BILL

BILL (formerly Bill.com) is a cloud-based financial automation platform for small and mid-sized businesses. It automates accounts payable (AP) and accounts receivable (AR) workflows. BILL solves the costly problem of manual invoice processing and slow payment cycles.

Features

• Intelligent Invoice Capture: Uses AI-powered technology to auto-capture and extract data from invoices. This cuts manual data entry and reduces human error significantly.
• Customizable Approval Workflows: Teams can build multi-step approval rules based on business logic. Approvals can be handled via email, mobile app (iOS and Android), or the web dashboard.
• Accounting Software Sync: Offers two-way sync with QuickBooks Online, Xero, Sage, Oracle NetSuite, and Microsoft Dynamics. This removes the need to enter financial data twice.
• International and Domestic Payments: Supports ACH ($0.59/transaction), wire transfers, credit card (2.9% fee), and international payments in local currencies. Instant transfers are also available at a 1% fee.
• Spend and Expense Management: A free add-on product lets teams issue virtual and physical corporate cards. Users can set budgets, track spending, and manage reimbursements in one place.

Use Cases

• For Small Business Owners: Automate recurring bill payments and vendor invoices without a dedicated finance team. This saves an average of 50% of time spent on AP tasks.
• For Accounting Firms: The Partner Program ($49/month) lets firms manage AP and AR for multiple clients. Data syncs automatically with major accounting platforms to reduce manual work.
• For Finance Teams: Multi-level approval workflows give controllers clear visibility over every payment. Teams can export reports in HTML, PDF, or CSV formats for audit trails.
• For Operations Managers: Real-time cash flow calendars show daily cash positions at a glance. Automated payment reminders help reduce late receivables and improve collections.

BILL is a capable AP and AR automation tool built for businesses that process high volumes of invoices and payments. Its per-user pricing and transaction fees can add up, so teams should calculate total costs carefully before committing.