Bill.com

No mailing invoices/checks! The software prints the first page of the invoice on the bottom two stubs of the check. You can also pay your vendors electronically with a simple invite email AND the system emails your vendors to let them know payment is on the way!

Our company manages the accounting for more than 20 entities on the Bill.com platform and it has helped us achieve a great reputation and a successful business model.

There are three areas of particular success:
Efficiency - We reduced our payable cycle from 3 days to 2 days. Particularly, we cut out the need to print checks, sign checks, stuff envelopes, and mail checks. At over 300 checks on average semi-monthly, the time savings is easily worth the marginal cost.

Internal Controls - The Bill.com system has built in controls which we customized to meet each entity's needs. In some case's the entity's manager wants final approval on all invoices; in other cases the manager doesn't want to know about payables except on a monthly financial report. We're able to setup online approvals appropriately. The audit trail function is also helpful in identifying every user who touched the invoice from upload to payment.

Paperless - It took me a while to wrap my head around truly paperless accounting, but it's true - we no longer have a file cabinet! Our files are now all store in the cloud on Bill.com. If the auditor needs to see the invoice, approval, and payment confirmation, we can provide it all electronically. At the end of the year, we can export all of the supporting documentation to a CD and deliver to our client for their permanent records. This means instead of sending 5 bankers boxed of invoices and other supporting documents, we now deliver 1 cd.

The process is very easy and I would highly recommend this software!

My company and I have used Bill.com for several years and it was so easy to use and made our vendor payments a breeze, but now it’s just absolutely awful. My entire finance staff hates the new interface. Nothing is streamlined at all and the way it’s set up now goes against common sense because the flow is just terrible. The bills and the payments section are broken out into 2 different tabs which is so inefficient because you can no longer take a quick glance as to which bill matches what payment without making several clicks to get this info. Also, I can’t see if a vendor check or ePayment has cleared at a glance in the payment tab since I have to click open the actual payment for this info now. There’s so much wasted space where the vendor details used to be when you open a vendor profile. There are just 3 unhelpful lines of vendor info and 90% empty white space which takes up half my viewing screen. When I edit the vendor details, the country of residence is at a section on top instead of being grouped with the address section. When I try to set a vendor up for ePayment, I no longer have the option of finding them by their name+email, now it’s only by their Vendor display name. We work with a lot of vendors where the ‘pay to’ is an agency so we aren’t able to easily connect a vendor for ePayment. I’m going to have my company move to something else since ruined user experience. I don’t know who the developed this new interface, but it certainly wasn’t an accountant.

Overall, great software for managing accounts payable. There are all kinds of dashboards where you can see the status of your payables on one screen which is convenient. Also, the reporting features are great. Very easy to pay company bills. Would definitely recommend to small/midsize business.