When using a bill payable and a bill receivable platform like Bill.com, you can stay up-to-date on your A/P & A/R aging, pay your bills on time and remotely, sync your Bill.com account with your accounting software to save input time, and have the backup needed for audits in one place.
Process & Pay Your Invoices Remotely:
Keeping track of your invoices that you owe can be a headache. Print checks on pre-bought check stock, getting the proper signature(s) [as well as the proper approval], mailing the check, and then keeping track of the backup is an arduous task and time consuming.
By deploying Bill.com to pay our invoices, your organization will be able to pay invoices and approve payment of invoices from a mobile app.
As an example, let's say an invoice comes in for an event that your organization recently held. The invoice can be mailed directly to your organization's unique Bill.com email (which all users get for free), an admin would be notified of the new invoice on their app. They would then input the invoice details and route for an approval. If the program manager sees the incorrect general ledger account (the general ledger accounts are pulled from your accounting system), they can update the information and approve. You can also have multiple people on the approval list to create a workflow that fits your organization. Once approved, the invoice is paid by Bill.com by either an ACH payment or a physical check that they mail out themselves.
Invoice Customers & Get Paid Remotely:
Mailing or emailing invoices can be a slow process each month. But Bill.com can memorize invoices and invoice templates. It will help streamline the A/R process by emailing your invoices to the appropriate receiver(s).
Bill.com allows your customers to create a customer account for free, so that they can pay and manage their invoices that owed to you. In fact, you probably already have customers, clients, or donors that already use Bill.com, which means you will be paid quicker through ACH. Getting paid through ACH saves you time in depositing a check and automatically applies the payment to the invoice you emailed them through Bill.com.
Sync With Your Accounting System:
The great thing about using all these cloud based systems that you can sync them with pre-built API's that will sync all the A/P and all the A/R work that you add into your Bill.com system. It will transfer your A/P bills and payments, as well as your A/R invoices and payments received. This gives a better cash view and future cash-flows with any outstanding invoices. The best systems to use that sync are Xero and Sage Intacct (it will also sync with QuickBooks desktop and QuickBooks online. Although the desktop sync is not an automated sync because it is not a cloud based system.
Keep Backup in the Cloud:
Every year most nonprofits and churches go through some sort of an audit. What is great in using a cloud system like Bill.com, you will always have your backup and audit trail. It will show when an invoice was approved, by whom, any changes/updates to the vendor or invoice, and a copy of the invoice is always viewable as well. Auditors can have their own login that would be a view only access to go and test the payments they desire.
Free Demo and One-Month Trial:
Do learn more and see a free demo and to even try the system out for a month, contact us at admin@intelligentmindsacct.com.