Photo by Christa Dodoo on Unsplash

By Shane Bender

Would you like to save time with processing and approving your bill payments?

Would you like to have better controls when making payments? In other words, you don’t want one person approving and paying everything.

Would you like less paper, checks, invoices, and file cabinets?

Would you like a better system to notify vendors of payment and pay them electronically without having to deal with bank software?

Would you like a quick and flexible bill payment system that syncs with your financial software?

If you said YES to any of the above, then read further

As a CFO, I am always looking for ways to improve processes and save time. If I can do this while improving internal controls, then this is a Win-Win.

My favorite application that I have recommended and implemented multiple times is Bill.com.

Bill.com will do all of the following to improve your Accounts Payable process:

  • One easy inbox for all vendor invoices to go to.
  • Easy coding and syncing to financial software like QuickBooks.
  • Approval can be made by different people before payment is made.
  • Electronic filing that saves time and paper.
  • Easy payment process through ACH or check. Approval for payment can be made on the computer or phone application.
  • Vendor notification when payment is going to be paid and deposited into their account.
  • Reporting tools for cash flow and when future payments are scheduled to be paid.

Time is Money

There is a cost, but it very small. What is your time worth to you? You will save some costs that will pay for itself, but the best thing is you save time that is multiplied. We should look at your hourly rate and realize that if you can save a few hours a week or even a month, it adds up and is worth the investment.  You will need this time for higher-value activities. If you are a business owner, you need this time for business development, marketing, strategy, and team development.

Another benefit is that it can be easily outsourced to a bookkeeping firm. I have one that I have used for 3 years that can implement and maintain Bill.com. Reach out to team@bendercfoservices.com if you want more information.

 

If you want to learn more about forecasting for business and nonprofits, check out my award-nominated book and audiobook Forecast your Future: How Small Businesses Exchange Stress and Chaos for Cash and Clarity.  Also, check out my course for even more guidance.