Optimizing Bill.com in Accounting Systems
Updated August 30, 2015
Optimizing Bill.com in Accounting Systems
Score 10 out of 10
Overall Satisfaction with Bill.com
My clients use Bill.com as the system of record for disbursements to vendors and for reimbursement of employee expenses. This solution is being used across each organization and enables multi-level review and approval of payables obligations, central repository for documents from vendors and mobile management and access to vendor, cash flow and remittance information for management review without having to access each firms' accounting system. Bill.com seamlessly integrates with accounting systems --- my clients use QuickBooks, both hosted and online, NetSuite and Xero. Bill.com also integrates with Expensify, so employee expense reports can also go through multiple-level review and payments can be tracked and made electronically.
- Seamless integration with major accounting systems and applications and intelligent, built-in workflow. This reduces duplication of work, skipped approval steps and delay in payment processing.
- Bill.com enables single repository storage for vendor invoice submission, unlimited storage for documents and good reporting capability. This assists with audit and control review.
- Bill.com provides live chat and call back capability from a knowledgeable customer service team. This is critically important, since accounting system synchronization is a complex matter and occasionally sync errors require some guidance to clear.
- Bill.com integrates well with 1099 preparation applications, which is critical at year end and saves data entry time when preparing these required forms.
- The credit memo processing features in Bill.com could be built-out more fully.
- Additional report customization would be helpful.
- Batch-processing transaction capability could be developed.
- Bill.com increases efficiency in invoice processing, saving hours of time and reducing duplication of efforts.
- Vendor set up and invoice processing time are reduced.
- Senior management can use Bill.com as a quick review of cash requirements and vendor activity, as well as provide approvals from anywhere.
Banks and other financial institutions provide electronic bill pay and processing services, but these generally do not provide the embedded approval and security which Bill.com does. Accounting software also enables bill payment, but then requires access to the main accounting system, which Bill.com avoids, so sales management, for example can still review and approve team expense reports without having to sign in to accounting systems. Bill.com supports payment through PayPal as well, which can be very useful when remitting to smaller vendors or those who may not have standard bank relationships.
Bill.com is well-suited to firms of all sizes who are looking for single-portal solutions to invoice approval and processing, with embedded integration to accounting systems. The system enables visibility into vendor activity and liabilities, enables more rapid audit support and provides "review anywhere" work capability. Because vendors are instructed to send invoices to a central repository and built-in workflow routes approvals as designated, efficiency can be significantly improved and fraud prevention processes are supported.
I continue to recommend Bill.com for businesses of various sizes, as the system of record for company disbursements for approval and control reasons. Best practices include using Expensify as the system of record for inputting expense reports, using Bill.com for reimbursement and approval of expense reports, vendor and contractor payables, and then syncing Bill.com with the accounting system, which is the master system of record. In this way, data entry is optimized, visibility and control are maximized and users are not burdened with having to access multiple systems to submit documents or process requests.
Bill.com continues to raise the bar with new features and improved interface. The Fast Pay option is another innovation that reduces administrative time when you have to get an overnight check out. The new Chat Support interface, powered by Zopim, which is world-class, adds to the responsiveness of Bill.com's support team and makes getting real-time answers that much easier.