Georgetown Visitation Prep School Cuts AP Processing Time by 75%
Tell us about your firm.
Growth Force offers cloud-based bookkeeping, accounting and controller services to nonprofits and service businesses. Our employees are onsite, fulltime and 100% U.S.-based.
Why did you decide to use Bill.com?
We used to stay away from bill payment. It wasn’t efficient and the process took hours.
Then the AICPA introduced me to Bill.com. We finish payables in minutes now. More importantly, Bill.com let us sell payables as a competitive differentiator, add value for clients and reduce costs. Eighty-five percent of our clients use it. It’s an integral part of our Smart Back Office.
Bill.com offers fraud prevention and an audit trail. Our clients have peace of mind with the enforced separation of duties and it makes you audit ready without any extra work. Bill.com issues payments from their own bank account so that a client’s banking account and routing number aren’t exposed. Ultimately, vendors have control of ACH payments.
How has Bill.com helped your firm profit?
We save $262,000 per each 100 clients a year, which breaks down to savings of about $2,600 per client per year. We also process AP 2.5 times faster with the same amount of people.
It used to cost us $12 to create and process each check. Now, it costs us $5 a check. We would lose about $58,000 a year if we went back to the old, manual processes and kept fees the same.
What tips would you give others who want to improve their business?
Find technology that gives you the competitive advantage and use it.