Transitioning to electronic invoicing can be daunting for small businesses. Many ask:
Well, Bill.com aims to simplify the process. This comprehensive guide promises to walk you through everything you need to know to get started with Bill.com's robust features.
You'll learn the benefits of Bill.com, understand its security, see how to integrate it with accounting software, and get step-by-step instructions to create an account, link it to QuickBooks, design invoices, and navigate the dashboard. You'll also discover Bill.com's convenient payment processing, document management, and advanced automation capabilities to enhance your efficiency.
Introduction to Bill.com: A Comprehensive Beginner's Guide
Bill.com is a cloud-based software platform that helps small and mid-sized businesses simplify and automate their financial operations. Specifically, it streamlines accounts payable, accounts receivable, and payment processing workflows.
The key benefits of using Bill.com include:
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Time savings: Automates tedious financial tasks like sending invoices, tracking payments, and reconciling bank transactions. This frees up staff to focus on more strategic initiatives.
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Cash flow improvements: Gets invoices paid faster with customizable online invoices and automated payment reminders. Also offers options for early invoice payment.
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Seamless accounting integration: Directly syncs with leading accounting software like QuickBooks and Xero for efficient record-keeping.
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Payment flexibility: Supports electronic ACH payments, paper checks, and debit/credit cards. Can also set up branded website payments.
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Robust reporting: Provides real-time visibility into cash flow, account reconciliation, payment tracking, and AR/AP processes.
In summary, Bill.com makes financial operations efficient for growing businesses by centralizing workflows, payments, and reporting all on a user-friendly platform.
Exploring the Bill.com Universe
Bill.com essentially functions as a central financial hub for businesses. Here's a quick look at some of its key features:
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Document management: Stores all financial documents like invoices and bills digitally in one secure, centralized location.
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Customizable forms: Provides templates to instantly create professional invoices, expense reports, contracts etc.
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Payment processing: Supports electronic or paper check payments to vendors and contractors.
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Reminders and approvals: Automatically sends invoice reminders and facilitates AR/AP approval workflows.
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Accounting system integration: Syncs bidirectionally with QuickBooks Online, Xero, NetSuite and more.
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Mobile access: Android and iOS apps enable users to manage financial workflows on-the-go.
With Bill.com, the entire procure-to-pay process - from sending invoices to making payments - is streamlined onto a unified platform. This saves time, boosts organization, improves cash oversight, and helps manage workflows smoothly even with remote teams.
Bill.com Benefits: Why It's a Game-Changer for Businesses
Transitioning financial tasks onto Bill.com provides a host of benefits that give businesses an operational edge:
Saves time:
- Automating manual processes like sending paper checks and invoices eliminates hours of administrative work. The platform handles these tasks seamlessly in the background.
- Approval workflows are simplified for purchase orders, expense reports, invoices etc via customizable rules.
- Bank transactions are automatically categorized and reconciled.
Boosts cash flow control:
- Custom reminders ensure invoices are paid on time.
- Businesses get paid faster with online payment options.
- Opting for early payment discounts becomes easier with clear cash flow visibility.
Centralizes documentation:
- All financial records, documents, statements, and data history are stored on the cloud in one accessible platform. This enables organized record-keeping that can be accessed anywhere.
Enables scalability:
- As businesses grow, more users, vendors, bills and payments can be easily managed all in one place without things slipping through the cracks.
- Custom approval routing rules can adapt with changing needs.
By leveraging Bill.com's array of capabilities, businesses can optimize workflows, gain financial insights, and scale operations efficiently. The time and cost savings add up quickly.
Understanding Bill.com Security Measures
Bill.com utilizes robust security measures and protocols to keep financial data and transactions protected:
- SSL/TLS encryption for secure data transmission during uploads, downloads and API calls
- Multi-factor authentication ensures only authorized personnel can access accounts
- Customizable user permissions to limit access to sensitive information
- SOC 1 Type 2 and SOC 2 Type 2 audited to validate security controls
- PCI DSS compliance for storing credit card data securely
- Automated daily backups so data can be restored reliably
Additionally, Bill.com leverages AI capabilities to detect suspicious activity. User alerts can also be customized to flag anomalies in real time.
By centralizing processes onto Bill.com's cloud-based platform instead of relying on manual methods like paper checks or desktop software, businesses actually improve security, tracking and control across their financial workflows.
The Synergy of Bill.com and Accounting Systems
At its core, Bill.com is designed to integrate seamlessly with popular accounting platforms:
Entry sync with QuickBooks Online and Xero:
- Key details like customer names, amounts due, invoice/bill numbers, vendor details etc. are automatically synced between Bill.com and the accounting system.
