Managing multiple entities in a financial system can be incredibly challenging. Complex organizational structures easily lead to tangled workflows, restricted oversight, and approval bottlenecks.
Luckily, Bill.com provides robust tools for consolidating and coordinating all your entities, accounts, and teams. You can enable seamless oversight while retaining custom permissions and automated approvals.
In this post, you'll discover Bill.com's full capabilities for unifying data across entities, streamlining multi-level approval chains, and gaining holistic visibility through flexible reporting. You'll walk away ready to handle even the most sophisticated organizational structures.
Introduction to Managing Multiple Entities in Bill.com
Bill.com is a cloud-based software platform that helps businesses manage their financial operations. For companies with complex structures across multiple entities or business units, keeping track of expenses and approvals can become challenging. This article provides helpful tips for effectively setting up and using Bill.com to manage multiple entities.
The key benefit of using Bill.com is the ability to centralize approvals and payment processing across all your entities and locations. However, proper setup is crucial to leverage Bill.com's full capabilities. We'll walk through best practices for structuring your chart of accounts, configuring user roles and permissions, automating workflows, and monitoring activity.
By following these recommendations, you can reduce administrative tasks, simplify reporting, and maintain strong financial controls when scaling your business. The goal is to maximize efficiency gains and cost savings from Bill.com so you can focus resources on strategic initiatives rather than paperwork.
Can you have multiple companies in Bill com?
If you already have a BILL login, you can easily add companies to access with the same login information, and seamlessly switch between them to process your payables and receivables.
To add a company in Bill.com:
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Login to your Bill.com account
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Click on the drop down menu next to your username in the top right corner
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Select "Add/Edit Companies"
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Click the "+" button to add a new company
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Enter the company name, address, and tax ID
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Click "Create Company"
Once created, you can select the new company from the drop down menu to switch between companies.
Having multiple companies in Bill.com allows you to:
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Manage billing and payments for different legal entities or divisions from one place
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Assign users different permissions for each company
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Customize workflows, approvers, billing settings per company
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View reporting data separately per company
So if your business has grown to have multiple legal entities or divisions, Bill.com makes it easy to manage them from a single login. You can add as many companies as you need.
The key benefit is seamlessly being able to switch between companies to process invoices and track financials without having to logout and login to separate accounts. Everything is accessible from one place.
How do I merge two vendors on Bill com?
STEPS TO MERGE
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Select Vendors.
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On the vendor tab, select the check boxes for the duplicate vendors.
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Select Merge.
To merge two vendor profiles in Bill.com that represent the same vendor entity, follow these simple steps:
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Log in to your Bill.com account and navigate to the Vendors tab.
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Use the search bar or vendor list to locate the duplicate vendor profiles you want to merge. Select the checkbox next to each vendor.
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Click the "Merge" button at the top of the page.
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In the pop-up, select the vendor profile you want to keep as the primary profile. The other profile will be merged into this one.
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Review the information and click "Merge" to complete the process.
Merging vendors in Bill.com combines the profiles so you have one single vendor account instead of duplicates. This helps reduce clutter in your vendor list and ensures payments are going to the correct vendor account. It also enables you to have full visibility into your spend with that vendor in one place.
Let Bill.com's system automatically handle merging duplicate vendors for you. It's a quick and easy process.
What accounting software does Bill com sync with?
Bill.com offers seamless two-way sync with many popular accounting software platforms, including:
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NetSuite
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Sage Intacct
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QuickBooks
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Microsoft Dynamics
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Xero
The direct integration allows transactions and data to automatically flow between Bill.com and these accounting systems. This eliminates the need for manual data entry and reduces errors.
Some of the key benefits of syncing Bill.com with your accounting platform include:
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Automatic syncing of vendor, customer, and item lists
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Easy import of bills and invoices
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Matching bills to purchase orders
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Seamless posting of approved payments
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Up-to-date reporting across systems
The automatic sync helps companies streamline processes between procurement, approvals, payments, and accounting. This increases efficiency, transparency, and accuracy across the organization.
With Bill.com's flexible API, custom integrations can also be built to connect with proprietary or legacy accounting systems.
Overall, seamless accounting integrations save significant time through automation. This allows finance teams to focus on more strategic tasks.
Does Bill com integrate with MIP?
Unfortunately, Bill.com does not currently integrate directly with MIP. However, there are a few workaround options to export data from Bill.com and import it into MIP:
Export Payments and Invoices from Bill.com
You can easily export payments, invoices, and other financial data from Bill.com as CSV files. To do this:
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Log in to your Bill.com account and go to the desired report, such as Payments or Invoices.
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Click the "Export" button and select "CSV" as the file type.
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Save the exported CSV file on your computer.
Import Data into MIP
Once you've exported the Bill.com data as a CSV file, you can import it into MIP:
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In MIP, go to the desired data input screen (e.g. Payments or Invoices).
