FAQ
Bill.com Services
What does Bill.com do?
Bill.com is a new low-cost, electronic cash management service that simplifies the way companies send invoices, receive payments and pay bills. Bill.com helps companies shift from a time-consuming, paper-based system to a paperless, integrated solution for easy management of everyday business finances. It features a calendar view so that you can see your company's daily cash position, in the past, present and future, to help you better plan, predict, and manage finances.
How does Bill.com work?
In 3 easy steps Bill.com helps you receive and pay bills:
- Send bills into the Bill.com system via one of three convenient methods:Upload, email, or fax... Easily enter bill details using the image of the bill displayed for you
- Assign approvers for each bill, and allocate expenses to departments for better tracking (Multiple employees can approve bills simultaneously)
- Schedule bills for payment: (Authorize payments for approved bills or even unapproved bills, if time is short) Bill.com will remind you when bills are due so that you can take advantage of discounts and avoid late fees.
In 3 easy steps Bill.com helps you generate invoices and gets you paid:Â
- Enter invoice information: Create the line items for the invoice by selecting products from the product list.
- Review Bill.com-generated invoice, approve, and send electronically: Preview and customize the invoice prior to sending to your customer
- Record payments made by your customers. Let Bill.com automatically send reminder notices to customers when payments are overdue.
All transactions are consolidated into a calendar, which let's you see your cash position by day, so that you can make more informed financial decisions.
Why would I want Bill.com?
Bill.com offers businesses a host of benefits, including:
- Reduces time spent on administrative tasks
- Automates workflow and approval processes
- Integrates and stores documents, processes, messages and transactions in one place
- Informs financial decision-making with a consolidated calendar view of a business' daily cash position, for the past, present and future.
- Tracks and notifies businesses of their unpaid invoices, improving collections and accounts receivables
- Sends automatic payment reminders, allowing companies to avoid late fees and take advantage of early payment discounts
- Makes electronic payments that integrates remittance information and eliminates check fraud
Can I give my external bookkeeper/accountant access to my Bill.com information?
Yes. Bill.com provides you with the ability to limit or allow access to specific areas of the site on a user-by-user basis, and non-employee delegate users of the system are encouraged. So, for example, you could allow your accountant to handle all aspects of your payables processing, with the exception of actually authorizing bill payment, which you may want to handle yourself.
How do the dates and amounts on my Bill.com calendar relate to each other?
Bill.com's calendar gives you a snapshot view of your projected cash flow for the month. On each day of the month, you will see the amount of money that Bill.com is going to debit from your bank account for the following day's scheduled payments. You can see what your anticipated cash position would be, by day, and move payments as needed, to optimize your cash position.
Bill.com Customers and Users
Is Bill.com appropriate for a home-based or single-person business?
Bill.com provides benefits for companies of any size. Even very small companies need a way to pay bills efficiently, invoice customers accurately and forecast cash flow. Since the service is provided on the web, Bill.com is available to you 24 hours a day, 7 days a week, from your home office or when you are on the road.
How big a company can Bill.com handle?
Bill.com benefits companies of all sizes, but was designed with small and mid-sized companies in mind.
How many people in my company should use Bill.com?
Bill.com is a powerful tool that will enable you to increase control and visibility over your expenditures and your incoming receipts. Generally, companies find that at least three people are involved in processing bills: an office manager, a bill approver and the CFO or president. On the receipts side, generally one or two people issue invoices and tracks incoming payments.
Will my vendors have access to Bill.com?
In the future, Bill.com has plans to allow vendors to have limited access to our site. That way, if they have a question about whether or not the check is in the mail, they can log in and check with us, rather than call and ask you.
What functions or departments in my company should use Bill.com?
Any department that spends money on supplies, services or equipment will benefit from having Bill.com access. Your collections team will appreciate having the view into receivables that Bill.com offers, and the finance department will have increased visibility into cash flow projections.
Getting Started
How do I sign up? How long does it take?
Click the Try For Free button, and you will be walked through the sign up process. It should take less than five minutes.. If you are going to use Bill.com to make your bill payments, you will also need to provide us with your business tax ID and your bank account and routing number, so that we can collect from you electronically the funds needs to make your vendor payments.
What information do I need to have available to set up an account?
When you are ready to set up your account at Bill.com, you will need: your company address, phone number and email address. If you are going to use Bill.com to make your bill payments, you will also need to provide us with your EIN or TIN and your bank account and routing number, so that we can collect from you electronically the funds needed to make your vendor payments.
What are the system requirements to use Bill.com?
You will need access to the Internet, and Windows (95 and newer) on IE 6, IE 7, and Firefox.
Service Fees
What does it cost?
You can try Bill.com for free. Once the free trial is over, you will be billed based on our published
pricing.
Can I try the service for free?
Yes, we offer a one month free trial so that you can experience the benefits of automating your business finances at no obligation.
