There are a handful of solutions when
them plug so well into QuickBooks or QBO, and SLC Bookkeeping has been helping our own customers set up their accounts with this cloud-based system. For the information of the readers out there, we have provided a review of the software, giving advantages and disadvantages of it.
Paying bills and receiving payments faster are the primary functions of Bill.com. Invoices and bills can be instantly accessed online, making the process of managing your cash flow more manageable.
You will be notified for tasks and can perform jobs in no time, for example, approving a bill and paying it electronically. Thus, it can be a great addition to your paperless system. It connects businesses, accountants, and banks. And it targets both small and medium-sized businesses, with the goal of not leaving any business behind.
Bill.com can be used as an add-on to your bookkeeping system or it can be used to separately manage your payables and receivables.
Payments can be received electronically either through ACH or a credit card.
There are several subscription types for Bill.com, allowing users to sign up for the one that is best for their business. However, one can always start with a 30-day free trial.
1. Essentials – $19 per user/month
Being the basic subscription type, "Essentials" offers the primary functions of the application, which is managing payables and receivables. It also includes import and export functionality with CSV files, the 5 standard user roles, the standard approval workflow, unlimited document storage, and the ability to collaborate with vendors and customers.
2. Team – $29 per user/month
In addition to the features included in the basic plan, the "Team" subscription type adds the ability to integrate with accounting software. It can work with QuickBooks Pro, Premier, and QBO, as well as Xero. With this, one can also add custom user roles and can easily forecast and manage cash.
3. Corporate – $49 per user/month
Being pricier, "Corporate" offers more workflow options and also gives discounts for approver-only users. It is tagged as the best value of the subscription types, and with the additional features that it offers, it can be used by midsized businesses.
4. Enterprise – Prices vary
To sign up for the "Enterprise" subscription type, one needs to call Bill.com. But what it can offer is additional integration features such as the ability to work with QuickBooks Enterprise, NetSuite, and Salesforce.com. It also caters to multi-entity businesses, organizations with different locations, and companies that have more than one accounting files.
There are also additional fees for transaction services:
1. Send or receive ACH payments – $0.49 each
2. Bill.com mails checks or invoices – $1.49 each
3. Bill.com does the Payables data entry – $0.50 each
4. Receive credit card payments – fees apply
In general, Bill.com is still a must-have application, as it is not simply for paying bills and receiving payments. It does much more than that.
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