What is Bill.com
Bill.com is a cloud-based payments platform that’s changing the way businesses pay and get paid.cloud-based, online business payments solution It facilitates fast, secure ACH payments and automates approvals to cut time spent on tedious accounts payable jobs by 50% or more.
The Problem with the Current Accounts Payable Process
Businesses depend on the services of vendors, contractors, and a variety of other trading partners to keep things running. Sounds simple enough, right? It is—until it’s time to pay these people for their goods or services.
The process can get messy. Incoming bills stack up on your desk, you or your accounts payable clerk gathers them up and routes them for approval, and then checks are printed, signed, and mailed to your vendors or contractors. But it doesn’t end there—you still need to manually enter the payment in your accounting software to keep your books up to date.
It’s a slow, inefficient process that saps your time and distracts you from what matters most: serving your customers and growing your business.The accounts payable function is a vital part of any business, but it is a function that, if not handled correctly, can cause problems for business owners. Bills become large stacks of paper that have to be processed, routed to the correct approvers, checks have to be signed, envelopes need to be addressed, and the check is finally mailed out to all of your vendors.
After that, your payment needs to be recorded separately in your accounting software. These activities not only take time to complete, but is a process that is prone to user error. What if there was a way to simplify this whole process?
Accounts Payable With Bill.com
Bill.com automates all of the above, from end to end. You receive invoices from vendors or contractors via email, or scan and upload them to your digital inbox. From there, you simply create a new bill, enter a few quick details, and pay it via ACH. If your vendor or contractor prefers to receive paper checks, we’ll automatically print and mail those for you.
If bills over a certain amount require approval, you can add approvers to your account. They receive an automatic notification when a bill needs their attention, and they can review and approve the bill, from any device, with a click or a tap.
Need to share access to your account with others? No problem! Bill.com offers custom user roles (Administrator, Accountant, Clerk, Approver, Payer) to ensure a clear separation of duties and maximize the efficiency of your staff.
Once a payment is made, it’s automatically synced over to your accounting software. You save time on duplicate data entry, reduce the chance of manual entry errors, and always have up-to-date books.