How GrowthForce Transforms the Accounting & Bookkeeping Industry with Bill.Com
Just a few years ago, every Friday I would meet with our internal accountant. She would give me an orange folder of bills to be paid. I would promise to review it over the weekend and give them back to her on Monday. That way she could put the signed check in an envelope, put a stamp on it, and put it in the mail.
Every week, that folder was six inches fat with a rubber band. Every Monday she'd come in and ask, “Did you look at the bills?” Eight out of ten Mondays, I would say, “No.”
Because who wants to worry about money on the weekends. Once you go down that proverbial “bill pay” rabbit hole you start to worry about everything. Cash flow, spending—it brings all kinds of insecurities to mind.
On Tuesday, she would ask me again. By Wednesday she'd be standing in front of my desk saying, “Look, I need you to pay this one, sign this one, sign this one.”
It was stressful, time-consuming, and a distraction for both of us.
1. Bill.com helps to improve operational efficiency
When I got the first “bills to be paid” email, I opened it immediately because I wanted to see how Bill.com worked. There were 15 bills. I paid them in six minutes and it only took that long because I wanted to explore the product.
Before Bill.com, we spent at least three hours a week on payables. Now, there's no folder, there's no printing invoices and checks—we’ve gotten our 16 step process down to 4 steps. Essentially, we have saved three hours of work a week for my bookkeeper and one hour for me.
When my bookkeeper sends me a text that says “bills are ready to be paid,” I pay them directly from my mobile device and I’m done. We gain valuable time and valuable savings all because we automated one of the most critical processes at our company.
2. Bill.com helps GrowthForce establish industry leadership
Our clients are looking for innovative uses of technology to help improve cash flow, increase profitability, and save time. Bill.com helps us accomplish this. Bill.com instantly allows us to be able to show the client that we are the best solution because of what we do and the tools that we use.
Including payroll, expense management, timesheets, billing, and collections, GrowthForce has 22 products that we support in our smart back office, and the only option we offer for payments is Bill.com.
3. Bill.com Helps GrowthForce offer financial intelligence
We believe that financial intelligence is key.
At GrowthForce we specialize in job costing, which means taking a few expenses and moving them above the line into the cost of goods sold. This allows you to take your sales, minus the cost of delivering those services, and see your gross profit. If you succeed at job costing and capture & report on the true delivery costs of a product or service, you can see if you're pricing your jobs correctly. That's the most important decision a business owner will make—am I pricing my jobs right?
Bill.com allows us to make sure that every bill gets coded, and that's big because now you can see profitability by customer, job, profit center, product, or service. We can now slice and dice to see profitability by team and by marketing spend. We can even get an ROI number on a direct mail campaign!
4. Bill.com and GrowthForce offer businesses peace of mind
Small businesses get ripped off at a much higher percentage than large business because they don't have a separation of duties. If the person who's paying the bills also reconciles the bank account then you just gave them the keys to the financial kingdom.
If your checkbook is in someone else’s hands, there’s a large likelihood that they can write a check, forge your name, and pay off a personal bill. And it will look the same in your accounting software—you’ll never even notice. Your risk of fraud is much higher in a small business, and no system of internal controls should ever be built on trust alone. You have to have a separation of duties or you’re allowing for the possibility of fraud.
With Bill.com, GrowthForce is able to save time and help clients succeed by improving their profitability and their cash flow.