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Start Hiring For FreeManaging vendors and accounts payable can be an overwhelming task for many businesses.
By leveraging a solution like Bill.com, you can streamline the entire process - from collecting vendor information and organizing invoices to approving payments and monitoring spending.
In this post, we'll walk through best practices for onboarding new vendors in Bill.com, efficiently processing invoices, collaborating with team members on approvals, scheduling payments, and tracking expenditure activity through interactive reports. You'll learn actionable tips to control costs, ensure compliance, and establish efficient workflows for accounts payable with Bill.com.
Bill.com is a cloud-based software platform that helps small and mid-sized businesses modernize their accounts payable workflows. By centralizing approvals, payments, and tracking into one system, Bill.com makes it easy for finance teams to manage vendors efficiently.
Bill.com is designed for businesses that want to streamline their accounts payable process. Key benefits include:
Ideal for small to mid-sized companies with multiple invoices and vendor payments to manage each month. Finance and accounting teams can save significant time by reducing manual data entry and paperwork.
With Bill.com, essential vendor management tasks are streamlined:
Set up vendors quickly: Easily input vendor details including payment info. Vendors receive automated payment notifications.
Approve invoices with rules: Configure approval workflows and set rules for routing invoices based on amount, vendor, GL code etc.
Pay vendors electronically: Schedule one-time or recurring electronic payments to vendor bank accounts. Signature and check payment options also available.
Track spending: Gain visibility into expense trends with dashboard charts and reporting. Export data to accounting software.
With robust vendor, invoice, and payment management features, Bill.com alleviates key pain points for finance teams. The centralized solution saves time, reduces errors, and improves organization around paying vendors.
Controlling accounts payable effectively is critical for managing cash flow and minimizing costs. Here are some best practices:
Implementing automation software like Bill.com can help streamline approval workflows, consolidate vendor payments, and provide visibility into AP. This eliminates manual tasks and reduces human error.
Categorize invoices by due date and amount owed so you know which to pay first. This ensures you avoid late fees and maintain good relationships with critical vendors.
Map out approval chains to cut down on bottlenecks. Set up rules for routing invoices to correct staff. This smooths operations and prevents payments from falling through cracks.
Track metrics like days payable outstanding (DPO), payment error rate, and cost per invoice processed. Establish targets to gauge AP efficiency over time.
Watch for duplicate invoices and monitor changes to vendor payment info. Leverage anomaly detection in your software to catch suspicious activity.
Consolidate vendor records and match new invoices to open ones. Use 3-way invoice matching to only pay for valid purchase orders.
Restrict invoice and payment access to critical staff. Set up permissions and approval tiers to prevent unauthorized changes or payments.
Efficient accounts payable processes are critical for businesses to manage cash flow, reduce costs, and maintain positive vendor relationships. Here are some best practices to ensure efficiency:
Streamline invoice receipt, data entry, approvals, discrepancies resolution, and payment processes. Automate routing and approvals with digital workflows.
Restrict invoice and payment access to relevant staff. Enforce approvals, separation of duties, and system controls to prevent errors and fraud.
Categorize invoices by due date, discount eligibility, vendor, department, etc. to focus on high-priority items first.
Use AP automation software for data capture, approvals, reporting, and integration with accounting systems. Go paperless to eliminate printing, mailing, and filing costs.
Watch for duplicate payments, fake vendors, doctored invoices, etc. Have multiple people review invoices over certain thresholds.
Ask vendors for extended payment terms to improve cash flow. Take discounts for early payment only with adequate approval and cash availability.
An effective accounts payable (AP) strategy focuses on five key goals:
Ensure timely payments: Pay vendors by their due dates to avoid late fees and maintain positive vendor relationships. Set up payment terms in your AP system and automate reminders for upcoming due dates.
Accurate financial reporting: Ensure that vendor invoice data is captured and validated and that invoices have been approved for payment before processing. This provides transparency into cash flow and liabilities.
Take advantage of early payment discounts: Negotiate discount terms with vendors for early payments. Even a 2% discount for paying 10 days early can yield significant savings.
