Mongabay: Significant Time and Cost Savings through International Payments Solution
Tell us a little about The Evolution Institute.
The Evolution Institute is a non-profit organization that brings evolutionary experts together with other specialists for a constructive dialogue about scientific research, policy formulation, and implementation. It has a rapidly expanding portfolio of projects, from early childhood education to the worldwide economy.
How were you managing international payments before BILL?
We were using our bank to wire funds overseas, but that was very expensive. So we started paying our contractors through TransferWise to save money. It was more cost effective, but it didn’t sync with our accounting software or our domestic payment system. Plus, we never had enough confidence to fund our large grants with it, so we continued to use our bank for peace of mind.
And when did you make the switch to BILL?
In 2016. Our executive director recommended BILL because of its full feature set and the fact that it integrates well with our QuickBooks Online accounting software. The implementation went quickly, and all of the integration steps were simple and intuitive.
What was the biggest benefit of using BILL for international payments?
The biggest benefit of BILL is the ability to use the same platform for domestic and international bills. That’s huge for us, since our employees only have to remember how to use one platform.
And since BILL doesn’t charge for payments to international recipients, we have been able to save a considerable amount of money each year in wire fees.
How did BILL help you reconcile your international payments?
Before BILL, we had to manually match dollar amounts to our invoices and keep our fingers crossed that we entered the information correctly. There was a lot of back-and-forth to make sure everything lined up.
BILL has eliminated all of the emails we were sending back and forth to track our payments, since the information we need is now in one place. Plus, automatically syncing payments to our accounting software eliminates double data entry. Bill.com gives us one less thing to think about!
Now that you spend much less time on AP, what are you focusing on?
We have a number of different projects underway and are getting ready to begin new international partnerships. To get the best researchers and data scientists to work on them, we have expanded our operations all over the globe.
Bill.com has dramatically simplified our domestic and international AP processes, enabling our organization to focus on our core mission—using evolutionary science to solve real-world problems to improve quality of life.