Bill

What is Bill.com?

Positioning: Bill.com is a leading cloud-based financial operations platform primarily focused on automating and streamlining the Accounts Payable and Accounts Receivable processes for small and midsize businesses. It also offers robust spend and expense management capabilities.

Functional Panorama: The platform comprehensively covers several modules including Accounts Payable automation, Accounts Receivable automation, and Spend & Expense Management. It offers deep integration with popular accounting software like QuickBooks, Xero, and NetSuite, where data syncs seamlessly.

Bill.com’s Use Cases

• Small and Midsize Businesses can use Bill.com to automate their entire bill payment process, from receiving invoices to making payments, significantly reducing manual data entry and errors.
• Accounting Firms and Bookkeepers leverage Bill.com to efficiently manage the financial operations for multiple clients, offering centralized control, streamlined approvals, and real-time visibility into client cash flow.
• Finance Teams within growing companies utilize the platform to gain greater control over spending, enforce approval policies, manage corporate credit cards, and improve cash flow forecasting by automating reconciliation and payment processes.
• Business Owners and Managers use Bill.com to simplify employee expense reimbursement, ensuring compliance and providing a clear audit trail for all company expenditures.

Bill.com’s Key Features

• Supports AI-powered invoice capture and data entry, significantly reducing manual effort and improving accuracy.
• Offers customizable multi-level approval workflows for bills and expenses, ensuring financial controls.
• Provides integrated international payments to over 130 countries and 100+ currencies, simplifying global vendor payments.
• Introduced enhanced reporting dashboards for deeper insights into cash flow and spending patterns, including real-time budget vs. actuals.
• Launched advanced fraud detection and security features, leveraging machine learning to identify suspicious activities in transactions.
• Users frequently request and find value in the robust synchronization capabilities with major accounting software, praising the seamless data flow for reconciliation.
• The platform has improved its mobile application experience, allowing for bill approvals and expense submissions on the go, a highly requested feature for remote teams.

How to Use Bill.com?

1. Connect Your Accounts: Link your bank accounts and existing accounting software to Bill.com to ensure seamless data synchronization.
2. Add Vendors/Customers: Input vendor details for bill payments or customer information for invoicing, or import them from your accounting system.
3. Manage Bills: Upload bills (via email, mobile capture, or direct upload), where Bill.com’s AI extracts key data. Then, assign approvers and schedule payments.
4. Pro Tip: Utilize the “Network” feature to connect with other Bill.com users, enabling direct e-invoicing and faster payments.
5. Manage Invoices: Create and send professional invoices directly from the platform, track their status, and automatically send reminders for overdue payments.
6. Process Payments: Pay bills via ACH, check, or international wire. Receive payments from customers via ACH or credit card. Bill.com handles the secure transaction processing.
7. Pro Tip: Set up recurring bills and invoices to automate regular payments and collections, saving significant time for predictable transactions.

Bill.com’s Pricing & Access

• Essentials Plan: Starts at $49/user/month, offering basic features like unlimited document storage and standard integrations.
• Team Plan: Priced at $69/user/month, combining both AP and AR capabilities, along with multi-user access and enhanced approval workflows.
• Corporate Plan: Tailored for larger businesses, this enterprise-grade plan offers advanced features like custom roles, advanced reporting, and dedicated support, with pricing available upon consultation.
• Spend & Expense Management: Separate modules or add-ons exist for corporate card management and employee expense reimbursements, typically tiered based on transaction volume or number of users.
• Industry reports suggest that Bill.com frequently offers promotional discounts for new users or annual subscriptions, providing cost savings compared to monthly billing.
• A free 30-day trial is generally available for most plans, allowing users to explore the platform’s core functionalities before committing.

Bill.com’s Comprehensive Advantages

• Superior Automation Efficiency: Bill.com’s AI-driven invoice processing and automated workflows significantly reduce manual errors and processing time by up to 50% compared to traditional methods, outperforming many competitors in direct data extraction accuracy.
• Extensive Integration Ecosystem: Its deep, two-way sync with leading accounting software ensures data consistency and seamless operation, a critical advantage over platforms with limited integration capabilities.
• Robust Security and Compliance: Adherence to strict security standards and built-in fraud detection capabilities provide a more secure environment for financial transactions than many smaller alternatives.
• High User Satisfaction: Bill.com consistently receives high ratings for ease of use and customer support, with an average user satisfaction score above 4.5 out of 5 on major review sites for its AP automation module.
• Market Leadership: As a dominant player in the SMB financial automation space, Bill.com benefits from a vast network effect, connecting over 4.7 million members for faster and more efficient transactions.