Minimize process costs: Automate repetitive AP tasks to reduce manual work and free up employees to focus on value-added activities. For example, use OCR technology to automatically capture invoice data.
Maintain proper oversight: Put approval workflows in place for invoices over certain amounts. Segregate duties across purchasing, receiving, and payment functions. Conduct periodic audits to identify process gaps.
An efficient AP process reduces costs, strengthens vendor relationships, improves visibility into cash flow, and enables better financial decisions. By focusing on these five goals, businesses can transform AP from a cost center into a strategic function.
Managing accounts payable efficiently is critical for any business. Here are some key tips for streamlining invoice management and organization in Bill.com:
When adding a new vendor to Bill.com, it's important to collect relevant details upfront to ensure proper configuration. Key information to gather includes:
Having this information ready will allow for an efficient vendor onboarding process.
Once vendor information has been collected, follow these steps to add the vendor in Bill.com:
Accurately entering in all the collected details reduces the chance of errors and speeds up the verification process.
An important final step when adding a vendor is to validate the bank account number before making any payments. This can be done by:
Taking the time to verify bank accounts avoids misdirected payments and builds trust with vendors early on.
Following structured onboarding processes makes managing vendors in Bill.com scalable over time. Collecting the right information upfront, accurately entering details, and validating bank accounts are best practices to enable smooth vendor payment automation.
Managing vendor invoices efficiently is critical for healthy cash flow and financial operations. The Bill.com platform provides tools to streamline the entire invoice lifecycle from receipt to payment.
Vendors can submit invoices directly to your Bill.com account through the digital inbox. This automatically logs and saves the invoices for future reference.
To keep organized as invoices accumulate:
Adding expense codes and other metadata ensures invoices are paid from the correct accounts. In Bill.com you can:
Accurate coding saves time reconciling accounts after payment.
Bill.com makes it easy to collaborate with stakeholders during approvals:
Streamlining collaboration reduces bottlenecks so invoices get paid faster.
Once approved, invoices in Bill.com can be paid by:
Scheduled recurring payments further simplify payables. You can also select a future payment date when additional funds are available.
Automating payments improves efficiency, cash management, and vendor relationships.
Managing vendor relationships and expenses is a critical part of running a successful business. With Bill.com's robust reporting and analytics tools, you can closely track spending across all your vendors and gain valuable insights into your accounts payable processes.
The Spend Report in Bill.com provides an at-a-glance summary of payments made to each vendor over any date range you specify. It includes total spend amounts as well as the number of bills paid per vendor. You can filter and group the report by vendor name, category, location and more to analyze expenses across different dimensions.
Key details provided in the Spend Report include:
This high-level summary equips you to monitor which vendors account for the largest share of expenses and quickly spot spending anomalies.
In addition to the overview report, Bill.com offers interactive graphs and charts to visualize vendor spend patterns. These provide visual summaries of expenses by:
You can easily filter the charts by date ranges, vendors, categories, or other parameters. Hovering over data points gives you precise figures. These dynamic and customizable visuals make it easy to identify expense trends and outliers at a glance.
For more advanced analysis, Bill.com enables you to export raw vendor payment data or pre-configured reports into Excel. You can also integrate Bill.com analytics directly with accounting platforms like QuickBooks or NetSuite.
Within Excel, you can create custom formulas, pivot tables, and other tools to:
With robust reporting and seamless integrations, Bill.com provides complete visibility into vendor spend for informed, data-driven decisions.
Bill.com provides a streamlined platform for efficiently managing vendor payments and optimizing your accounts payable workflows. Key benefits include:
By leveraging Bill.com to manage vendors and payables, you can reduce manual tasks, minimize errors, improve transparency into cash flow, and optimize the timing of payments to take advantage of early payment discounts when available.
If you're looking to modernize your payables system and achieve back-office efficiencies, Bill.com is an excellent solution to consider. Sign up for a free trial to experience the platform and see how it can benefit your finance workflows.
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