Bill.com is a comprehensive, cloud-based financial management platform designed to streamline and automate various financial processes for small to midsize businesses. Here’s a detailed overview of what the product does and its key features:
What Bill.com Does
Bill.com is an integrated platform that manages digital transactions, invoicing, and payroll affairs, among other financial tasks. It serves as a central hub for all bill payments, invoices, accounts payable, and accounts receivable, allowing businesses to handle their entire financial process in one place.
Key Features and Functionality
Automated Bill Payment and Invoice Management
- Bill.com automates bill payments and invoicing processes, reducing the need for manual entry and minimizing errors. It supports various payment methods including ACH, credit cards, and international transfers.
Approval Workflow and Vendor Management
- The platform includes customizable approval workflows, ensuring that bills and invoices go through multiple approval stages to maintain checks and balances. It also offers robust vendor management, allowing businesses to manage vendor expenses and payments efficiently.
Expense Management
- Bill.com provides a complete expense management solution, including tools like Divvy, which helps businesses track expenses, manage spending, and maintain up-to-date records on their credit status. It also offers corporate cards and credit lines up to $15 million.
Recurring Payments and Document Management
- Businesses can set up recurring payments for regular expenses like rent or subscription services. The platform also offers unlimited document storage and document management features, keeping all financial documents organized and accessible.
Customizable Invoicing
- Bill.com allows for the creation of customized invoices with brand-specific templates and fields. It also enables automated invoicing, scheduling of invoices, and automatic reminders to ensure timely payments.
Integration with Accounting Software
- The platform seamlessly integrates with popular accounting software such as QuickBooks and Xero, ensuring that all financial data is synchronized and up-to-date.
Mobile Access and Security
- Bill.com offers mobile applications for both Android and iOS, allowing users to approve and pay bills on the go. The platform also features passcode authentication, secure information storage, and a complete audit trail to ensure the security and integrity of financial data.
Payment Tracking and Flexibility
- Users can track payments, view payment history, and make adjustments to payment amounts, bank accounts, and payment dates. The platform also supports multi-currency transactions and international payments.
Reporting and Analytics
- Bill.com provides robust reporting and analytics tools, helping businesses to get a clearer picture of their fiscal health and make informed financial decisions.
Multiple Organization Support
- For businesses with multiple entities, Bill.com allows easy switching between different business accounts using the same login credentials.
In summary, Bill.com is a powerful financial management tool that automates and streamlines various financial processes, offering a range of features that enhance efficiency, security, and financial visibility for small to midsize businesses.