Bill.com streamlines bill payment
Rating: 10 out of 10
June 27, 2014
JC
Vetted Review
3 years of experience
I own a small accounting firm and we serve companies in a broad range of industries with revenues typically less than $5million. I especially like bill.com for its ability to streamline payables and assist companies with cash flow management. It is also an effective tool allowing companies to seamlessly collaborate with an outside accounting firm.
- Bill payment is clearly bill.com's strong suit. Getting bills into bill.com and paid is quite seamless. Scan, submit, code, schedule. done.
- Integration with Quickbooks is seamless. Clearing errors is typically easy. There is no rekeying information into Quickbooks. It quite literally is integration with the click of a button. I am working on integration with Xero and am finding the integration to require a bit more work.
- Simplifying the bill payment process. Moving through a batch of invoices to pay in Quickbooks is quite simple, and it is a great paperless data retention tool. Once the image is scanned and coded, you can route it for approval electronically, schedule for payment and then Bill.com issues the payment. If you need to access the bill later, you can find the document easily and even see the front and back of the cancelled check all in one place.
Cons
- While I think the cost of a traditional paper process is higher, I do think Bill.com is a bit pricey. You need to have at least 15-20 checks or more to enter per month to have a cost savings.
- Integration with Xero requires a third party. Would be better if the connection was direct with Xero.
- It seems like for debit/credit card transactions there would be an easier/quicker way to get the documents processed in Bill.com so Bill.com can act as a central data storage location. There should be one go to location for all payments issued by a company.