Managing the financial aspects of running a small business can be a challenge. You often need reliable mechanisms for paying bills, contractors, and vendors. Plus, you need an option for creating and sending invoices, as well as receiving payments. Finding all of those features in one solution isn’t always easy, especially for an affordable price. Luckily, there is one option that could work for many small businesses; Bill.com.
What Is Bill.com?
Bill.com is a service provider that offers a cloud-based solution for managing cash flow in your small business. It has features for accounts payable and accounts receivable, and is compatible with popular accounting software options like QuickBooks.
What Bill.com Can Do for Your Small Business
Essentially, Bill.com is a supplement to traditional accounting solutions, focusing on sending and receiving payments online. It can streamline your accounts payable and receivable processes, providing you with a variety of mechanisms to send and receive payments. For example, you can send electronic payments via ACH and EFT or receive payments via ACH, PayPal, and credit cards.
Additionally, since it integrates with numerous accounting software platforms, it eliminates the need for double entry of records. When payments are sent or received, Bill.com can deliver that information to your accounting software automatically, ensuring you don’t have to spend more time on data entry than necessary.
You can also make bill paying easier than ever. With the Auto Bill Entry feature, Bill.com can review details in documents sent to your Bill.com inbox and extract the relevant data. Then, it turns that information into a bill, allowing you to review, approve, and pay the required amount in just one business day.
How Much is Bill.com?
Bill.com, like many service providers, uses a tier-based system for its pricing model. On the low end is the Essentials program, designed for users who only need accounts payable or accounts receivable assistance. It costs $39/month for each user.
The next service level is the Team plan. For $49/month per user, you get everything in the Essentials program along with accounting software integration. You can also create custom user roles for any staff member who you want to grant access but would prefer to limit their capabilities.
If you need more features, the $69/month per user Corporate option may be best. It includes all of the Team features as well as workflow enhancement options like invoice and payment automation.
The final tier, Enterprise, probably isn’t necessary for any small business owners. It includes everything from the Corporate level as well as the ability to integrate with enterprise-level accounting software, provides API access, and more. The cost for the Enterprise service can vary, so you have to contact Bill.com directly for a quote.
Certain transaction services do have an additional cost. For example, the ACH processing fee is $0.49 per send and receive, and having the company mail a check payment or invoice costs $1.69 each.
Try Bill.com for Free
Every Bill.com plan comes with a 30-day, risk-free trial. You can get first-hand experience with the service without even having to provide a credit card number, giving you a chance to give it a whirl without having to worry about a surprise charge coming through.
If you don’t like it, you just need to cancel by the time your trial ends. If you do, you can quickly sign up to continue your service, allowing you to transition seamlessly.
Are you a small business owner? Have you tried Bill.com? Tell us about your experience in the comments below.
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