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Accounts payable is necessary for both personal and corporate life. Usually, there are numerous steps involved when we pay bills, such as tracking deadlines, inserting payment information, and more.
Bill.com smoothens the process by allowing you to cover all your bills with one click, offering the possibility to export this data into leading accounting solutions. Onto our Bill.com review!
What is Bill.com?
Bill.com is a smart payments platform and bills software that can save up to 50% of your time when dealing with accounts payables, as opposed to using other methods.
The process can be tedious, but the platform increases your control over the account payables, minimizing errors and time delays.
Business owners who want to move their account payables to a cloud system use Bill.com, along with accountants who want to ease their workflow.
The platform is a cloud-based system that specializes in bill payment services. Its users can easily receive payments from their clients, generate financial reports, and make payments to contractors and vendors.
Bill Payment Services
The accounts payable module allows you to invoice clients electronically, either automatically or manually. These invoices are then sent to other team members to be reviewed if required. The platform supports different payment methods, including paper checks and ACH payments.
Bill.com makes it faster to organize the entire account payable tasks. Users can scan, email, or fax their contracts or bills and upload them to the cloud. The platform then matches the right contracts and purchase orders with bills, providing one-click access to them wherever and whenever you need them.
In addition to this, the intelligent payments platform can make revisions to your predicted cash flows and then email you notifications to review these changes.
Additional users can be included with specific permissions, so you can choose what bills they can view and even send them a notification whenever there is a new bill.
You can also keep all of your check-related contracts, so you can access them with ease and verify payment details.
Bill.com also has an accounts receivables module that sends automated invoices and reminders to your customers. Similar to the previous module, customers can choose different payment methods, such as ACH payments, ePayment, PayPal, or credit cards.
The software can be synced with popular accounting solutions, including Xero, QuickBooks, and even Intacct.
The software offers online billing methods, so you can save time on this process. It sends automatic reminders before payment or follow-up notifications if your clients are overdue.
The invoicing features are complex, allowing you to check your clients’ engagement with their invoices after they open them online. As a result, you can easily find out if they received and paid their invoices, including scheduled ones.
The screen that displays the bills for your clients also has a conversation window. Clients can leave comments or ask questions there, and you are immediately notified. This feature helps to keep track of queries related to payments, saving time and ensuring that they are easy to find.
Bill.com Software Benefits
Bill.com software enables businesses to leverage the security and speed of ACH payments. You can get paid online by your customers using your own payment gateway.
This is a great advantage for many firms as the system connects the vendor with its clients, keep historical invoices and other documents for a thorough audit trail.
Furthermore, ACH payments are an electronic payment method with numerous benefits for companies. It is low cost and allows you to get paid faster, unlike the traditional paper check sent through standard mail.
Not only will you get paid quicker, but ACH also eliminates the unnecessary trips to the bank to deposit your checks. Each ACH payment incurs a small fixed fee of $0.49 per transaction, which means that it is cheaper than credit card payments which typically charge a percentage of the total amount.
Another major benefit of using Bill.com software is its ability to sync with up to 10 different apps. You can connect it to your main accounting software, such as Xero, NetSuite, and QuickBooks.
This will ensure integration with your other accounting-related tasks and saves time.
Bill.com pricing comes with four options for businesses of all sizes. Small businesses can choose one of the two cheaper plans, but they must select either payables or receivables:
- Payables Plan includes bill payment, recurring bills, vendor management and vendor credits, and sending bills to be approved.
- Receivables Plan comes with sending invoices, recurring invoices, contact management, and online payments, credit memos, and more.
The two more expensive plans come with both modules above. Regardless of your choice, Bill.com offers a free trial.
You can sign up without adding your credit card information and you can opt-out at any time.
The four plans offered by Bill.com are:
- Essential Plan – priced at $39 per month. You can choose either the payables or receivables module, and includes user permissions, unlimited document storage, approval workflows.
- Team Plan – is $49 per month and includes everything in the Essential Plan, but also custom user permissions and syncs with accounting software.
- Corporate Plan – costs $69 per month and offers access to both payables and receivables, payment and invoice automation, custom approval limits, apart from the features offered by the previous plan.
- Enterprise Plan – is a customizable option that allows for additional features, such as API, multi-entity or multi-location accounting files, and others.
Bill.com is an excellent system for any type of business. However, there are a few other systems that could be more suitable for your needs.
For example, Tipalti is useful if you have numerous payment methods and a large number of payees and vendors. The platform also helps to keep track of all payment details and tax forms, which is not available for Bill.com.
If your business is global, Tipalti could offer better value for money.
Summary: Bill.com Review
Bill.com software is an excellent option to automate your accounts payable, accounts receivable, or both. It helps to eliminate the clutter and organize your billing and invoicing processes. Since it helps to keep track of all transactions, it provides an electronic audit trail.
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