Friday, August 16, 2013 - 14:10

This content originally appeared on the Advisor blog

Bill.com Vijay, Sandeep Pingpong ChampionsOn the evening of Wednesday, August 14th, Advisor presented its annual Summer Ping Pong Tournament at Runway in the Twitter Building. The event was generously co-sponsored by Xero, and featured more than 150 players and bystanders.

A total of 30 teams from 23 companies competed for fame and glory, with the knowledge that only one team would prevail. The stakes couldn’t have been higher with so much on the line — bragging rights, a gleaming trophy, and the opportunity to take home a ping pong table. This was a doubles tournament, so teams played matches in pairs using a single elimination format.

Early standouts among the competitors were teams from Ribbon, Tapfame, SET.tv, Back to the Roots, Rally.org, Silicon Valley Bank (SVB) and Bill.com. These companies advanced early, with impressive wins in the first two rounds. As the night progressed, more and more teams were eliminated until only four were left fighting for glory: SVB, Bill.com, Tapfame, and SET.tv all advanced to the semi-finals.

With SVB and SET.tv coming up just shy of the championship game, the stage was set for the final showdown between Bill.com and Tapfame. In a hard-fought best of three series, Bill.com ultimately defeated Tapfame, as spectators screamed wildly in the background. The talented winners from Bill.com were Sandeep Pyapali and Vijay Raghuraman.

Categories:
Tuesday, August 13, 2013 - 10:35

By Mark Orttung, President and COO, Bill.com

bill.com

Today, we released the results of our most recent survey of the always-growing Bill.com accountant community. We were pleased to discover that 93 percent of the respondents already work remotely and there is a strong desire among respondents to go completely paperless. Indeed, 63 percent of respondents identified themselves as mostly paperless whereas almost 18 percent had already achieved a fully paperless environment.  This is a really exciting development in a profession once was chained to their desk, and a great validation of what Bill.com is trying to achieve.

I think industry guru Doug Sleeter said it best:

“This survey tells a very clear picture — working remotely is the new normal and people want the flexibility of managing payments in the cloud,” said Doug Sleeter, Founder and President, The Sleeter Group. “Going paperless is a key driver for all these systems. Combining paperless documents with cloud-based payment solutions not only saves time, but it also saves money, improves accuracy, and increases collaboration between accountants and their clients.”

The survey questioned Bill.com accountant customers from both large and small firms.  The desire to go paperless was given as the most important factor in an accounting firm’s decision to adopt Bill.com as its integrated bill payment solution. A close second was time savings. Firms also liked the ability to share responsibility with clients for the payment work flows. Respondents found that before going paperless they managed accounts payable and accounts receivable inefficiently, struggling with manual processes and paper checks. Today, respondents find that they save time and money every month by using Bill.com.

The power of being paperless is truly making a difference for accountants, as they and their clients join our “No Check” CEO movement. “No Check” CEOs are a cadre of business and financial leaders using game-changing technology to replace time-consuming paper processes with fast, efficient cloud-based systems everywhere in their businesses. The accountants, their staff and their clients can pay bills, send invoices and reminders, handle approvals, manage documents, and manage cash flow from anywhere at any time. And they’re not only eliminating checks – they’re eliminating paper wherever they can — throughout their organizations — resulting in great savings in time and money. More information on Bill.com's solution for accountants.

Categories:
Tuesday, August 13, 2013 - 08:01

Bill.com and AIAS

Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, today announced that it will offer a free webinar for nonprofits’ financial leaders, “Skeptical About Going Paperless? Ask Me Anything” on Thursday, August 22nd, at 10 a.m. PT. Registration is currently available at cashflow.bill.com/PaperlessNPO082213.html.

Read more.

Categories:
Friday, August 9, 2013 - 14:41

By Mark Orttung, President and COO

Bill.com authentication

Last week, Bill.com announced another milestone in our commitment to banks. We are now empowering them to bring security to small and medium business customers via the smartest, least invasive authentication method on the market today. We recognize there is nothing more important for both banks and small businesses than powerful security and tight, clearly defined financial controls. And we are committed to helping banks earn the trust of SMBs by enabling them to serve these businesses in ways never before possible.

Our two-step method is unique because it fits seamlessly into the business process of SMBs.  Like everything we do at Bill.com, we started with the business process in mind. SMB payables and receivables processes span a wide range of activities including contracts, invoices or bills, collaboration around whether to pay an invoice, secure payments, detailed remittance information, and integration to the accounting software.  Bill.com’s security is the only approach which takes this whole process into consideration and intelligently monitors activities at every step along the way.  When an activity doesn’t make sense in the process, the user is prompted for additional verification. This is making it easier than ever for banks to better serve their small business customers and for small businesses to finally be able to embrace online banking with full confidence.

As with all of our bank-ready solutions, we offer the solution in two ways.  The first allows a bank to get to market quickly with world-class security.  If a bank wants to deploy quickly, they can leverage Bill.com’s approach to multi-factor authentication, which requires no development effort for the bank and makes life simple for the SMB.  The user only needs to have a mobile or land line phone and the authentication can be used.  The second allows the bank to seamlessly integrate this approach with their existing multi-factor infrastructure.  With the Bill.com Banking Platform, the bank can integrate directly to their existing multi-factor authentication infrastructure.  This allows the bank to continue to deliver its branded solution with a common infrastructure for its clients.

