The Ins & Outs of Auto Bill Entry
One ACH transfer for $1,498.34 for marketing.
An EFT for $9,326.02 for the office lease.
One credit card payment for $2,987.45 for travel expenses.
Or was it …?
$4,198.34 for marketing.
$3,926.02 for the office lease.
$8,297.54 for travel expenses.
Data entry. It’s one of the most challenging tasks in a business environment. And not because it requires a great deal of mental acuity.
Completing the same task over and over numbs the mind. Imagine spending an hour referencing paper invoices or electronic files (emails, scans, etc.) and manually inputting that information into an accounting system or app? It can lead to errors such as transposing numbers, identifying wrong vendors or codes, and even skipping an invoice entirely. Inaccurate information such as this can pulverize your cash flow and financial reporting, lead to misunderstandings with vendors, and result in late payments.
Plus, it’s a task that requires resources and time to complete. Would you rather spend your personal time on data entry or participate in higher value activities that better benefit the company?
There’s an insider trick that many accountants use that can cut a significant amount of time from your bill processing: Auto bill entry.
Auto Bill Entry – slashing bookkeeping time in half
Auto Bill Entry with Bill.com takes the manual process of keying in information and transforms it into an entirely automated task. Those paper, emailed, and scanned invoices are automatically converted into fully actionable entries in Bill.com. Your business can eliminate extraneous hours spent on data entry, as well as associated errors that might accompany them. It’s a smart step towards bookkeeping automation that offers valuable, time-saving results with little to no risk.
How does Auto Bill Entry work?
A document hits your Bill.com inbox. Auto Bill Entry extracts the pertinent bill information (amount, vendor, etc.) and converts it into a bill. From there, it’s ready for authorized individuals to edit, review, approve, and pay.
Three things to consider:
- You can review and edit each bill as necessary prior to entering it into the review/approval process for payment.
- Auto Bill Entry will detect when a new vendor is introduced, and give you a choice on how you’d like to represent that data in Bill.com.
- Each day, Bill.com will send you a digest of Auto Bill Entry activity so you’re up-to-date on bills ready to review.
Why should I consider Auto Bill Entry?
In one word: Efficiency.
You can opt into an automated feature that saves your business valuable time. Instead of dedicating hours a week to data entry, you have each bill automatically waiting for your review and approval in Bill.com. You can reduce manual tasks (to the tune of saving 50% of your time over a few months), eliminate typos and errors, and let Bill.com handle the heavy lifting.
Plus, each conversion costs only 50 cents (and there’s no enrollment fee)—a substantial savings over paying an individual to enter bills manually.
How do I get started with Auto Bill Entry?
Login into your Bill.com inbox and click on the Auto Bill Entry banner, accept the terms and conditions and you’re ready to go. Each bill that hits your inbox will be automatically converted and ready for the automated review/approval workflow provided by Bill.com.
It’s finally time to lean into bookkeeping automation.