Wisdom Over Wealth: “Bill.com is the greatest advancement in small business accounting since QuickBooks.”

William O’Connell, founder of Wisdom Over Wealth, shares how Bill.com demystifies and detangles finances for his church clients.

 

Cornerstone Church Strengthens Internal Controls with Wisdom Over Wealth and Bill.com

Dr. Tim Moore, lead pastor of Cornerstone Church, and Josh Eldridge, lead associate pastor for Cornerstone Church, discuss Wisdom Over Wealth, Bill.com, and how they helped the 40-year-old church institute robust internal controls.  

 

Full Q&A

Tell us about your firm.

Wisdom Over Wealth is a virtual CPA firm, and we service Christian churches across America. Over the last 12 years, we have worked with over 300 churches in 40 states.

Why did you decide to use Bill.com?

Bill.com is the greatest advancement in small business accounting since the introduction of QuickBooks in the 1990s. When I learned about Bill.com and its capabilities at an AICPA event, I said, “We’ve got to be doing this.” The whole capability of having more control, being able to route approvals online or with a smartphone, and pay via ACH is an absolute winner as far as churches are concerned.

How do you sell your clients on Bill.com?

I tell clients that we’re going to move them out of the 1955 version of how they pay bills. Churches are primarily run by volunteers. They come together for worship, not business. They don’t want to chase down a treasurer to sign checks or approve invoices. With Bill.com, the treasurer can pull out a mobile phone and virtually sign the checks for approved invoices. Once they understand this, they’re on board.

What do your clients think of Bill.com?

Tools like QuickBooks can be intimidating for those who aren’t accountants. But Bill.com doesn’t intimidate clients. It’s an environment they understand. They can easily process reimbursements and review bills.  It even has a beneficial impact on how churches staff. Many of my clients used to stipulate that the office administrator needed to have experience working with accounting tools. Not anymore. With Bill.com, they can remove that from the job description and hire someone who is primarily ministry-minded.

One of our clients now running on QuickBooks Online and Bill.com, recently came to me and said, “For the first time in 17 years I understand the finances of my church.”

 

A Client's Perspective : Cornerstone Church

Cornerstone Church Strengthens Internal Controls with Wisdom Over Wealth and Bill.com

Dr. Tim Moore, lead pastor of Cornerstone Church, and Josh Eldridge, lead associate pastor for Cornerstone Church, discuss Wisdom Over Wealth, Bill.com, and how they helped the 40-year-old church institute robust internal controls.  

How did Cornerstone handle accounting and AP before working with Wisdom Over Wealth?

Josh: We used CDM+ for a long time. It was helpful with fund accounting, but not user-friendly. For AP, we wrote and mailed in-house checks or used online banking for recurring expenses. Paper was everywhere. Month-end was particularly stressful, taking about 10 hours a week.

Tim: One of the things that attracted us to Wisdom Over Wealth was the ability to put generally accepted accounting principles, processes, and workflows into place. It’s essential for us to be good stewards.

Josh: Our Foursquare national administrator, Cindy Towne, a CPA, walked us through an internal audit and suggested that we work with an accounting firm to reduce the burden on staff and strengthen internal controls. She recommended Wisdom Over Wealth. They knew Foursquare and how things work. Wisdom Over Wealth also introduced us to Bill.com.

How is AP now with Wisdom Over Wealth and Bill.com?

Josh: Wisdom Over Wealth understands churches and can easily advise us on the best way to do things. With both Wisdom Over Wealth and Bill.com we are now fully compliant with Foursquare internal control requirements. Wisdom Over Wealth helped us set up the controls, and Bill.com enforces them. Each bill digitally runs through the proper approval process and every activity is tracked and audit-ready. We get an invoice in, scan it, and send it to Bill.com. It pops into the mobile app where I review it, make notes, and approve it, and Tim does the same. It gets paid online from there, reducing our need for paper checks or documentation.

Tim: Rather than tracking someone or something down, the bill is right there on the app. It streamlines the double approval process.  

What do you like best about Bill.com?

Tim: I love the convenience of Bill.com and using the app. You’re not searching for files or papers.  Everything is there and available.

Josh: I love that I can use Face ID for the app. The approval process is easy. Remember the rubber signature stamp and then getting papers to the next person? I really like not doing that.