Bill.com Blog

Bill.com to Host Webinar: 5 Steps to Grow Your Business 5x

Webinar offers finance executives the insight needed to grow and scale their business in 2012

PALO ALTO, CALIF. – Jan. 23, 2012 – Bill.com, the leader in integrated bill payment, online invoicing and cash management solutions for businesses, today announced that it will host a complimentary 45-minute webinar titled, “Get A Leg Up On Your Competition: 5 Steps to Grow 5X” on Wednesday, Jan. 25, 2012 at 11:00 a.m. PST.

Hosted by René Lacerte, founder and CEO of Bill.com, and Peter Biro, franchise entrepreneur and avid Bill.com customer, the webinar will focus on using cloud-based solutions to grow a business without adding overhead. Lacerte, a Silicon Valley entrepreneur and accountant, will also discuss how he helped transform the payroll process and created a cash flow management solution that helps businesses scale for growth using cloud-based systems.

Webinar participants will gain important, real-world perspective that can help them increase business efficiency in just five easy steps. From initial implementation to best practices, the webinar will offer business owners and franchise operators the essential tips and tricks required to rise above competition.

“As a fourth generation entrepreneur, I have a deep passion for helping others grow and scale their business,” said Lacerte. “I’m excited to put my experience in the finance, software and payments industries to work for other business owners. I’d encourage anyone looking for a competitive edge to listen in and gain some practical knowledge that they can put to use immediately for their business.”

“Cloud-based solutions, like Bill.com, make it possible to scale operations and maintain financial controls over my fast-growing network of franchises,” said Biro. “We aren’t losing time tracking down paper anymore and we’re saving over 2,000 hours annually or the equivalent of one full-time hire a year. I love that we can now reinvest our energy and money into what really matters: serving and satisfying our customers. I’m looking forward to discussing how cloud-based solutions have made such a significant impact on my business, and how others also can take advantage.”

Join the Webinar

The webinar is scheduled for Wednesday, Jan. 25, 2012 at 11:00 a.m. PST. For additional information and to register, please visit: www.bill.com/grow or register directly here.

About Speakers:

Peter Biro is an experienced operating and transaction executive. He is the Co-founder and CFO for Mass Burger, Founder, CEO Naked Pizza Boston and a business lecturer at Babson College.@peterbiro

 

 

René Lacerte is a Silicon Valley Entrepreneur and accountant who founded Bill.com in 2006, and brings more than 20+ years of experience in the finance, software and payments industries. Built from a legacy of four generations of entrepreneurs, René developed the concept for Bill.com based on personal experience growing new businesses. Prior to Bill.com, René co-founded America's #1 online payroll service PayCycle, which was acquired by Intuit in 2009. @rlacerte

 

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About Bill.com 
Bill.com is a cash flow command and control system that manages accounts payables and receivables for businesses of all sizes. Offering online bill pay, custom invoicing services, unlimited document storage, collaboration tools, and mobile access, Bill.com's services easily syncs to users' accounting software programs and online bank accounts to better control company financials. Bill.com guards against errors and employs enterprise-class fraud protections that current methods cannot match. More than 100,000 users are now paying millions of bills worth billions of dollars using Bill.com.

Bill.com Contacts: 
AlexaRae Antekeier
415-249-6778
alexarae@finnpartners.com 

Allison Yochim
415-348-2724
allison@finnpartners.com 

 

@Billcom Customer Tip: Why Was My Check Payment Late?

A check payment did not arrive within the expected timeframe. What happened?

In Bill.com, payments sent via ePayment will always arrive on the arrival date specified when you schedule the payment. Checks typically arrive in four business days. However, some factors such as high-volume mail days, holiday weekends, and certain locations might impact check delivery. If you are making a payment during a high-volume period or to a location with variable mail service, we recommend allowing extra time for delivery or setting up the vendor to receive ePayments, which will eliminate any delay.            

@Billcom Customer Tip: The Difference Between Paying and Approving Your Bills

You are new to the Bill.com system and need to get a bill to be approved and paid in a short amount of time. You approve the bill, yet nothing happens. Why not? Why is the bill not being paid, when I approve it?

