Bill.com is a cloud-based accounting application our firm has been using for several years. In Part 1, I covered some general pros and cons of bill.com. This blog post will delve into some of the specifics, especially with regards to the accounts payable (AP) and accounts receivable (AR) functionality of Bill.com. Like the first, keep an eye out for the insider notes!
What is Bill.com? – Bill.com is a cloud-based financial solution that helps manage your payables (APs) and receivables (ARs). Our firm has been using it for the past few years and has consistently found it to be an asset to our clients. Read on for an insider’s list of pros and cons (with a few tips scattered along the way)! We’ve split this article into two parts—the first is regarding Bill.com in general while the second will delve into more specifics, especially regarding the APs and ARs.
We just finished the financial statement audit of one of our clients. The auditor, with whom we’ve worked for many years, came to see me after he finished filed work to discuss how the audit went and what to expect. I was surprised by how much he had to say about the credit card and bill payment system we had implemented last year for this client.
The client being audited is a not-for-profit organization that operates in a virtual environment. They have staff in practically every state and we operate their entire Finance Department. Last year, we implemented Bill.com for their bills and Expensify for their credit card bills. There are 13 credit cards, since each program director has one. In addition, employees can request reimbursement of expenses through Expensify.