Both Bill.com and traditional accounting software play vital roles in financial management. While Bill.com is designed to streamline accounts payable (A/P) and accounts receivable (A/R) processes, accounting software typically provides a broader range of functionalities, including general ledger management, financial reporting, inventory management, payroll processing, and more.
Today, we’ll walk you through the unique features and functionalities that set Bill.com apart from conventional accounting software solutions.
Emphasis on A/P and A/R Management
Bill.com is renowned for its advanced A/P and A/R management capabilities. Unlike traditional accounting software that covers a broad range of financial processes, Bill.com specializes in streamlining and automating the complex workflows associated with invoicing, payment processing, and vendor management. The A/P automation process starts with the electronic capture of invoices, allowing users to upload invoices directly into the system or receive them electronically via email. Bill.com has a unique feature called Inbox which enables your vendors to send their bills electronically to a unique email address.
Inbox in Bill.com (Source: Bill.com)
Bill.com also allows you to easily create and customize invoices. Once an invoice is sent, the system automates the payment processing workflow, allowing your customers to pay electronically through ACH or credit card and enabling you to track the status in real-time.
Accounting Software Integration
One of the standout features of Bill.com is its ability to seamlessly integrate with accounting software like QuickBooks Online. This integration enables businesses to automate invoice creation, streamline approval workflows, facilitate secure payments, and gain real-time visibility into their financial operations. For instance, when an invoice is created in Bill.com, it can be seamlessly synced with QuickBooks, ensuring that all the relevant details, such as customer name, invoice amount, and due date, are accurately transferred to QuickBooks without the need for manual re-entry.
Collaborative and Efficient Approval Workflows
Bill.com offers a collaborative environment for managing approvals, making it an excellent choice for businesses with complex approval hierarchies or multiple stakeholders involved in the approval process. It allows you to customize and automate approval workflows, ensuring timely reviews and reducing bottlenecks. Additionally, Bill.com’s mobile app enables on-the-go approvals, providing flexibility and convenience for busy professionals.
Approval workflows can be set up by customizing custom rules. These rules can be set up based on various criteria, like vendor and invoice amount. You may also assign team members to approve specific bills or invoices. For instance, if you receive a bill above $100, you may set up Bill.com to automatically rout the bill to your senior manager for approval.
Creating a bill approval workflow in Bill.com (Source: Bill.com)
Enhanced Vendor and Customer Management
Bill.com allows businesses to easily manage vendor information, track outstanding invoices, and view payment histories. Additionally, businesses can use Bill.com to send professional invoices to customers, track customer payments, and streamline the accounts receivable process.
When it comes to customer management, Bill.com offers tools to streamline the invoicing and payment collection process. You can create professional invoices within the Bill.com platform and customize them to align with your branding. The system also supports various delivery methods, including email or a customer portal, allowing you to quickly and conveniently send invoices to your customers.
Audit Trail and Financial Visibility
Bill.com offers a comprehensive audit trail, providing visibility into every transaction and activity. This includes actions such as invoice creation, approvals, payments, and changes to vendor or customer information. The audit trail captures key details like date, time, user, and any modifications made, providing a clear and verifiable record of all financial activities.
This feature is invaluable during audits or financial reviews, as it allows businesses to trace each step of a transaction and maintain a detailed record of financial activities. Moreover, Bill.com’s reporting and analytics tools enable businesses to gain valuable insights into their financial operations, aiding in decision-making and strategic planning.
For more information, learn whether Bill.com is right for your business.
Bottom Line
While accounting software covers a broad range of financial functions, Bill.com excels in accounts payable and receivable management, seamless integration, collaborative approval workflows, enhanced vendor and customer management, and financial visibility. If you have questions or would like more information on Bill.com, or details on our discounted pricing, contact us at 866-949-7267 and we can answer any questions that you have.