Bill.com splits the task of approving the bill and paying the bill, into two processes. When your bill is ready to be paid to your vendors, you will need to approve it first. 

To do that, you will want add an approver to the bill:

Once the approver has been added to the bill, the payer of your account will receive an email that the bill is ready to be paid. They will need to log in, go to Payables > Pay Bills > Select your bill and hit pay. It’s that simple!

@Billcom Customer Tip: Set Up Payments Through an Additional Bank Account

To pay different vendors from different bank accounts, or to receive customers' online payments in a separate bank account — set up for payments through an additional bank account.  

In your Bill.com account, you must be authorized to set up for payments through an additional bank account. To see if you're authorized,  mouse over  . Then click Settings > Overview. On the Overview page, under Permissions, click Users. For Authorized Funding Methods, you must have Bank.

To set up for payments (part 1 of 2): Enter your bank details
1. In the upper right, mouse over  .  Then click Settings > Overview.
2. On the Overview page, under Your Company, click Bank Accounts.
3. On the Bank Accounts page, click Set up new bank.

We walk you through a short series of questions to confirm your identity.  

To set up for payments (part 2 of 2): Verify in 1-2 business days

1. We'll make a small deposit and a matching withdrawal (less than $1) to your bank account, which should appear in 1-2 business days.
2. Check your bank account for the amount of the matching transactions.
3. Log in to your Bill.com account, and on the To Do List, click Verify bank....

4. On the Bank Account page, enter the amount of the matching transactions.
5. Click Verify. 

On the Bank Account details page:

• To pre-select this bank account for all bills you pay: At Payables - Default Account?, click Make Primary (you can change it on-the-fly as you pay bills).

• To receive all online payments from customers in this bank account: At Receivables - Who can pay me?, click Make Primary.

• To give others permission to use this bank account for Bill.com payments, click Add above the list of Authorized Users.

@Billcom Customer Tip: How can I get paid?

Bank Transfers? PayPal? Credit Card?

Get paid directly from the customer's bank account (Bill.com ePayment), through PayPal, and/or by credit card.

If you choose to get paid directly from the customer's bank account, payment will be deposited into your bank account in 2-3 business days (based on your receivables limits), and you pay a low flat fee.

If you choose to get paid through PayPal, payment is instantly available in your PayPal account, and you pay PayPal Standard fees.

If you choose to get paid by credit card, set up a Merchant Services account through our partnership with Vantage Card Services and PayTrace (low rates and a month-to-month agreement).

@Billcom Customer Tip: I Can't Find a Doc In My Inbox, and I Am Sure I Sent It In. Where Is It?

You can send any type of document into the Bill.com system as long as the file size is less than 20 MB. You will be able to view an image of your bill in Bill.com for the following file formats: pdf, doc, xls, txt, png, jpg, and gif.

In addition, you can also send to Bill.com invoices inline in the email as long as the email format contains a Plain Text version of the email. Bill.com can only process the Plain Text version of the email, so when you forward email (with the inline invoice) to your Bill.com Inbox email, make sure the email format is set to always sent a Plain Text version of the email.

4 Questions for Daniel Watford, Founder of Watford & Associates, LLC

Q1. How did you get into your line of work?
I have always had an entrepreneurial spirit, but I started working for a local CPA firm in Washington, DC, in their outsourced accounting department in 2003. Ninety percent of their clientele were non-profit organizations and we basically took over their accounting departments. As I bounced from client to client, solving problems and building relationships, I began to realize how much I loved being that go-to guy. As their internal partner, we were helping organizations achieve their missions by spending less time on the back office details. It was hard work but very rewarding.

I worked there for three years and then in 2007, I decided branch out and start my own company — Watford & Associates, LLC.
 
Q2. What have you learned through the school of hard knocks?
I have learned that you are never going to be able to please everyone, so you should focus on providing the best service that you can.
 
Q3. What keeps you up at night?
As a small business owner, it's hard to find the time to build the business and get the work done. So I work for my clients all day and work for my company at night. Whether it's paying bills, preparing invoices, or researching potential clients, there is always something to do.
 
