We enjoy talking about the add-ons that we love and that we use regularly. Today we are featuring the payment app Bill.com. Read along and find out why we love Bill.com and why we recommend it to our clients.
The challenge that many business owners face is that bill paying can be painful! Writing checks or paying bills by credit card or your bank’s bill pay can be time-consuming. Not to mention managing approval work-flows. So what can you do?
Bill.com to the rescue!
With an app like Bill.com, there are no more paper bills. You can upload bills directly to Bill.com or via email. You can share your unique Bill.com email address with your vendors to save even more time. Bill.com integrates with Hubdoc (another of our favorite add-ons). If you are using both applications, you can set-up Hubdoc to fetch bills and push them into Bill.com automatically.
You can manage approvals seamlessly through Bill.com. Approvals can be done online or through the mobile app. You can create simple or complex approval workflows for one or multiple users. Approvals can be set by the vendor or by bill totals. Approvers can approve full or partial amounts of a bill and can even send notes to others on their team with questions.
You can schedule payments through Bill.com. You can select one or a group of bills to be paid in one mass payment. Electronic payments can be processed in 1-4 days, and after your first five payments with Bill.com, it can be accelerated to 1-2 days. If a vendor can not receive electronic payments, Bill.com can send their payments via a manual check. You can even invite vendors into the Bill.com network. They can set up a free receivables account to receive payments from you via ACH.
We love how Bill.com integrates with other platforms. Bill.com has two-way syncs with both Xero and QBO. New bills entered in either system can flow into Bill.com. And payments from Bill.com can automatically flow into your Xero or QBO file. Bill.com also syncs with Tax 1099. This means that the vendor payments made by Bill.com can sync with Tax1099 to create 1099s at the year-end.
We highly recommend Bill.com as an essential add-on for our professional service clients. Additionally, any service-based business that makes purchases on account will benefit from using Bill.com.
Feel free to contact us if you would like to learn more about how Bill.com can help you!