Bill.com is a web based service that makes managing accounts payable and accounts receivable simple by using the cloud. Essentially, it automates your accounts payable and accounts receivable and offers integration with other accounting software such as QuickBooks, Xero, and Intacct.
One of the most beneficial things about Bill.com is its AP automation, which allows you to cut the time you spend on bill approvals and payments by 50% or more.
Here’s how it works: vendors can send digital invoices to a secure @bill.com address, or you can drag and drop them right into the web based dashboard. The Auto-Bill Entry feature pulls the important details from each invoice to create a new bill, which prevents you from spending a lot of time entering data.
Bill.com also lets you review and approve your bills from anywhere and at any time, and on any device. Or, you can use its workflow to route bills to other Bill.com users on your account for review and approval. All of these things let you pay and process AP bills in a matter of minutes.
Once bills are approved they can be paid via Bill.com, which eliminates the need to mail checks. You make your payments electronically, or if you want, Bill.com can print and mail paper checks for you. This way you never have to print, sign, stuff, and stamp another envelop to pay your vendors.
Any changes you make within Bill.com are automatically carried over to your accounting software. This makes data entry easier and saves you the trouble of entering payment data multiple times. Bill.com updates your accounting software after each transaction, so accounts reconcile faster and you have a clearer insight to your cash flow.
At our firm, we use Bill.com internally and we bundle Bill.com with QuickBooks Online for small businesses looking to outsource accounting and have an automated AP solution that’s fully integrated with their accounting system.
Contact us to learn more about Bill.com and how AP automation can benefit your business!