By Luqman Danawala & Amy Hendrix, Cloudkeeping Bill.com Gurus
In the age of technological revolution, providing accounting services through manual processes just doesn’t make sense anymore. A few years ago, you would need to hire a team of in house accountants for all your accounting needs. Now, you can have your services outsourced in a cost-efficient manner where you don’t have to pay for the individual salaries, benefits, overhead expenses, or any other additional labor. To fully utilize outsourcing, a cloud based accounting platform such as Bill.com is needed. Here are some tips and best practices in using Bill.com as your cloud based accounting software:
- Utilize your Startup Checklist – The startup checklist gives you a to do list to complete in order to take full advantage of all the features that bill.com has to offer. It includes information such as: your profile information, email preferences, your company dashboard, payables and receivables preferences, and information on how to sync with your accounting software.
- Map Existing Workflows into Bill.com – Mapping your existing workflows allows you to see a current manual workflow vs. an efficient Bill.com workflow. This helps with seeing who revises the bills before they come into Bill.com, who enters the data, and who approves the bills to be paid.
- Sync Bill.com with Accounting Software – This helps prevent double data entry and you are able to sync with the following accounting platforms: QuickBooks (Online & Desktop), Xero, NetSuite, and Intacct.
- Setup e-Payments in Bill.com – This saves valuable time and money spent cutting the check to it being delivered to the appropriate vendor. e-Payments can be made from ACH withdrawals as well as major credit card companies.
- Optimize Collections for Receivables – Optimizing collections for Receivables goes hand in hand with setting up e-Payments as it allows you to collect payments through ACH or credit card payments at low transaction cost.
These are some of the practices that we as accountants have found useful and have helped us make the most of the features that Bill.com offers. Have more questions on how Bill.com can help save your company time and money? Contact Luqman at firstname.lastname@example.org or Amy at email@example.com.