- This two-way sync eliminates duplicate data entry.
Bank transaction categorization:
- Rules can be set to auto-categorize bank transactions from financial institutions.
- Employees can manually match ambiguous transactions.
Reconciliation:
- Statements from Bill.com and accounting software are regularly reconciled together for up-to-date reporting.
- Improves cash flow visibility.
Scalability:
- As the volume of financial transactions increases, Bill.com's automated sync with accounting software ensures the general ledger is always current.
This tight integration provides reliable records, efficient workflows, accurate reporting, and oversight - enabling smarter business decisions. The centralized data also streamlines year-end tax preparation.
By leveraging Bill.com as the financial hub to manage AP, AR and payments, while integrating with preferred accounting tools, businesses can optimize productivity. This is the future of streamlined financial operations.
Is Bill com hard to use?
Bill.com is designed to be user-friendly and easy to navigate. The dashboard provides an intuitive overview of your key financial tasks, such as approving bills, making payments, and tracking cash flow.
Some of the features that make Bill.com simple to use include:
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Step-by-step wizards to guide you through common tasks like adding customers, entering bills, and scheduling payments. These eliminate guesswork.
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Customizable workflows to match your approval routing needs. You can set up rules and approvers that fit your process.
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User permissions to restrict access as needed, ensuring employees only see relevant areas.
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Integrations with popular accounting software like QuickBooks to sync key data. This reduces duplicate data entry.
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Responsive support with onboarding, unlimited phone and email access to answer questions.
The interface focuses on simplifying bill payment processes that used to require numerous manual steps. While it may take some adjustment from paper-based procedures, most users find Bill.com's centralized system saves significant time once implemented. Their tips and staff assistance also facilitate the transition.
Smaller businesses may find the subscription cost high if they need multiple user logins. However, the depth of capabilities often makes up for the expenditure when weighed against manual processing time and errors. Many conclude the boost in efficiency and control are well worth the price.
How long does it take to get paid by Bill com?
Standard ACH ePayment delivery, using a typical payment network, takes 4 days for the payment to get from your customer's bank account to yours. Instant Transfer uses a premium payment network to settle your payment immediately.
With Bill.com's standard ACH ePayment option, it typically takes about 4 days after you submit an invoice for the funds to reach your bank account. This uses the standard ACH network that most payments go through.
However, Bill.com also offers an Instant Transfer option that utilizes a premium payment network to deliver funds on the same day the invoice is paid. This comes at an additional cost per transaction, but can be extremely useful if you need quick access to funds.
A few key points on Bill.com payment timelines:
- Standard ACH ePayment: 4 days on average to receive funds
- Instant Transfer: Same-day settlement of funds
- Payment Submittal: Payments initiated by customers are effective the same business day if submitted before 7 PM PT.
So in summary, while the typical ACH transfer takes 4 days, Bill.com's Instant Transfer feature can accelerate that to same-day funded settlement. Just keep the cut-off times in mind for submittal of payments.
What percentage does Bill Com take?
Bill.com does not take a percentage of payments made through their platform. Instead, they charge subscription fees for access to their services.
The fees associated with Bill.com are:
- $39 per user per month for their basic plan
- Transaction fees ranging from $0.50 - $1.50 per transaction depending on volume
- 2.9% card processing fee for card payments
Additionally, there are no wire transfer fees when paying via card. However, the 2.9% card processing fee still applies in those situations.
So in summary, Bill.com does not take a direct percentage of payments. Their revenue comes from the monthly subscription fees per user as well as per transaction fees. When paying via card, you can expect to pay the 2.9% card processing fee on top of the transaction amount.
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Getting Started with Bill.com Setup
Getting started with Bill.com can seem daunting, but this guide will walk you through the key steps to get your account setup and ready to use.
Creating Your Bill.com Account
Signing up for Bill.com is simple. You can enroll directly on their website or within QuickBooks if you use their accounting software. Here are the main steps:
- Go to Bill.com and click sign up. Select whether you want to create an individual or business account.
- Enter your basic contact information, create a password, and agree to the terms of service.
- Choose your desired subscription plan based on transaction volume and additional users. A free 30-day trial is available.
- Connect a bank account to enable payments. Bill.com supports ACH transfers and paper checks.
Once your account is created, you can add other users and begin configuring your settings.
Linking Bill.com with QuickBooks Integration
If you use QuickBooks Online or Desktop, connect your Bill.com account to enable seamless syncing. Here's how:
- Within Bill.com, go to Settings > Accounting Software and choose QuickBooks.
- Enter your QuickBooks login credentials to authorize data sharing.
- Select which lists and data points to sync between the two platforms. This includes customers, vendors, items, invoices, bills, and payments.
