What is Bill.com?
Bill.com is a cloud-hosted SaaS cash flow management and online payment application that allows businesses to receive, enter, approve and pay bills all in one place. This affordable tool can be a great addition to any small or mid-sized company’s financial operations, especially those looking for an easier way to manage accounts payable (AP) and receivable (AR).
How does Bill.com work?
To add bills and additional documents to Bill.com, simply upload, scan, fax or email them to the application. You can also request that vendors email bills directly to your company’s Bill.com account.
Users will log into your company’s Bill.com account to view and approve bills, create new bills, and approve and send invoices. You can also check your company’s cash flow status and add new vendors from the platform’s dashboard.
Your can pay bills via ACH, check or PayPal. Payments made through Bill.com follow a two-step process that conceals your account information—funds are transferred from your bank to your Bill.com account, then Bill.com transfers those funds to the vendor.
Security — Bill.com uses strict security protocols to secure client information including server redundancy at several sites; firewalls, encryption and bank-level security protection on sensitive data; FDIC insured transactions; Service Organization Control (SOC) compliance audits; and random two-factor authentication checks.
Restrictions and customized roles — Control access to your financial data by assigning roles, such as clerk, approver, payer, accountant and administrator, to users in your Bill.com account.
Audit trails — Track all changes made to bills and invoices.
Sync with systems you already use — Whether you use QuickBooks, Xero, Intacct or NetSuite, Bill.com will automatically sync all transactions with your primary accounting program.
Approval workflows — Quickly and easily set up an approval process for incoming bills and send email notifications to designated approvers when a bill has been assigned to them.
How much does Bill.com cost?
Bill.com offers three price tiers—essentials, team and corporate.
Essentials — for $29 per user, per month you can manage AP or AR transactions and will get access to Bill.com’s standard user roles, approval workflows and unlimited document storage.
Team — at $39 per user, per month, Team subscriptions offer users every feature in the essentials tier, plus custom user roles and more external sync options.
Corporate — for $59 per user, per month you can manage AP and AR transactions, as well as unlock access to invoice and payment automation and additional workflow options.
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