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Click the "Import" button and select the CSV file you exported from Bill.com.
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Map the columns in the CSV to the appropriate fields in MIP.
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Import the data.
This manual process allows you to move accounting data between the two systems fairly easily. Though it requires some manual work, it's a simple workaround to integrate Bill.com and MIP.
Let me know if you have any other questions!
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Setting Up Complex Structures in Bill.com
Exploring the initial steps to manage multiple entities within the Bill.com platform, focusing on the creation of a structured environment.
Create Separate Accounts for Each Entity
To properly set up distinct entities in Bill.com, the first step is to establish separate accounts for each business entity. This ensures clear separation and segmentation between organizations for reporting and oversight purposes.
When creating accounts, capture key details for each entity such as:
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Legal business name
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Address
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Tax details
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Bank account information
Maintaining isolated accounts enables you to manage user roles, approvals, and workflows distinctly across entities. It also allows you to define different rules and settings to align with each entity's requirements.
Define Hierarchical Relationships in Bill.com
Once accounts are configured, establish parent-child relationships between connected entities using Bill.com's hierarchy feature.
Defining hierarchical dependencies facilitates:
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Roll-up financial reporting for consolidated views across a complex structure
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Streamlined accounting processes through centralized oversight and control between related entities
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Automated transaction mapping across integrated entities
Be sure to clearly identify ownership levels to eliminate confusion over decision making authority.
Linking Entities for Consolidated Oversight
While keeping accounts separate, also link associated entities using Bill.com's consolidation tool.
Connecting related entities allows you to:
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View transaction flows between affiliated entities
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Manage multi-entity approval chains for centralized governance
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Gain visibility into cash flow positions across an entire structure
Consolidating financial data is key for complex organizations to manage cash, liabilities, and financial planning effectively.
Managing Entity Information and Details
As organizations evolve, details like addresses, contact information, and bank accounts may change for individual entities. It's critical to keep each entity's information updated in Bill.com for seamless operations and accurate reporting.
Key details to maintain over time include:
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Contacts for approvals and notifications
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Bank accounts for payments
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Billing details for correct invoicing
By closely managing entity details, you enable Bill.com to sync essential data across integrated systems to avoid disruptions.
Configuring Users and Permissions for Multiple Entities
Managing users and permissions across multiple entities in Bill.com can seem daunting, but with some strategic planning, it can be streamlined efficiently. Here are some tips for assigning roles and controlling access when working with complex organizational structures.
Leverage Groups and Teams Across Entities
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Create permission groups that span across entities based on roles and responsibilities. For example, set up an "Accounting Managers" group with access to all accounting functions.
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Build cross-entity teams to collaborate on multi-entity workflows. Give the team designated permissions rather than managing individuals.
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Set up multi-entity groups and teams on the "Users" tab in Bill.com. Check the boxes of all entities that the group should access.
Set Custom Permissions for Entity Management
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Use custom roles to define specific permissions for managing certain entities. For example, provide "Entity Administrator" access to select users.
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Leverage custom roles to restrict entity access on a user-by-user basis depending on their scope of responsibility.
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Customize entity permissions when adding a new user or editing an existing user's access settings.
Adding and Managing Approvers in Bill.com
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Add approver accounts and check the box for each entity they need to approve bills for.
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Assign approvers to specific bills rather than entities if they only need to sign-off on certain invoices or expenses.
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Manage all approvers and their permissions from the "Approvals" section. Adjust as your organizational needs evolve.
Ensuring Secure Access Control
With multiple entities, it's crucial to implement secure user access controls. Follow best practices such as:
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Use two-factor authentication for administrator and approver accounts.
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Conduct periodic user audits to ensure only authorized personnel have access.
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Monitor account activity for anomalies that could signal unauthorized access.
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Frequently change passwords and limit access attempts to thwart brute force attacks.
With thoughtful configuration of groups, teams, and user roles across your entities, you can keep Bill.com access organized, efficient, and secure. Adjust permissions as your business needs change to maintain visibility and control.
Streamlining the Approval Process Across Entities
Managing approvals across multiple entities in Bill.com can streamline operations and reduce processing times. Here are some tips:
Create Approval Chains for Complex Structures
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Set up separate approval chains for each entity based on their billing and payment needs
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Add approvers from the relevant entities to each chain to keep the right people involved
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Designate approvers for specific expense types or dollar amounts to automate routing
Set Approval Rules to Automate the Process
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Use rules to automatically send invoices to approvers from the correct entity
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Match to vendor, customer, or project to send to the right approval chain
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Set rules based on bill amount, type, or other criteria
How to Approve Bills in a Multi-Entity Environment
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Approvers can review bills, invoices, and other documents assigned to them
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View submitter details and related entity information for context
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Approve or reject with comments or edit requests back to submitters
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Monitor approval workload through the Approvals Dashboard
Monitoring Approval Statuses and Delays
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Check the Approvals Dashboard to view pending approvals and bottlenecks
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Get alerts on overdue approvals to follow up with approvers
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Run Approval Reports to analyze trends for process improvements
Automating routing with approval chains and rules ensures bills and invoices quickly reach the right people for faster processing. Careful configuration matched to the entities' needs helps manage complexity.