- Changes made in one system will automatically update in the other after syncing.
Designing Invoice Templates with Your Brand
Bill.com allows customization of invoice templates to match your branding. Follow these steps:
- Go to Settings > Invoice Customization.
- Select a template and click Edit to access the builder.
- Upload your logo, change colors and fonts, add custom fields, and rearrange elements.
- Preview and test your branded template before enabling it.
- Set your customized template as the default for new invoices.
Navigating the Bill.com Dashboard and Settings
The Bill.com dashboard displays key modules like Payments, Invoices, and Reports. Get to know the interface by:
- Reviewing top-level navigation and sidebar menu options.
- Customizing widgets on your dashboard to show important summaries and shortcuts.
- Exploring core pages like Payments and Invoices to understand workflows.
- Revisiting Settings to adjust options as needed over time.
With your account created, linked, and customized - it's time to start using Bill.com to get paid faster!
Exploring Key Bill.com Features and Tools
Bill.com offers several key features to help businesses manage their billing, payments, expenses, and documents efficiently.
Electronic Bill Payment Processing
With Bill.com, users can:
- Create professional digital invoices customized with their logo, colors, and messaging
- Send invoices immediately via email or print and mail paper copies
- Allow online payments by credit card, ACH, PayPal, and check
- Set up automatic payment reminders to improve on-time payments
- Easily track the status of invoices and payments
Receiving Online Payments: A Variety of Options
Bill.com supports fast and secure online payments by:
- Credit card
- ACH bank transfers
- PayPal
- Paper check payments can also be received and deposited directly within Bill.com
This flexibility makes it easy for both businesses and their customers.
Streamlining Expense Management
Key features that help manage expenses include:
- Snap photos of receipts and submit expense reports directly in the mobile app
- Assign general ledger coding and categories
- Set approval workflows to match company policy
- Integrate expense data with accounting systems
- Reconcile company credit card transactions
Automating these repetitive tasks saves significant time and effort.
Document Management: Keeping Your Files Organized
Within Bill.com, users can:
- Upload, store and share invoices, bills, statements, and other financial documents
- Access files anytime from desktop or mobile
- Reduce reliance on paper files and physical storage
- Maintain organized digital archives of important documents
Centralizing documents makes financial data more accessible and reporting easier.
Overall, Bill.com aims to simplify billing, payment collection, expense reporting, and document management in one integrated platform. The features and capabilities provide significant time and cost savings for a wide range of businesses.
Leveraging Advanced Bill.com Features for Enhanced Efficiency
Beyond the basics - tips for unlocking Bill.com's more advanced features.
Automating Payments with Auto Pay and Auto Reminder
The Auto Pay and Auto Reminder features allow you to automate payment reminders and collections.
With Auto Pay, you can:
- Set up automatic payments to vendors on their due dates, saving you time on manual payments
- Avoid late fees and keep vendor relationships positive
To enable:
- Navigate to Pay Bills
- Open bill details
- Toggle on "Auto Pay"
- Set payment date
With Auto Reminder, you can:
- Automatically email invoice reminders to customers before due dates
- Improve cash flow by encouraging on-time payments
To set up:
- Go to Receive Money
- Select desired invoices
- Click "Turn On Auto Reminders"
- Pick reminder schedule
Leveraging these automation features eliminates administrative tasks so you can focus on your business.
Creating a Custom Branded Website Address for Your Bill.com Portal
Get a custom, white-labeled Bill.com portal.
A custom URL like yourcompany.bill.com provides:
- Professional branded experience for clients
- Customized messaging
- Seamless integration with your brand
To create:
- Navigate to "Company Settings"
- Click "Custom URL"
- Enter desired URL
- Verify ownership
With a branded portal, your clients access a tailored payment experience aligned to your brand identity.
On-the-Go Management: Bill.com's Mobile Access
Managing billing and payments on-the-go with Bill.com's mobile apps.
Key features:
- iOS and Android apps
- Push notifications on payments
- Photo capture for receipts
- Approve/reject invoices
- Check real-time cash flow
Benefits include:
- Payment visibility anytime, anywhere
- Quick approvals and updates
- Cash management on the go
Bill.com's mobile access empowers you with flexibility to manage financials from your phone or tablet.
Analyzing Financial Health with Bill.com Reports
Utilize Bill.com's reporting features to gain insights into your business's financial status.
Reports allow you to:
- Track accounts receivable/payable
- Identify fast/slow paying customers
- Monitor employee spending
- Analyze cash flow trends
- Optimize working capital
With robust reporting, you can measure performance and make data-driven business decisions.
Conclusion: Starting Your Journey with Bill.com
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