As I planned for 2019, I included an initiative that was one of the most important we’ve ever set for ourselves: To learn more about cloud-based technology, integrate it into our company, and recommend more programs like it for our clients.
Why? I strongly believe that bookkeeping will become a dinosaur unless we adapt to the implications of cloud-based tech and AI. The good news is, I have an incredible team of people who are ready to embrace change.
One of the new platforms we’ve adopted is Bill.com. Here’s what we’ve accomplished so far.
What is Bill.com?
Bill.com provides cloud-based software that automates back-office financial operations. The company’s AI-enabled platform creates connections between businesses, their suppliers and clients to help manage cash flow.
The program’s online business payment solutions impressed us. We wanted to create and maintain an online process that included bill entry, bill review, and approval. Bill.com allows for multiple users with different roles. The “roles” can be different for each client. Ultimately, it allows for someone (us or the client) to enter bills and approve them online.
Why We Like It
According to Salesforce.com, many businesses still spend 23% of workdays manually managing processes. “Manual” is a four-letter word to us, so we were attracted to the automation potential of Bill.com. The program allows us to scan bills to input data such as vendor name, due date, invoice number, etc. There’s less human error and it’s been a game-changer. Additionally, Bill.com provides easy integration. It syncs with QuickBooks and Xero so that all bills and payments upload directly into our accounting software.
How It’s Improving Our Client Experiences
- For our Law Firm Client: This client wanted to streamline the bill paying process. We created their account, trained them, and provided support until they knew how to use it on their own. Now, the business owner doesn’t have to manually sign checks. Instead, he approves payments with a few clicks from his phone—anywhere, anytime!
- For our Life Insurance Broker Client: We were processing bills in an admittedly “dated” way. They client would forward all bills to us, we would type in each bill into QuickBooks, and pay the bills by printing the checks from their office. The business owner would have to sign each check. Now, all bills are forwarded to a Bill.com email address for automatic input. We review the bill created, send it to the business owner for approval—which he does with just one click—and the payment is automatically mailed out by Bill.com. So much time is saved!
In future editions of this blog, I’ll continue to share our experiences fulfilling our technology initiatives. I hope it inspires you to reach out to me as well. If you have a business that could benefit from this kind of automation or are in a firm that needs to evolve with the future bookkeeping, I’m here to help and consult.