Overall Satisfaction with Bill.com
My company uses Bill.com to provide outsourced accounts payable services to our bookkeeping clients. Additionally we have found that Bill.com is a cost effective paperless document management tool. For our business it solves the problem of needing to issue paper checks and track down paper receipts. With Bill.com we prepare invoices and bills to be paid, the client approves via Bill.com and an electronic payment or paper check is sent out accordingly.
- Sending direct deposit payments to vendors. Either the vendor can sign up for a free Bill.com account or enter their direct deposit authorization manually and for a $0.50 fee payments can be made electronically. No more checks lost in the mail.
- Easily allow for multiple people to approve a bill before payment. This is a great feature for smaller organizations that still need a lot of oversight, such as a non-profit.
- Bill.com does a great job with document management. Documents can be attached at a transaction level, company/vendor as well as a few other options. They are stored in PDF format and can be easily printed if needed. This eliminates hunting down past years A/P files to double check charges.
- To use Bill.com for Accounts Receivable means needing to sign up for a merchant account with their preferred provider, PayTrace. While this company may indeed have great rates as they promise, it's a bit aggravating to have a second merchant account in the mix.
- Duplicate vendor and client entries happen on occasion as a result of syncing between Bill.com and the accounting software. Most of the time merging the contacts is easy, but occasionally a hiccup occurs that requires tech support to untangle.
- There is no mobile app, but instead a mobile site that works fairly well to access a handful of Bill.com functions.
- We got rid of paper! All receipts, copies of invoices, contracts and anything else we come across gets stored in Bill.com.
- We don't waste time getting invoices approved and checks signed. AP gets entered into Bill.com, the appropriate person approves and an electronic payment is sent. We saved a ton of time chasing what bills needed to be paid and checks lost in the mail.
- Some vendors are simply not interested in signing up for direct deposit. It is nearly $2 to send a paper check through Bill.com to these vendors. Luckily the convenience still outweighs this cost, but if we couldn't get so many vendors accepting of direct deposit, Bill.com might not have made sense.
If your business would like to gain control over processing accounts payable and operate in a paperless environment, Bill.com is a great solution. There are built in users with different permission settings so general data input tasks can be assigned to appropriate staff, while the final approval decision on any invoice can be reserved for those within the firm with the proper authority. Add in that payments can be sent electronically, your firm is now saving on postage, check stock, and valuable space previously taken up by drawers of AP files.
Bill.com saves our company so much time we will definitely keep renewing our subscription. They roll out improvements as needed and are very responsive when there are technical issues. We have reached out by live chat and phone and always found resolution to any problems encountered. The reduced labor costs for processing our accounts payable make Bill.com pay for itself and then some.