Why do we use Bill.com?
Bill.com is an online bill payment, receivables, and document management system that was designed by CPA2Biz, a subsidiary of the AICPA.
The difference between your bank’s online bill payment and Bill.com are:
- Bill.com syncs with QuickBooks, Peachtree, and other accounting systems, so data only needs to be entered once
- The checks printed have Bill.com’s bank account and routing numbers on them, so your bank account information is kept secure
- Checks sent to your vendors also have an image of the invoice you are paying, eliminating the guesswork out of how to apply the payment
- All the invoices paid out of Bill.com are stored as images and can be generated into a PDF format, which is expedient during an audit or due diligence
- It’s easy to answer any questions about payments: check numbers, check date, the date it cleared, and an image of the endorsement on the back of the cleared check are only a few clicks away
- Multiple levels of approvals can be set up for bills with each approver making comments on them if desired
Everyone who uses it loves this system. It saves time, provides deeper insight, and ensures accuracy beyond your typical accounts payable process. No more need to print and sign checks, lick envelopes, or buy check stock, envelopes, and stamps!
You can use Bill.com for cloud-based document management. This could include filing all pertinent documents related to payroll, contracts, banking and taxes all in one place. This allows for quick access to what is needed to get the job done, regardless of your location.