Bill.com is a straight-forward, but effective, cloud-based system used to enter, approve, and store invoices; and pay vendors. With Bill.com, the subscribing organization essentially outsources substantially all of its accounts payable and payment functions.
Data Capture and Approval
Data capture on Bill.com is accomplished via a combination of methods including scanning, manual entry, emailing, faxing, and drag-dropping. Once the item is captured, the data is used to create a “new bill” and assigned to an approver. Approvers are automatically notified of action required and can interact via PC, tablet or smartphone.
Payments and Additional Features
Payment of invoices is made through a variety of methods including ACH, credit cards, and checks. Multiple bank accounts can be used for payment. Bill.com offers a cash forecasting feature.
Integration with Accounting Software (MIP)
Bill.com utilizes the import feature of MIP to integrate the data. Integration is performed at the general ledger level. All detail vendor and accounts payable history are maintained by Bill.com.
Licensing and Cost
Costs for Bill.com are based on a per user, per month method with various levels of access. Each level of usage/cost builds on the one prior.
Essentials – The Essentials level of Bill.com provides import/export, standard approval workflows, unlimited document storage, payment support with positive pay, as well as access to the business payment network. The cost for the Essentials level is $29 per month, per user.
Team – The Team level of Bill.com is a cost of $39 per month, per user. This level includes all of the items at the EsseΩntials level, along with custom user roles, cash forecasting, and management.
Corporate – The Corporate level includes the features of the Essentials and Team levels while offering additional automation methods, “approver only” users, and custom approval limits.
Enterprise – The highest level for Bill.com is the Enterprise/Custom. Again, this level includes the features in each of the levels above with additional items, such as multi-entity and multi-location functions. Another addition to this level is access to the API for Bill.com, which facilitates syncing with various systems. The costs for the Enterprise level are based on several factors and it is recommended that you reach out to Bill.com for details.
Lastly, Bill.com offers transactional services on a per-item fee scale.
- ePayment/ACH processing fee
- $0.49 per send and receive
- Mailing of checks
- $1.49 per check payment
- Payables data entry
- $0.49 per bill
Organizations Best Suited for Bill.com
Since its founding in 2006, Bill.com has concentrated on serving small and mid-sized companies and does not focus on any one sector, such as nonprofits. NFP Partners has worked with one of its clients in creating the import interfaces with MIP.
Nonprofit Accounting Consultant