Establishing greater control over financial processes is often top of mind for finance professionals and accounting firms. Internal control policies and procedures can be used to prevent fraud, control risk, protect assets, and ensure operational efficiency, and are critical to the short- and long-term success of your business.
That's why we're excited to announce a new set of features that will provide you with better control and protection over your financial processes. Our mission at Bill.com is to make it simple for you to connect and do business--and these new features will do just that!
Three new Bill.com features help our customers gain greater control over their financial processes while strengthening approval policies:
Enhanced Approval Policies: allow you to route transaction approvals automatically to designated approvers and approver groups with an expanded set of routing criteria.
Dual Control: allows you to set multiple required approvers for changes made to key actions.
Single Sign-On (SSO): control access and increase security using SSO.
Enhanced Approval Policies
Using an expanded set of approval routing criteria—like vendor, location, department, GL account, and more—finance professionals are now able to create advanced rules in seconds, directly from your Bill.com account. Say “goodbye” to the spreadsheet that you used to create and import ever-changing approval policies. And feel free to throw away your handy cheat sheet for approval routing rules.
Bill.com approval policies ensure that transactions are authorized and approved by the correct person or team and are consistent with business goals and objectives. You can set and manage Bill.com approval policies at the system level, automatically enforcing a control that policies will apply to every bill and cannot be removed during a bill pay process. You don’t have to worry about setting approval routing rules every time you process a bill, nor worry about making accidental mistakes.
Yet, at the same time, Bill.com gives you the flexibility to change the order of the approval routing, as well as the ability to easily make changes across all bills, like delegating a temporary approver or replacing someone who has left the company.
Not only do Bill.com enhanced approval policies deliver superior flexibility, they are also incredibly powerful because multiple policies can be combined with each other to intelligently route bills to meet the needs of your organization.
The new dual control feature helps reduce the risk of intentional fraud or accidental error. Dual control allows you to set multiple required approvers for key changes such as:
adding company or vendor bank accounts
adding or deleting users and editing permissions
setting and updating user roles
It’s a valuable tool businesses can put in place to ensure that changes to key financial information and controls, either made intentionally or unintentionally, can be reviewed and approved by another person.
With Bill.com, you can now mitigate risk and protect users and systems from security threats by controlling user access with single sign-on (SSO). You can enable SSO through a variety of identity providers such as G Suite (Google), AuthO, Centrify, Microsoft Azure, Okta, and many others. SSO allows you to extend security protocols and grant users safe and secure access to their Bill.com account.
Users have the ability to quickly and efficiently access Bill.com via one centralized login, reducing password fatigue and password reset requests that put unnecessary strain on IT resources. And, through simplifying access and management for teams, you ensure employees have seamless access to Bill.com and can remain productive throughout the day.
Why Control Matters
Now policies can be combined with each other to intelligently route bills along complex approval paths. Through these enhanced approval policies, dual control, and single sign-on, Bill.com customers can customize their financial processes with greater control, more flexibility, and increased power, laying the foundation for greater business success.
With Bill.com, Robust Control in Your Accounts Payable is Easier Than Ever
Many finance leaders either avoid or forgo the implementation of greater control over financial processes. Most small and midsize businesses as well as some accounting firms lack the headcount to put strong financial controls and separation of duties in place. Others may be constrained by budget, or simply because it’s a big undertaking and they don’t know where to start.
With these Bill.com updates, your business can commit to sophisticated internal controls without making a significant investment in headcount or putting effort into extensive planning. Finance teams can lean on powerful technology to streamline complex policies and procedures, shifting the weight—and worry—off of teams and allowing them to focus on other work.
Start implementing stronger financial controls today!
New to Bill.com? Your Bill.com accounts payable expert can help you get started with all three of these new features during your Welcome Session and onboarding.
Existing Bill.com customer? If you’re a current Bill.com customer, you’ll have all these new features available to you before the end of September 2021. Talk to your accounting firm, your Bill.com Account Manager, or contact our helpful support team for help getting started.