Accounting remains an essential component of all businesses. Consider the benefits of modernized software, including Microsoft Quickbooks and Xero Online Accounting.
Business owners who adopt more streamlined approaches to managing the accounts payable process reap time-saving rewards.
They find that relying on old-fashioned methods of processing paper bills, delivering them to the proper recipients, and re-routing bills when human errors occur is a drain on company resources.
Bill.com eliminates the tedium of paper-based accounting, operating through the cloud and simplifying the process of reviewing, approving, and distributing bills and invoices.
The following tips address how businesses and their accounts payable departments should use Bill.com:
Keep careful record of bills across each workweek. Bill.com will review all scanned documentation through their website. While the system largely handles company billing, the accounting department must maintain complete, accurate records to optimize the system’s capacity.
Delegate Bill-Related Tasks
Delegate assigned tasks to company members or accounts payable department concerning bill review. Staff members monitoring bills should register themselves into the Bill.com system, which communicates with users through email and mobile notifications. Staff should regularly check the interface for bills needing review to avoid delays.
Transition to ACH Bill Pay
Often, small businesses still employ the paper check method. Bill.com eases the process of ACH, or electronic payments by working with accounting software businesses may already use, including Quickbooks. Once your business provides banking information to Bill.com, the system automatically sends e-payments on a schedule. If your banking institution or vendor is not listed in Bill.com’s database, send an invitation to your vendor to join the system’s payment network.
While Bill.com still delivers paper checks, electronic payments’ appeal continues to grow, given higher security measures, less reliance on potentially costly resources, and a decreased likelihood of errors due to automated storage, calculation, and review.
To learn more about Bill.com and how to best simplify your cloud based accounting software and practies, contact our team at LUXA Enterprises.