Five Benefits of Using Bill.com to Process Accounts Receivable and Payable

Bill.com is a software application that integrates with QuickBooks software to automate accounts payable and accounts receivable processes.

Here are five benefits you receive from using Bill.com.

Streamlines Invoicing, Bill Approval and Payment Processes
Is your business still sending out paper invoices, writing checks to pay bills and not accepting electronic payments? If so, there’s a more effective way.

Bill.com can automatically send electronic invoices or paper invoices to customers – improving efficiency and reducing inaccuracies encountered with physical invoices. And it automatically reminds customers about invoices that are coming due.

The platform enables organizations to collect payments via credit card, ACH, or other methods that complement their workflow and business processes. Payments received are automatically deposited into your designated bank account.

With accounts payable, Bill.com gives you the ability to make adjustments to payment amount, process date and which account payments are made from, if there is more than one. Managers can even approve and pay bills on the go with Bill.com’s Android and IOS applications.

Because Bill.com integrates seamlessly with QuickBooks, it eliminates double entry when you pay bills or receive payments. These features help you save time and money, more effectively manage cash flow, and help you get paid faster.

Helps Ensure Segregation of Duties
Bill.com gives you the ability to configure multiple approvals and approval policies on bills so the same person who enters a bill doesn’t pay the bill. This ensures strong separation of duties. Read more about why it’s critical to segregate duties.

Offers Valuable Financial Insight
Bill.com helps ensure every bill gets coded, and enables users to analyze profitability by customer, job, profit center, product and/or service. Being able to drill down to this level of detail helps you make more informed business decisions.

Provides Sorting Capabilities and a Robust Audit Trail
With Bill.com you have the option to sort bills and invoices by due date, vendor name, amount, or time pending in the queue.

The sort feature also enables managers to see who submitted which payments and who paid which bills within your organization.

The Audit Trail functionality provides a detailed list of every instance an employee touched a bill. It describes the action taken, by whom, and when – and also documents what was changed and what field was affected.

Bill.com also serves as a centralized repository for all of your accounts payable documentation, eliminating the need to store paper copies.

Protects Your Bank Information
These days cyber security is critical. Bill.com has the ability to mask your organization’s bank account information to ensure it remains secure. Bill.com utilizes positive pay for all outgoing payments, providing an additional layer of security. It also applies an additional level of encryption to protect access to sensitive customer data from malicious applications.

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Processing invoices and payments can be tedious and time consuming. Our staff at ARI is certified by Bill.com and can help you get set up to take advantage of all the productivity enhancements this platform has to offer.

If you would like to discuss your organization’s challenges and explore whether outsourcing your accounting function to ARI is the right move for your organization, contact us today.

Summary

Bill.com is a cloud-based tool that automates invoicing, bill approvals, and payment processing while integrating seamlessly with QuickBooks. It saves time, reduces errors, and improves cash flow by enabling electronic payments and automatic reminders. Built-in approval workflows strengthen internal controls, while detailed audit trails and financial insights help leaders make better decisions. With strong security features like bank information masking and encryption, Bill.com protects sensitive data. ARI’s certified staff help businesses implement and maximize Bill.com to streamline accounting and boost efficiency.

FAQ Questions

• How does Bill.com make invoicing, approvals, and payments more efficient for businesses?

Bill.com automates sending invoices (electronic or paper), reminding customers when invoices are due, and lets your business accept payments via credit card, ACH, etc. For payables, it allows adjusting payment dates, amounts, and origin accounts; managers can approve/pay bills remotely via mobile apps. It also integrates with QuickBooks, cutting out duplicate data entry.

• What role does Bill.com play in improving internal controls and segregation of duties?

Bill.com lets you set up approval workflows so the person who enters a bill is not the same person who approves it or pays it. You can configure multiple approvals and approval policies, ensuring duties are separated. This reduces risks of errors or misuse.

•  How can Bill.com’s reporting and insights help businesses make smarter financial decisions?

It ensures every bill is coded properly so you can analyze profitability by customer, job, profit center, product or service. With sort/filtering capabilities (by due date, vendor, amount, pending time, etc.), you gain visibility into what’s going on in your payables/receivables pipeline. This helps anticipate cash flow issues and make decisions more strategically. 

• What audit trail and security features does Bill.com provide to protect sensitive information?

Bill.com keeps a detailed audit trail: for each invoice or bill, it tracks who touched it, what action they took, when, what was changed, and what fields were affected. It also centralizes documentation so everything is stored electronically, reducing reliance on paper. For security, bank account info can be masked, “positive pay” is used for outgoing payments, and encryption helps protect sensitive data.

• How can ARI support businesses in getting started with and maximizing the benefits of Bill.com?

ARI has staffed certified in Bill.com who can help organizations set up the platform, tailor workflow, ensure proper integration (e.g. with QuickBooks), configure approvals and controls, and train teams in best practices so they realize productivity gains and improved accuracy.