According to Bill.com, over half of the top 100 accounting firms now use Bill.com for their bookkeeping needs, including us at MGA. Bill.com appeals to more than accountants though. Businesses in a variety of industries are switching to the platform to make and receive payments.
But what is Bill.com? In this blog, we have put together the basics — what it is, how it works, and how it can benefit your operation.
What is Bill.com?
Bill.com is a business payment platform. In their own words, the company "provides a simple and secure way to create, review, approve or deny, and even pay bills on the go."
Bill.com is available on desktops or through its mobile app, making it easy to access your accounts payable (AP) and accounts receivables (AR) from anywhere.
How Does Bill.com Work?
Bill.com streamlines the entire AP process by putting it in the cloud for easy access. The interface is very intuitive and makes it very simple to manage billing and payments.
While the platform provides a multitude of benefits, automating billing and receiving is its bread and butter. When a user signs up, the platform's services sync to that user's accounting software and bank accounts. Once logged in, users are able to see an overview of their pending approvals and payments. Then with one click, users can get current progress updates about incoming payments. And with a few more clicks, you can make payments to vendors and contractors.
What Can Bill.com Do For You?
Bill.com offers many benefits for small to medium size businesses.
The platform brings together all your banking and accounting channels along with your documents and staff. Having these elements together in one place makes business payments easy and efficient.
Bill.com records your payments and synchronizes with most accounting systems, including QuickBooks, Xero, NetSuite, and Intacct. The AP and AR processes are completely automated. It also allows you to schedule payments to vendors through ACH, check, or PayPal. Additionally, you can send personalized email invoices or reminders to your clients directly through the platform.
The calendar function helps users identify and solve cash flow problems by providing a detailed review of company cash flow. The system also allows for complete cash flow management.
A Bill.com account makes it easy to digitize paper bills and provides unlimited document storage.
Another perk is that your account can have as many users as you want, so essential members of your team can all have access to the platform. You can assign users different levels of access according to your specific needs.
Is Bill.com Safe?
It’s important to note that Bill.com offers enterprise-level fraud protection and utilizes the same encryption used by banks. Because all payments go through a user's Bill.com account, bank account and routing numbers are not exposed. The platform also employs firewalls and intrusion-detection devices to prevent unauthorized access to servers. By using Bill.com, you remove the need for physical checks, which in itself eliminates the possibility of check fraud.
So overall, yes, Bill.com takes many important measures to ensure it is a safe option for you and your company.
The Bottom Line
Now that you know the answer to, "What is Bill.com?" you can use it as a streamlined option to simplify your AP and AR processes. The platform also offers a more robust version for accountants to manage bookkeeping for their clients.
At MGA, we are always looking for the best technology tools to implement into our daily practice and to share with our clients. If you’re interested in learning more about Bill.com, or if you're looking for help with implementing it into your operation, give us a call.
Our T.A.S.C. team is here and ready to help you take your AP and AR processes to the next level.