Accounting can be challenging for small businesses. They find themselves drowning in paper, sticky notes, and invoices. Many small businesses come up with do-it-yourself accounting solutions that end up causing more problems than they resolve. Bill.com is an intelligent way to create and pay bills, get paid, and send invoices. The nice thing about this billing software for small businesses is that it was designed to integrate with various programs, like NetSuite.
Bill.com offers financial process efficiency by streamlining the accounts payable and accounts receivable management process for small to medium-sized businesses. The platform has been designed to minimize human error by using the power of artificial intelligence and machine learning.
The more your business uses Bill.com, the better it can adapt. Machine learning and artificial intelligence allow it to learn your processes and preferences, which increases the control you have over other aspects of bill management.
Bill.com has been created to work for organizations of all sizes. Small to medium-sized businesses use this software, which can be applied to larger enterprises. Accounting professionals work with Bill.com through its Accountant Partner Program. Bill.com is a flexible platform. It can be deployed on Android, iPhone, and cloud SaaS and web-based platforms.
If you want to sign up for Bill.com, you will need to go through the login process. You can then establish a link between the site and the software solutions you are using if they are supported. QuickBooks Online and Xero can be supported on every version of Bill.com. If you have the enterprise edition, you can integrate SageIntacct, NetSuite, and other software. It is recommended that you set up the integration immediately. This can save you time and helps keep both your accounting software and Bill.com updated and synchronized.
Businesses that opt to use Bill.com as a standalone application have the ability to import CSV files with databases of vendors, customers, accounts, and items. There is also the option to enter each record manually.
During the setup process, you will need to provide Bill.com with account numbers and routing numbers. You will have to select how you want your customers to pay you. It can be through the ACH payment option of Bill.com or using a different service, Bill.com allows you to accept debit cards and credit cards, or you can link your PayPal account for payment.
Bill.com allows you to create policies that determine how bills are approved. For example, you can specify that routine bills do not need to be approved but are automatically paid. Or you can decide that bills that have a value higher than a specific amount need to be approved before getting paid.
There are many options available if you want to send your bills to Bill.com’s payment system. You can use your email, you can fax them, or you can scan them. You can arrange for vendors to email your bills directly to the platform, or you can use your mobile device to take a picture of an account and have it sent to Bill.com. There is a small fee for using this option.
In all cases, your paper or image invoices and emails will be turned into electronic records that will be visible on the site. If you have been granted the correct permissions, Bill.com allows you to edit and delete bills and send reminders to the individual responsible for approving invoices.
A feature that Bill.com added a few years ago was accounts receivable capabilities. This means that you can create invoices and send them online and then have people pay you using ACH bank transfers, credit cards, or debit cards. Bill.com comes with a default invoice template, but you can modify it and create new ones with different sets of fields.
Bill.com and other technologies are helping businesses and accounting firms streamline the accounting process. At Fusion CPA, we are business advisory experts. We help small to medium-sized businesses see how they can integrate technology into their accounting process to improve accuracy and compliance.