Pricing.
Paying Bills
How long does it take to make my vendor payments?
For your convenience, Bill.com suggests a Scheduled Payment Date that is five business days prior to a bill's Due Date. This allows for mail and vendor processing time. Bill.com will debit your bank account one business day prior to the Scheduled Payment Date to fund the vendor payments.
For example, if a bill is due on a Monday, Bill.com will recommend that you choose the previous Tuesday as your "Scheduled Payment Date". We will debit your account the day before the Scheduled Payment Date (Monday) to collect the money that will be used to fund the vendor payments. Checks are mailed on the Scheduled Payment Date. In our experience, five business days in advance of the due date is sufficient time for ensuring that payments are applied on time; however, if you want to pay a bill earlier, you have the ability to adjust the Scheduled Payment Date to suit your needs.
Bill.com will not allow you to schedule payments on non-business days or bank holidays. Likewise, Bill.com cannot pull funds from your bank account to fund vendors on non-business days or bank holidays. If a date you choose is a weekend or a holiday, Bill.com's system will default your Scheduled Payment Date to the next business day for processing.
How soon can I start paying my bills using Bill.com?
You can start paying bills using Bill.com as soon as we collect and confirm your bank account details.
Do I have to make all of my payments through Bill.com?
You do not need to make all of your company's payments through Bill.com. You can designate certain payments to be made by other means. However, the more payments you make through Bill.com, the more complete your company's daily cash position and forecasting will be on your Calendar.
What checks stock should I use? Where should I buy it?
If Bill.com is making your bill payments for you, you do not need to purchase check stock. If Bill.com is not making your payments, you can continue to use whatever check stock is currently working for you.
Does Bill.com allow me to pay contractors electronically? If so what information would I need to do so?
We will be adding the ability to make vendor ACH (electronic) payments in the future. While we do not yet pay electronically, Bill.com is still able to make payments to your contractors on your behalf, by sending a check. For this service, you would need to be set up in advance - please
contact us if you are interested in doing so.
Can I have my clients pay me electronically through Bill.com?
We will be adding this feature at a later date.
Storing Information
How long can I keep my documents on the site?
Bill.com will store your documents for seven years.
How long should I keep my bills, contracts, and other documents once I have uploaded, emailed or faxed them into Bill.com?
We recommend that you keep your documents for a year, and then dispose of them...Bill.com stores your documents for seven years so that you don't have to.
Accounting Software Compatibility
Can I export my payables and receivables into my host accounting system?
Our goal is to allow our customers to easily import their Bill.com data into most commonly-used accounting packages on the market. If your accounting system is QuickBooks (QB) or QuickBooks Online Edition (QBOE), you can export your payables and receivables from Bill.com with a simple click of a button. You can also export accounts, vendors, departments and customers created in Bill.com. We will be adding other accounting packages to our system in the near future. In the meantime, for these other accounting systems, we offer you a journal entry report to help you with the integration.
What accounting software can I export to?
Currently, Bill.com supports both QuickBooks desktop (2005 and later) and QuickBooks Online Edition (QBOE).
Can I import my chart of accounts into Bill.com?
Importing your chart of accounts is fast and easy. Simply go to the Company Setup link, click on Accounts, and follow the instructions that follow. You can also import vendors, departments and items from QB and QBOE as well.
Why would I want to integrate with an accounting package such as QuickBooks?
Bill.com enables customers to track expenses by account but does not replace an accounting system. We integrate with accounting packages such QuickBooks (QB) and QuickBooks Online (QBOE) so customers that need the functionality of an accounting system can still have all the benefits of Bill.com. After setting up the integration with QB or QBOE, customers simply click a button to send all the details of the bills or payments into QuickBooks. There is no double data entry involved.
How does QB and QBOE work with Bill.com?
You can export your payables and payments to QB and QBOE from Bill.com with a simple click of a button. This means all of your information will be instantly available in your accounting package without any double data entry.
You can also import all of your accounts, departments, vendors, customers, and products from QB/QBOE into Bill.com. Bill.com will then leverage all of your existing business information, without you having to re-enter any of it.
Security and Privacy
Is my company or employee information visible to Bill.com employees?
Our employees may access your information only to help us provide you with our service. We educate all of our employees about the importance of keeping our customers' information confidential and secure. Please visit our
Privacy Policy.
Is your site secure?
We design and maintain security procedures that protect your information on-line and off-line. We encrypt information that you send us and protect it with 128-bit Secure Socket Layer (SSL) technology. We use firewalls and intrusion-detection devices to prevent unauthorized electronic access to the servers where your information is stored, and we isolate those servers in cages to prevent unauthorized physical access.
Miscellaneous
What are your terms of service?
We will provide you with our Terms of Service when you enroll.
How do I cancel the service?
You can cancel the service at any time by calling or emailing.