Q4. How has Bill.com helped your business chase its dreams?
I always like to experience new solutions for my company before I recommend it to my clients. Bill.com has allowed me to be more efficient, manage cash flow, pay online, and has freed up a lot of the time I used to spend entering and paying bills for my company. In addition, I have introduced Bill.com to my clients through the Accountant's Program, and it has allowed me to focus less on the transactional function of accounts payable, and more on the advisory aspect of my job. I can't say enough good things about the cloud-based solution. Bill.com is easy to use; it integrates seamlessly with QuickBooks Online, and allows me to save time and money that I can use towards my growing business.

Download a complete PDF of these 4 Questions

Follow Daniel on Twitter: @DanielTWatford and Facebook

Note: 4 Questions is a regular feature on the Bill.com blog where we ask the same 4 questions of a different Bill.com customer. Given the tremendous passion and can-do attitude of small and mid-sized businesses, we believe these same 4 Questions will result not in repeat answers, but in interesting insight into many different journeys. Want to be profiled? Tweet @billcom or email us and let us know!

@Billcom Customer Tip: Enter Checks Received via Inbox

Are you still receiving checks from your customers?
If so, send them to your Bill.com Inbox and enter the payment details, all at once. The check image will be stored with the payment entered.

Who’s it for?
For users who have their online invoicing paid via checks.

Here is how:
1. Scan your checks and send them to your Bill.com Inbox

2. Click Create a New > Pmt Received

 

Next:

1. Select the customer

2. Enter the payment information

3. Apply it to the corresponding open invoices

4. Store it in a folder (optional)

1. Under Receivables, click Payments

2. Click payment amount to view the payment details

    • The check image and other docs are listed at the bottom

Diana Murray's Insight on Customer Invoice Software and Online Bill Pay with Bill.com

Diana Murray, the Director of Business Development for ASAP Accounting and Payroll Services recently attended The Sleeter Group's 2011 Accounting Solutions Conference and sat down with us to discuss the positive impact Bill.com's customer invoice software and online bill pay has on her company and her Homeowners Association clients.

“When we decided to implement Bill.com with our clients, we showed them the product and how it automated many of the tasks they did internally and they were thrilled with it,” Murray said.

Today, Bill.com's receivables package synchronizes into ASAP's accounting programs and automatically e-mails invoices for dues to individual homeowners. "Homeowners like the new arrangement," says Murray, "because they have control over their accounts. They can choose to initiate electronic payments each month and decide which day to pay their dues. Some elect to set up recurring payments when the dues are consistent."

Watch today's video to hear more success stories for ASAP Accounting and Bill.com.

 

 

 

ASAP provides services and solutions including payroll processing, time and labor management, accounting, business coaching, and a variety of employer solutions to the Colorado area.

Read our case study for ASAP Accounting and Payroll Services.

Join ASAP on Linkedin and Facebook.

@Billcom Customer Tip: Allow Others in Your Organization to See Customer Payments

Can I allow other people in my company see if customers have paid?

Yes, set up a role to let others in the company View customers and invoices:
    1. In the upper right, mouse over  Then click Settings > Overview.
    2. On the Overview page, under Permissions, click Roles.
    3. On the Roles page, click New,
    4. Scroll to the Receivables section.
    5. Select View for Customers and/or View for Invoices.
    6. Click Save.

Then assign that Role to specific people in the company:
   1. In the upper right, mouse over  Then click Settings > Overview.
   2. On the Overview page, under Permissions, click Users.
   3. Assign the new role to users.
 
So instead of sending out an Accounts Receivable report, just have people log in to see if customers have paid.

 

@Billcom Customer Tip: Understanding Audit Trails

Bill.com keeps a detailed audit trail of every action taken within our system. This enables you to view, at any point in the future, what happened to a bill, including who approved it, for what amount, on what date and time.

For instance, a payment may be scheduled a month or more in advance; if the vendor's address changes in the interim, the payment, sent to the original address, might not be received on time. The audit trail feature enables you to identify who scheduled the payment (and when), who changed the vendor's address (and when), and reconcile any incomplete or incorrect information.

In most instances, when you display the page that provides details about a specific bill, vendor, or even individual user, you'll see an Audit Trail link you can use to retrace the history of the item.

NOTE: The audit trail does not indicate whether or when a particular bill may have been paid.

If you have any questions about the audit trail, please contact us at support@hq.bill.com.

