Let's say you work in finance, and your bank account is linked to Quickbooks. Your next payment is $100,000. But your account balance is only $50,000. What happens now?
One of three things:
- The payment is rejected. The bank won't allow the payment to go through because you don't have enough money in your account.
- The payment is processed, and you're overdrawn. The bank allows the payment to go through, but your account goes into overdraft. This means you owe the bank money plus interest charges.
- The payment is processed, and you're charged a fee. Some banks charge a fee for overdraft transactions. This fee can be significant, so it's important to avoid overdrawing your account.
All three options are bad news. So how can you avoid them?
Simple: Before making any payments, log in to Quickbooks or your bank account to check your bank balance. This may seem like a no-brainer, but it's easy to forget, especially when you're busy.
To make it easier, you can set up Slack notifications for your bank balance by connecting Quickbooks to Slack with Constant. This way, you'll get a notification whenever your balance falls below a certain amount.
By following these simple steps, you can avoid overdrawing your account and save yourself a lot of trouble.
By syncing QuickBooks with any bank account, you can get updates on your bank balance and transactions within 24 hours. You can also receive direct notifications in Slack, so you're always up-to-date on your finances.
Here's an example of how real-time updates work:
- You sync QuickBooks with your bank account.
- You make a transaction with your vendor from your bank account
- QuickBooks will automatically record the transaction.
- QuickBooks will sync with your bank account and update your bank balance.
- You will receive a direct notification in Slack about your new bank balance.
This means that you can always see your most up-to-date bank balance, no matter where you are or what you're doing. This can be a huge help for businesses of all sizes, as it can save you time and hassle and help you to make better financial decisions.
If you're looking for a way to improve your financial management, then real-time updates are a great option to consider.
If you're a finance team member or business owner, then Constant is a valuable tool that can help you improve your financial management and save yourself a lot of trouble.
If you didn't have Constant, you might not realize that you don't have enough money in your account until after you make the payment.
This could result in the payment being rejected, your account being overdrawn, or you being charged an overdraft fee.
But with Constant, you'll receive a notification in Slack by connecting QuickBooks to Slack before you make the payment, letting you know your account balance. This will give you time to cancel the payment or make a deposit if the balance is low before it's too late
To learn more about how Constant can help you, visit our website or schedule a demo.
