How We Use It and Why
Bill.com is a front-end inbox for the invoices our clients need to pay. All the invoices our clients receive come into this inbox where they quickly process them. We also use it as a paperless document management tool where we can store all client’s invoices.
One of its features allows us to create reports that provide the client information about which invoices to pay, and our clients quickly click the link to make the payment.
Implementing Bill.com offers financial savings by removing the need for check stock, and it saves our clients time because there is no longer a need to load checks in the printer. Additionally, they get the elimination of postage expenses since the transaction is electronic. The money is sent directly into the bank account timely and accurately.
We have experienced clients who prefer to receive a paper check. When that happens, Bill.com will process the check and mail it to the client.
How Does Bill.com Integrate with Sage Intacct?
Bill.com has a built-in native option for automatic sync (through the Sage Intacct API) that integrates with Sage Intacct. The sync and API work with most of the accounting software systems. It’s been a great tool to work with, and we use it with most of our clients.
We do have some clients whose needs are more specific to expense management and expense reimbursement type transactions. There are times when there is a better solution for those clients.
We prefer to work with tools in the Sage Intacct Marketplace. However; if we need to build a workaround, these separate special projects will be explored as dictated by the individual client we work with. Overall, our goal is not to build all these different separate workarounds. It is to make use of the systems that already talk to one another.
What Clients Most Benefit From Using Bill.com?
Let’s take a restaurant client for example. From the moment they get the invoice from their vendors, we get it coded and into their financial management system so they see what they’ve purchased, how much cash they will owe, and what cost codes it impacts.
Pre Bill.com, invoices piled up on the desk of the chef or of the restaurant manager and once-a-week someone entered them. Daily Scanning and entering the invoices provides visibility and better reporting on what’s happening in their business.
Let’s say we want to explore, “why did we buy that much protein or why didn’t we?” or if there are errors, clients have the visibility to catch them much faster and find the answers to their financial questions. We create reports out of that information instead of invoices sitting on a desk not being coded!
Bill.com Offers Accuracy and Relational Integrity
When paying vendors through Bill.com, we offer accuracy, relational integrity, and when the check is in the mail, our vendors get an electronic notice. That’s been one of the major wins with our clients. If a restaurant has an in-house corporate accounting department or an administrator who looks at which invoice to pay, those are the ones who call all the time to find out when they will get paid. They want to know when the check gets cut and when they will receive it.
With Bill.com, vendors don’t have to spend time making those calls any longer. They log in to see where their invoice payment stands and they get the notification of when the check sent out. It reduces a large number of vendor questions giving them time to focus on more essential parts of their business.
Vendors can set up direct deposit through other apps and check their bank account on the date they think the payment might post, and they may have to check several times. This software sends a notification approximately three days before payments post to their account and another alert when the money posts. The system saves vendors time monitoring for payment.
Vendors Can Send Their Invoices Directly Through Bill.com
Through Bill.com you can skip manually adding in invoices. Imagine how it works with a utility bill. The utility company usually sends a copy of the statement to a designated email address. We set up an email address at firstname.lastname@example.org, and the bill goes to that address. This way, whenever the bill sends electronically, it goes straight into the system. Moreover, if they choose, they can stop getting a paper invoice.
Several of our clients use that function. For smaller clients, the volume is not such that we can not quickly add it to Bill.com. However, when we work with clients ten times the size of our company, it becomes beneficial to use the direct email system. It keeps it from being stuck in someone’s email inbox. When you use Bill.com, everyone who logs in gets to see all the invoices that have come in, and he or she can process them together.
Bill.com Software Is A Preferred Provider for The AICPA
Bill.com is a preferred provider for the AICPA as an accounts payable system to make electronic payments. There is a built-in internal electronic payment tool already built into Sage Intacct, but Bill.com is a better user-friendly option.
From the perspective of someone who is a non-accountant, efficiently and easily coding invoices is a big plus. It has a memory of previous entries and transactions connected to the accounting system. For example, if you start typing V-E-N, it pulls up the VENDOR, the last bill, and the coding from the previous statement. There is intelligence in it where if you were to do it native in Sage Intacct, those rich features of coding memory are not as fast.
We encourage our clients to use Bill.com. We have an accountant’s console with Bill.com. Through CPA.com they license us through Bill.com to have an accountant seat. Clients are best served on our console so that all their people don’t have to be charged as a user. Instead, we get an accountant’s rate for all of our people, and they don’t have to pay for additional users. For example, our team logs in to pay their bills. They aren’t charged more for that to happen.
All our clients come under the umbrella of our console. If clients already have a Bill.com account when we meet them, Bill.com has made it an easy and smooth process to transition their account over to our console.