The integration of QuickBooks Online and Bill.com brings together two powerful platforms to streamline financial management processes. QuickBooks Online offers a range of accounting features, including automated bank feeds and customizable reports, while Bill.com specializes in automating accounts payable and receivable processes. When these platforms seamlessly integrate, businesses can benefit from simplified workflows for bill payments and invoicing, synchronized data, and real-time updates.
In this article, we’ll discuss the seamless integration between QuickBooks Online and Bill.com, its benefit to businesses, and how the two platforms work together to streamline your financial management workflows.
How QuickBooks Online and Bill.com Work Together When Integrated
Bill Payment Process
When a vendor bill is received, it can be uploaded or entered directly into Bill.com. The bill is then automatically synced with QuickBooks Online, ensuring that all relevant details are transferred accurately. In QuickBooks Online, you can review and approve the bill for payment.
Once approved, Bill.com initiates the payment to the vendor. It can be processed through various payment methods, such as electronic fund transfers or checks. When payments are made in Bill.com, the integration automatically syncs the payment details back to QuickBooks Online. This eliminates the need for manual reconciliation, as payment information is updated in both systems, ensuring accurate and up-to-date financial records.
Bill.com has a built-in Intelligent Virtual Assistant (IVA) feature that allows you to further expedite the bill recording process. With this feature, Bill.com starts the creation process as soon as you receive a vendor invoice in your Bill.com inbox. IVA will then instantly extract the relevant invoice information to help you easily save the bill.
One of the benefits of the IVA feature is that it automatically separates multipage documents into individual bills. For instance, you received a 5-page document with invoices from multiple vendors. Instead of manually organizing all the invoices and individually recording them one by one, Bill.com will automatically separate them into individual invoices.
Bill.com Inbox Feature (Source: Bill.com)
If you work with many vendors and have many bills to record, then you should consider QuickBooks Online Advanced. It has a batch expense entry feature that allows you to record multiple bills in one go.
In QuickBooks Online, you easily create and send invoices to your customers. QuickBooks has an excellent invoicing feature that allows you to create professional-looking invoices with all the necessary information, such as customer details, products/services, quantities, and prices. Also, QuickBooks Online stands out due to its ability to automatically calculate sales taxes to apply to an invoice, making it a suitable option if you’re selling and shipping products between states.
Invoice creation form in QuickBooks Online
Once the invoices are created in QuickBooks Online, the integration automatically syncs them to Bill.com. This eliminates the need for manual data entry and ensures that all invoices are accurately transferred to the Bill.com platform. You can then use Bill.com as a centralized platform where you can completely manage and track the invoicing process. You can view and track all invoices synced from QuickBooks, manage invoice statuses (e.g., pending, sent, paid), and access a comprehensive overview of their invoicing activities.
Bill.com enables you to manage the invoicing workflow efficiently, including tracking invoice statuses, sending reminders, and managing customer payments.
When a customer pays an invoice through Bill.com, the payment information is synced with QuickBooks Online, ensuring accurate recording of received payments.
You can also choose to send invoices directly from Bill.com to their customers via email. Bill.com also provides customizable email templates and the option to include payment links, making it convenient for customers to view and pay their invoices. Bill.com offers various payment options for customers, such as credit card payments, bank transfers, and virtual cards. Customers can also securely make payments directly through the payment links provided in the invoices.
If you have advanced invoicing needs, such as batch invoicing, then you need to upgrade to QuickBooks Online Advanced.
Financial Reporting and Visibility
You can access comprehensive reports in QuickBooks Online to monitor cash flow, track expenses, and analyze financial performance. With the integration of the two platforms, you can generate reports that include data from both QuickBooks Online and Bill.com. This allows for comprehensive financial reporting, including insights into accounts payable, accounts receivable, and cash flow management.
Some of the key reports available include Accounts Payable Aging, Accounts Receivable Aging, Cash Flow Statements, Vendor Payment History, and many more. If you subscribe to QuickBooks Advanced, you can also generate enhanced reports, such as Purchases by Vendor Summary, Sales by Customer Summary, and Unpaid Invoices Detail. You can also create custom reports by applying filters, including subtotals or sections, and adding custom fields. Learn more about custom fields in QuickBooks Online Advanced and how to use them.
By leveraging QuickBooks’ robust accounting features alongside Bill.com’s accounts payable automation capabilities, businesses can optimize their accounting workflows, maintain accurate financial records, and gain better control and visibility over their financial management processes.