Enable Consolidated Reporting for Multiple Entities
Managing multiple entities in Bill.com can be complex, but with the right setup, you can enable consolidated reporting to gain financial visibility across your organization.
Customize Parent Dashboard for an Overview
The parent entity dashboard in Bill.com provides a high-level overview of financial data across all child companies. You can customize the dashboard by:
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Adding visual charts summarizing expenses, revenue, etc.
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Enabling quick access to key reports like profit and loss, balance sheet, etc.
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Setting up custom alerts and notifications for important financial events.
This gives leadership visibility into the financial health and performance of the overall organization.
Leverage Charts and Filters for In-Depth Analysis
Bill.com allows you to break down charts and reports by entity. Apply filters to analyze performance over time, compare metrics across entities, spot trends and outliers, and gain actionable insights.
You can also combine data from all entities to view consolidated performance. This is useful for identifying organization-wide patterns and opportunities.
Generate Reports for Individual and Combined Entities
Easily generate financial statements and custom reports for individual entities as well as across your entire organizational structure.
Compare performance across entities over any desired time period. Identify your highest and lowest performing entities. Spot issues that need attention.
Consolidated reports also help leadership make strategic decisions based on a complete financial picture.
Utilizing Data to Make Informed Decisions
With clear visibility into financial data across all your entities, you can make better informed decisions on pricing, investments, cost reductions, growth opportunities, and more.
Identify positive or negative trends that need action. Compare entity performance to target metrics. Reallocate resources to capture new opportunities.
Consolidated data gives you immense strategic value by connecting financial insights directly to operational decision making.
Troubleshooting Common Issues in Multi-Entity Management
Managing multiple connected entities in Bill.com can get complicated. Here are some of the most common issues that may arise and how to resolve them.
Verify Entity Connections for Accuracy
When setting up parent-child relationships between entities, it's important to double check that all connections are mapped properly. Some things to verify:
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The parent entity has ownership and administrative access to all child entities.
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Child entities can only access data within their entity, not their parent or sibling entities.
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Review entity hierarchies to ensure the structure makes sense for your business needs.
Taking the time to validate permissions and data access upfront prevents headaches down the road.
Check User Permissions and Access Issues
With multiple entities, user roles and permissions can easily get confusing. When troubleshooting access issues:
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Confirm users have the appropriate roles assigned to all entities they need to access.
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Check that role settings allow the necessary functionality - can they see reporting? Approve bills? Add vendors? etc.
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For restricted child entities, validate users can only access data within that entity.
Proactively auditing permissions ensures users have the access they require without unwanted data leakage between entities.
Resolve Approval Workflow Complications
Getting approvals to function smoothly with multiple connected entities involves:
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Mapping approval rules to the right parent/child entities.
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Configuring the correct approvers at each entity level.
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Allowing approvers access to specific entities based on their role.
Carefully check approval workflows to catch any misconfigurations triggering blocked invoices or payments across entities.
Diagnosing Reporting Discrepancies
Since data is tied to each separate entity, reporting can vary significantly across your business structure. When analyzing reporting inconsistencies:
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Filter reports by a specific entity to check its data in isolation.
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Confirm child entities are not incorrectly grouping parent data.
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Verify shared master records (vendors, GL codes) reference the right entities.
With multiple entities, reporting requires extra diligence to ensure accurate data segmentation. Taking the time to properly diagnose reporting issues leads to better business decisions.
Managing an intricate multi-entity setup presents challenges but can be handled by methodically verifying connections, permissions, approvals workflows and reporting for each entity involved. Following these troubleshooting tips will help avoid common pitfalls.
Conclusion: Mastering Multi-Entity Management in Bill.com
Managing multiple entities in Bill.com can seem daunting at first, but with some planning and organization, it can be smooth and efficient. Here are a few key takeaways:
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Carefully structure your chart of accounts and classes to keep different entities separate. Use consistent naming conventions across entities.
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Set up custom approval chains for each entity. Add approvers who are familiar with that entity's operations.
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Create separate invoice owners for each entity to clearly assign responsibility.
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Use tags and saved views to filter down to one entity's activity. The dashboard gives visibility into all entities at a glance.
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Enable the multi-entity add-on if entities share contacts or vendors. This links records while allowing separate accounting.
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Give entity-specific admins restricted access just to their entities. Don't share logins across entities.
With the right structure in place upfront, managing multiple entities in Bill.com can be efficient, transparent, and auditable. The sophisticated tools allow customized workflows while maintaining separation. Reach out for personalized support if you have any additional questions!
