How Is Bill.com Different from Accounting Software?
You’re trying to pay and get paid. When you do it through your accounting software, does it take too long, lack functionality, and give you a headache? Trust us, you’re not alone.
If you’re an SMB, your company most likely has accounting software. Whether it’s QuickBooks Online, Xero, Sage Intacct, or NetSuite—these solutions help you categorize transactions, report on profits & losses, manage your cash flow, and so much more.
But accounting software doesn’t always offer the best option for financial activities like Accounts Payable and Accounts Receivable. Think of your solution as a car without tires. It has almost everything you need to run. But it’s missing some essential additions.
Accounting software mavens acknowledge that these solutions aren’t a “one-stop shop”—meaning you can’t accomplish every single task with them. That’s why most automated solutions enable you to connect and sync with other financial apps. These apps step into areas that your accounting system doesn’t fully service and, by utilizing these solutions, you can create a customized technology ecosystem that fully optimizes your business needs.
A typical accounting solution weakness—business payments.
One area accounting software doesn’t excel at is business payments. Paying bills and receiving payments with them can be clunky and require additional tasks such as data entry. Also, the software often lacks necessary functions such as bookkeeping automation, access to a comprehensive history of payments, online document storage, and audit trails.
Most importantly, handling payments such a vendor ACH, EFT, and credit card payments is a complicated job that requires more than merely recording and categorizing the transaction. A proper separation of duties and auditing should be enforced, along with security measures to protect the company’s assets.
This is where Bill.com comes in.
First thing’s first: Bill.com is not accounting software. It does not serve as a general-purpose system to handle every single accounting need. Instead, it is a highly specialized and useful cloud-based business payments solution that picks up where your current accounting software leaves off. And, bonus! It syncs with your accounting software to ensure all information stays up-to-date.
Bill.com does more than paying bills.
Bill.com takes the complex processes around AP and AR and simplifies them. Take, for example, bill payments. Instead of shuffling a paper bill from desk to desk for review, hunting down contracts and past payments, and cutting a paper check, Bill.com provides an entirely online and automated experience. Bills enter the system and begin the approval process based on your preset workflows. These workflows are simple to set up and can be configured to obey guidelines and associated workflows based on dollar amount and vendor. Bill.com takes the bill through the entire review process, tracking each step and sending automated reminders to those who have not reviewed the bill yet. It prevents anyone who is not authorized from accessing the bill or related information. At the end of the review, the final approver can authorize payments such as ACH transfers, EFTs, and credit card payments with just a few clicks.
Bill.com also allows you to store your AP and AR information in the cloud. Any individuals authorized can then access the relevant information they need no matter where they are or what device they are using.
For AR, Bill.com enables you to quickly create and send invoices for payment online either ad hoc or by sending automatically on a recurring basis. It gives your customers the power to pay with the method they prefer as well as access to a dedicated portal to review invoices, reference payment histories, and share questions or comments.
Best of all, the integration between Bill.com and QuickBooks, NetSuite, Xero, and Sage Intacct means that any change you make in one system will automatically reflect in the other. It eliminates annoyances such as double data entry and errors caused by manual input.
In the end, Bill.com allows you to simplify and speed up your AP and AR processes. You pay and get paid faster.
Ready to build a better payments machine?