to get into any time that there's money moving between- Yeah ... between QuickBooks, in QuickBooks users, they're putting... They're building a service around it. [00:21:00] And unfortunately, when one of those things fail, that could potentially sour the entire QuickBooks experience, 'cause- Yeah
you only have to, you only have to delay payroll one day before you start looking for something else.
Rachel Dauchy: Ha- have any of the people here used any of those QuickBooks Money or QuickBooks Lending? Because I have a hard time finding those statements and I never know where to look. When it's an Intuit product, I haven't come across that.
Yeah, it should- None of our clients are using any of that.
Dan DeLong: Yeah. They should, all be in here under, under lending. You go into the apps and then lending is gonna have all that in here.
Rachel Dauchy: There's- But I'm, saying I don't even know where to f- e- even within QuickBooks Checking, I don't know where to find the statements.
I they don't seem to be... Or at least the last time [00:22:00] I went in and I was reconciling an account, I couldn't find them, but that- Yeah ... that's when they were moving a whole bunch of stuff around, so maybe that was just me. But,
Dan DeLong: Yeah. It should be
Rachel Dauchy: in here ... I don't know. I find that interesting. We have over 100 clients now, and I don't have one using QuickBooks Checking or Lending.
I don't know if it's not that common or not a lot of people are using it, or maybe they just use other stuff. I don't know. I'm curious to know if anybody else uses that.
Dan DeLong: Yeah, that's a, good question of the day. Do you use other money money movement things? Where did...
Oh, there we go. I'm gonna stop sharing so we can-
Rachel Dauchy: Yeah. Nobody said anything, so maybe none of their clients have or are using it. I don't know.
Dan DeLong: Yeah.
Wrap Up and Next Week Preview
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Dan DeLong: So that is the kind of overview of the QuickBooks Business Network. Please feel free to review and [00:23:00] provide feedback on the blog article. If you have clients having questions about it, feel free to, share that with them.
Rachel Dauchy: Dan, did you see that Sarah had another,
Dan DeLong: Oh ...
Rachel Dauchy: Que- not question, but point that she... Or actually- Yeah, we- ... no, she had a question. Who controls the print on the check name?
Dan DeLong: Yeah, as I was seeing in my QuickBooks, once you have ac- once you accepted the the connection, I can completely edit any of that information, that was, there.
So I should be able to change that on the view. Hold on. Where are you? Clients and pays. Let me go back in there. Oops. Edit I was able to to edit that. So let me just find you again. Net deposited [00:24:00] And edit Yeah, all of those fields right now are completely editable to me, right? But the the billing address is is hard-coded because there's a default shipping address that's that's in there.
But other than that, once... Now that you've accepted it, everything except the company name is is completely editable to me. So I can change the, the client display name the email address that's there. But the... A- and, the, name to print on the checks is a completely editable field at that point.
Now, if, if you make some changes to it Rachel, like you change your email address to info@netdeposit- Yeah ... or something like that, [00:25:00] Yeah, it's I've got a little icon for all of the fields that are part of that. And it says this in- let me just share my screen again.
So here on your client or, your customer information card that, that shows up from the slider on the left side or the right side, all fields that are tied to the contact information in, within the business network website, phone number, and email address are linked. That doesn't mean I can't change that or add to it.
But I ... It will automatically update if you update anything in your QuickBooks, account and settings section.
Rachel Dauchy: But did... Sorry, did you say [00:26:00] that, yes, you could change that name to print on the checks?
Dan DeLong: Yeah.
Rachel Dauchy: I could just put Smith? Yeah.
Dan DeLong: Yes. I can, put whatever I want here and,
Rachel Dauchy: Interesting.
Dan DeLong: Yeah, it's just those three fields, that are, linked, and then your company name, I can't change that at all, right? Because that's now the connector between, the two
All right. So next week we are going to have Joel who, came on the QB Power Hour yesterday, late. It was quite a debacle there yesterday on the- Oh, no ... QB Power Hour. Was he your guest and he came late? Yeah. Yeah. Oh. It was a, comedy of errors. Everybody had a, a, a finger in, that.
Of course I'm, in your old [00:27:00] stomping grounds. I'm in Seattle for- Oh, yeah ... For a couple more days visiting my oldest. So I don't know what time zone I'm in, because last week I went back to the East Coast for a family event and then back, again here. My body was-
Rachel Dauchy: Back in
Dan DeLong: PC town
severely jet lagged. Yeah.
Rachel Dauchy: Back in
Dan DeLong: the jet
Rachel Dauchy: city. And
Dan DeLong: And yeah he, ended up showing up a, a, little bit late because he had the wrong calendar invite, and that was probably my fault. But the idea is that he's he he didn't get to do as, as thorough of a demonstration for his his new offering called Nitwit.
So we are gonna have him come on the workshop next week to take a little deeper dive into into his new AI aggregator. And w- we'll talk a little bit more about the [00:28:00] Prompto-logist cohort that will be happening at the end of September.
Rachel Dauchy: Oh, that's so cool ...
Dan DeLong: Hopefully, everybody has a great week, and we'll see you next time on Workshop Wednesday. [00:29:00]
