- Good Mobile Apps
- Great set of integrations available
- Easy to use
- Cash forecast
- Artificial Inteligence
- Generous with SMEs
- No phone support
- Can get expensive for all automation
- Reports functions could be better
- Billing information required for a free trial
What is Bill.com?
Bill.com is a cloud-based automation software for account payable and accounts receivables; however, the company defines it as an intelligent digital business platform. Thus, making the collaboration between provider, supplier, and client easy and time-efficient. In addition, the solution is more than the basic AP/AR tool through its AI-powered automation system.
How can Bill com help you?
Bill com will enable you to automate tedious tasks that “eat” hours of your life. They even go as far as promising to reduce the time you spend on account payables by 50%. Further, Bill.com’s main goal is to help small and medium-sized businesses through their tool to gain time for their business. They accomplish this by integrating with other software such as Quickbooks, Xero, and Oracle NetSuite. Last, the Bill.com app for Apple and Android will enable you to approve and pay your bills on the go.
Now, let us move on with the Bill.com review to determine how to set up the software, its features initially, and how much money it will take out of your business each month.
How does Bill.com work?
As most of the accounting software of its kind on the market, Bill com is pretty straightforward to use, and it does not require much of a technical user to get it going. First, register an account at Bill.com. Then add your company information and connect your bank account/accounts. Last, it integrates with any of the accounting software to register your transaction automatically.
Is Bill.com safe?
Yes. All bills paid through Bill.com are FDIC-ensured. Regular SOC 1, Type 2 Audits of their processes. Meaning they are audited based on a set of industry-controlled criteria regarding such as security and confidentiality as well as the integrity of their transaction processing.
Moreover, Bill.com comes with the separations of duties. While you are at the beginning of your business, you do it all, but you can separate the accounting and payments sides to protect your business from fraud once you grow. Thus, once you get more people involved in your business, you might want to increase the security and free up some of your time. This is exactly when this will come in handy as Bill.com offers you the option to segment the process. Above all, keep in mind that you have the ability to set an approval role, the person that can review everything.
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If you are familiar with accounting software such as Xero, NetSuite, etc., you acknowledge that they already cover a large part of accounts payable. Account payable software such as Bill.com makes accounting and keeps track of all your payments without double data entry. Through, integration you will avoid any faulty accounting and keep track of your bills in an organized and consistent manner.
Bill.com will facilitate the payments through its automation and segmentation of payments, meaning you can delegate bills to certain parties or automate them. Automating bill payments can save you up to 50% of your time and ensure that you are never late in paying your bills. However, if you are not totally on board with automating this process, you can still enjoy the notification of due bills and setting a level of permissions.
Bill.com has a life-cycle approach to receivables. First, the tool has a template for invoicing creating that allows you to personalize and create the invoices straight into the accounts receivable software. Second, you can send and monitor the send invoices directly from the platform, including the US post. Third, send reminders to your customers for payments. Fourth, give your customers several options of payment, including direct withdrawals from their bank accounts to get paid faster. Last, Bill com does the reconciliation between your accounting system and the AP/AR software.
Send international payments as easy, and you send domestic payments.
Let’s review what does Bill.com means by this. Thus, to be more specific, the company offers the option to send as easy as in the domestic market payments through two:
Automatic Check Payments
These two features work more or less the same. One of the main reasons why we like Bill.com is how it automates checks and ACH Payments. Now, you are probably wondering who is still using checks as a payment method?! We were as surprised as you are to find out that this type of payment is still very frequently used in the US. Funny enough, it is also one of the most time-consuming ones. Vendors use this kind of payment for one in two reasons they prefer to have it all on paper and avoid credit card fees which is the most common of the two. For example, your landlord might require check payments, a process that is laborious and can be avoided with Bill.com. Now, let’s review how the automated check payments actually work.
How do Automatic Check Payments work in Bill.com?
You have to follow a few easy steps to automate your check payments with the AP/AR software.
Import the bill into the software
Filling the check
After going through all the steps, you will check what happened with the transaction and avoid the mess that spins around check payments.
ACH is an electronic bank transfer used in the United States. However, the method is not as widespread as the vendors need to share their bank accounts to enable it. Bill.com facilitates ACH Payments in a similar way it does with checks. Moreover, you have the option to invite the vendor to set up payments, therefore connect to them and facilitate Bill.com to transfer the money.
Keep in mind that against an extra cost, Bill.com gives you the option to speed up the process.
Same-day – $9.99
Next day – $9.99
2- 5 days – $0.49
1099 Contractor Payments
Bill.com integrates with Tax1099 and optimizes this through it. If you do not use the list, the software lets you import all the information through CSV. file.
Considering the real simplicity of the tool, we don’t see the need for very sophisticated Bill.com customer services. Yet again, it does not count what we consider at the end of the day as the final customer that counts, which does not appropriate from what we see that Bill.com does not have phone support. However, we found the Bill.com tutorials helpful and well thought through. Still, there are customers out there for which a video on how to set up the software is not enough, and they don’t have the patience to wait for the customer service to reply to their email. For this reason alone, we consider that Bill.com’s customer support service could be better.
Moreover, keep in mind that while you might not be satisfied with Bill com’s software support, if you have a product that integrates with it, you might be able to get some of the support over there.
The software offers the option of approving bills or sending invoices on the go from the Bill.com app. The apps offer the full functionality of the cloud version with the extra mobility associated with the applications. Please leave us your Bill.com reviews and let us know what your opinion about the application is.
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Bill com comes with two types of integration Auto-sync and Data Integrations
Automatic Sync Integrations
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For more Bill.com alternatives click here
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To wrap up, the Bill.com review we can say with certitude it is easy to use. What it lacks in customer service, we can say it makes up for plenty in automation and time-saving features. Moreover, Bill com has an interesting set of integration which makes it easy for 80% of small and medium-sized companies to connect and use it.
Last, let us know your review of Bill.com and aspects you love and hate about this software.
Alina is a vegetarian, yet she adores her hot dog, Sandy. But don't you worry, Alina's reviews will still be meaty. She is the team's peace before and after the brainstorm but pretty Viking when she has to sustain her ideas. Alina has lived in Denmark for eleven years, from there her state of being. Whenever she has some spare time, you would find her traveling, trying a new experience, exploring nature, naturally cuddling her dog and cat, or cooking something up whenever her husband is not near the kitchen.