Employee Spotlight - Give a Darn!

Ken Blanchard, the author of over fifty business management books says, "To ensure that your work is also a play, I recommend that you develop a personal mission statement. This will help you find what it is you enjoy so much that you lose track of time when you're doing it." I cannot agree with him more. Throughout my professional and volunteer lives, I’ve always lived by my personal mission statement – give a darn!

Bill.com and KEEN (Kids Enjoy Exercise Now) are
two organizations to which I proudly belong. They provide me with opportunities to live by my personal mission statement.

“What exactly do you do?” you might wonder.

As a Systems Engineer at Bill.com, I build and support the IT infrastructure of our online software. My goal is to minimize your hair-pulling occurrences by providing you with a rock-solid infrastructure where you can pay your vendors and invoice your customers safely and efficiently. 

As a Project Leader at KEEN, I lead a bi-weekly volunteer project that benefits kids with mental and developmental challenges (mostly autism). My goal is to maximize the kids’ potential to fully recover by providing them a fun and safe environment where they can foster self-esteem, confidence, and skills through fun activities, allowing them to meet their goals in spite of their challenges.



“How do you give a darn?” you might ask.

Neither roles gives me superpower to fix world issues, but both roles provide me with opportunities to give a darn by caring, with all my heart, about your reliance on our product and the kids’ potential to recover. As a Systems Engineer, I cannot pay your bills, nor can I create your invoices. But the least I can do is to proactively monitor the systems and the network that Bill.com runs on, reactively fix any issues that may arise, and promptly respond to alerts no matter what time of the day it is. As a Project Leader, I cannot reverse the kids’ sickness, nor can I find a cure for autism. But the least I can do is to support them and to
smile/laugh with them through their journey of recovery.

“How do you know if your personal mission statement is working?” you might also ask.

Communication. Your feedback is an invaluable form of communication to us. We welcome your comments with open arms. Kids may not be verbal, but they know how to create the most beautiful sounds on earth – genuine laughter. These communications are ingredients and testaments to our growth and success. So go ahead. Bill.com customers, inundate us with feedback. KEEN kids: shower me with laughter.

Thanks for reading,
Josephine

Visit KEEN on facebook to learn how you can help.

or Donate to KEEN here

@Billcom Customer Tip: About Users and Roles

To help you tightly control access to your company's financial information, Bill.com enables you to assign a specific role to each user in the system. Different roles have different levels of data access and privileges.  

Bill.com offers you five different roles, which allow three different levels of information access:

1. Administrators are the people who oversee your company’s use of Bill.com and therefore require access to all its functions. Administrators approve bills, authorize and schedule payments, and control user access (e.g., can add and deactivate other users). Because they can authorize bill payments (if they complete the Bill.com Payments setup process), Administrators are usually individuals with signing authority on your bank account.

2. Clerks are usually the people at your company whose role is limited to enter bills in Bill.com.

3. Accountants are internal or external accountants or bookkeepers who need access to all documents and transactions. They can approve bills, but do not schedule bills for payment.

4. Approvers are people who make purchases and need to review vendor bills before they can be authorized for payment.

5. Payers can record payments (i.e., payments tracked in Bill.com but not actually paid via Bill.com) and, if they complete the Bill.com Payments setup process, they can use Bill.com to pay bills. Unlike a Administrator, the Payer cannot enter bills and cannot approve bills. Additionally, the Payer can pay bills using Bill.com only up to the approved amount, thus enabling a clear separation of duties in a company.

Below is a table that summarizes the roles and privileges in Bill.com:

To assign a role to a user:
1. In the upper right, mouse over . Then click Settings > Overview.
2. On the Overview page, under Permissions, click Users.
3. On the Users page, click a user's name.
4. On the page for the user, click Edit.
5. For Role, select what level of responsibility you want the user to have.
      • If our pre-defined roles don't meet your needs, create your own custom role.
6. Click Save.

See User Roles and Business Scenarios for how to set roles in your company.

The Secret Ingredient in a Franchise’s Financial Success: Bill.com!

“Two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun…” I just can’t help myself from singing it. Tomorrow we’re having a webinar highlighting a McDonalds’ franchise group’s success with Bill.com, and both the burger-lover and businessman inside of me couldn’t be more excited.

