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.
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.