Online bill payment and invoicing service Bill.com has introduced the Bill.com Approval Solution, which promises to speed the invoice approval cycle for accountants, small and midsize businesses, and nonprofit organizations, while adding important checks and balances to the approval process.
With Bill.com, paperwork is scanned, faxed or emailed into the system. Bill.com then enables users to find the necessary data, contracts and other documents anytime from remote locations. Bill.com also records the payment due dates, revises the cash flow projection graph based on this information and sends out email notices to the right approvers. It shows each employee only the bills and paperwork they need to see and reminds them when there’s a bill to review. Bill.com then prints and mails the checks or pays electronically on the day specified by the user. The vendor receives remittance information and the user’s accounting software is updated automatically.
The new Bill.com Approvals Solution enables accountants and tax professionals to customize the approval process to fit the needs of each client through personalized consoles that let them manage all their clients from a single interface. Features include the ability to customize the approval policies of client companies to require approvers for any bill or vendor credit based on the dollar amount. Users also get the ability to specify the number of users on any bill or vendor credit, as well as access to make changes in the workflow at any time.
Configuration options allow accountants to control when changes are allowed to a bill or vendor credit during the approvals process. Improved security measures prohibit unauthorized access to the client’s Bill.com account by requiring a secure code sent to their phone or other device.
“With the Bill.com approval cycle, you will never miss another discount or get stuck with a late fee because a bill was lost in a pile of paperwork on some approver’s desk,” Bill.com CEO René Lacerte said in a statement. “Approving bills shouldn’t be hard—it should be one of the quickest and easiest things you do.”
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