Like most Americans, I grew up eating McDonald's. While I was a young entrepreneur, I learned about Ray Kroc, who took over McDonald's Corporation in 1954 and transformed it into one of the most successful quick service operations in the world. As a finance and accounting enthusiast, I share Kroc’s passion for efficiency, consistency, innovation and quality. I marvel at how he turned his vision into the empire we know and love today by focusing on perfecting his product, building rock-solid relationships with suppliers, and developing an operations “machine” that continues to fuel McDonald’s growth.

While Bill.com isn’t in the business of burgers, our product is designed to provide business owners with similar kind of efficiencies enabling them to work smarter. I couldn’t be more pleased that Bill.com has proved to be such a great fit with McDonalds’ franchisee, Creative Management. Tomorrow’s webinar will get into the details, but it’s worth noting here that since they selected cloud-based Bill.com to manage their back office, they’ve saved over 1,800 hours in processing more than 5,000 bills—and have reduced the cost of bill pay by roughly 750%!

Bill.com has partnered with other franchises including a group from Five Guys Burgers & Fries. Bill.com helped the Five Guys’ multi-unit franchisee save more than 50% of time and money over their manual method of paying bills and allowed them to reinvest that energy and money into their franchise and their customers. Sharky’s Woodfired Mexican Grill’s franchisee credits Bill.com for keeping stacks of paper off of his managers’ desks, freeing their time to train employees and build store culture. A Miracle Ear franchisee started using Bill.com to pay his bills—but relies on the solution to help him keep an eye on his cash flow.

And we know how important cash flow is to running a franchise. Bill.com's Command and Control Center provides franchisees with a better overall picture of your financials so you have insights into your cash flow to help you make more informed decisions. Plus, it syncs with your accounting system, gives you easy access to your vendor information, and helps you collaborate more effectively with store managers. Bill.com is truly a partner for franchisees and can make a big impact on your bottom line.

I’ll let you in on a little secret: we’ve been known to have some fun after bringing on a new restaurant franchise business to Bill.com! The whole company celebrates by eating the brand’s food—and we even share the excitement with our fans. After the McDonald's franchise group joined the Bill.com family last fall, we all enjoyed eating burgers, shakes and fries, and even gave out a McDonald's gift certificate to a lucky fan of our Facebook page.

So grab yourself a value meal and join us for tomorrow's webinar featuring Brian Benge of Creative Management. Register at www.bill.com/cashflow and you’ll get a bonus top ten tips sheet for franchises called Take Control of your Franchise's Finances. We’re sure you’ll be satisfied—and inspired to see how Bill.com can help you work smarter.

To attend Wednesday's webinar register here.

René Lacerte
Founder and CEO
@rlacerte

@Billcom Customer Tip: Setting Your Notification Preferences

The Bill.com system sends you email alerts to ensure you are aware of changes to your account as well as important or upcoming status changes to your bills. To help you manage the various alerts you receive from the Bill.com system, you can set your notification preferences to receive these notices daily, or a less frequent regular interval (three times a week, twice a month, etc.).

These are the alerts whose delivery timing you can configure:
1. When new bills are assigned to you to process or approve
2. When bills have been completely processed or approved and are ready for you to pay
3. When new bills or other files are received in your Bill.com Inbox

Important security-based alerts -- such as confirmation of payment, or any change in company information -- you will continue to receive in real-time.  

You can set your own notification preferences, or your Bill.com Administrator can set them on your behalf. If you have Administrator rights to your client's Bill.com account, for instance, you can set your client's preferences so that he or she is notified of bill payments only at expected or prescribed times, such as the 1st and 15th of every month.

To set notification preferences:
1. In the upper right, mouse over .  Then click Settings > Overview.
2. On the Overview page, under You, click Email Preferences.
3. On the Email Preferences page, click Edit.
4. Under Summary Emails, choose how often to receive emails.
    • If you click Monthly on the following days, you can enter one or more numbers, from 1 to 31, separated     by commas.  If you enter 30 or 31 -- corresponding to the 30th or 31st of each month -- we will send     notifications on the last day of any month that has fewer days (such as February 28th).
5.    Click Save.