With Bill.com, banks can offer small businesses one more reason to trust all of their business needs to their bank. And stay tuned because we have many more features specifically designed with banks in mind that will be announced in the coming months.
 

Categories:
Friday, August 2, 2013 - 10:00

The following is an excerpt from SIIA's Deciphering Finance, a publication cataloging finance strategies and best practices. The goal of the book is to provide solid guidance to help finance executives understand how these new technology trends can benefit finance departments by tapping into the minds of SIIA member executives. Originally posted July 22, 2013.

By René Lacerte, CEO and Founder

Image of Rene Lacerte Bill.com

In today’s high-pressure economic climate, CFOs and other financial managers are aggressively searching for ways to save money, maximize efficiency, and drive growth. Increasingly, cloud- based financial tools are emerging as a solution that can help them accomplish their daily tasks more efficiently while improving their cash flow management and visibility.

Yet, while most CFOs are aware that other departments are moving to cloud-based solutions, early adopters are just becoming aware that tools exist for the finance department according to a survey we recently completed of more than 350 CFOs. As a result, many CFOs remain stuck in the past, continuing to rely on paper-based processes and Excel spreadsheets to do their work.

While CFOs in general were familiar with the cloud, most were not yet aware that new products were emerging in this space, created specifically to serve their needs. As a result, paper- based manual processes and static spreadsheets remain the standard tools for many financial executives, and managing cash flow continues to be an imprecise, time-consuming task. When asked what system they currently use to predict future cash flow, 72.9% of respondents said they still use their old Excel spreadsheets, 8.5% use an ERP system, and 8.3% said they just do the calculations in their head. The remaining 10.3% said they don’t use any tools at all.

CFOs’ frustration with this status quo was clearly expressed in our survey. When asked to name the top three challenges faced by CFOs today, respondents cited the inability to forecast results (51.1%) and manage cash flow (47.4%) as their most pressing concerns. These numbers indicate that financial executives could greatly benefit from tools that provide real-time visibility into the amount of money they’re paying out and taking in, at any given moment.

The survey, taken in August 2012, includes responses from CFOs and financial executives in a wide range of industries. It is one of the first to provide insight into how CFOs are thinking about cloud-based financial systems, whether they plan to implement the systems, and what they see as the advantages and disadvantages of online tools for managing tasks like accounts payable, accounts receivable, and cash flow.

Early adopters reap results, reaffirm that cash is king

Early adopters who have switched to cloud-based financial systems told Bill.com they have greatly improved both their accounts receivable and accounts payable processes. Saving money and time are significant motivating factors for companies that are considering a cloud-based system. 65.2% of survey respondents said saving dollars and hours would lead them to the cloud.

Indeed, knowing when customers will pay is the number one problem faced by finance departments on a daily basis, according to the Bill.com study. Almost 59% of respondents cited it
as a top concern. Other high-level concerns, survey respondents said, are difficulty estimating cash flow (55.7%) and slow action by those employees who are tasked with approving invoices to be paid (46.3%).

This last number comes as no surprise, given the inefficient workflows and approval processes that hobble most organizations. Financial executives have long complained about paper-based invoices and expense reports that take weeks or months to be approved because people put them aside, forget about them, or file them under a pile of other papers. As a result, bills get paid too late and cash flow forecasts grow ever more unpredictable.

The cloud can alleviate many of these problems, say CFOs who have adopted online invoicing and billing systems. For instance, online finance services enable them to better track bills and monitor the approval process. That’s because these payables tools eliminate the inefficiencies of manual processing. Instead, invoices to be paid are automatically routed to the right person for approval and prioritized for attention.

On the receivables side, finance professionals who use cloud-based tools said on average they get paid faster than they did using traditional paper systems. In addition, when asked how much it costs their Accounts Receivable organization to process and send an invoice, 38.7% of respondents said under $5 and 32.2% said $5 to $10.

In fact, the majority of respondents are likely underestimating the cost because they’re not fully factoring in the price of labor, materials, and other inputs. According to industry standards, the average cost of processing and sending an invoice is actually over $22.

However, by using the cloud, companies could reduce the cost of sending invoices, while collecting receivables
2 to 3 times faster. In terms of hard numbers, a small company sending an average of 100 invoices a month would cut their expenses from $2200 to $750 per month by using the cloud, according to separate research we conducted.

Similarly, financial executives are discovering that by putting their AP process in the cloud they can cut the work by more than half and slash the cost by 50% to over 70%, a saving that amounts to tens of thousands of dollars for many organizations. In fact, a company with an average of 100 bills a month that uses a cloud-based system can reduce costs from $3800 to $309 a month, according to industry research.

Financial executives who have adopted online systems also value the ability
to approve bills remotely, wherever they happen to be. One CFO noted that a cloud-based system unchained him from the office and allowed him to approve an important invoice from his mobile phone, while watching his child compete in a local swim meet.

Another priority that was uncovered
in the survey is that CFOs are looking to implement systems that can help their business grow. Some 43% of respondents said scalability was one of the factors that would influence them to adopt cloud-based services. Only 24.8% said scalability was not a factor, while 32.2% said they were unsure.

Another incentive for moving to the cloud is the chance to reduce the
flow of paper bills and transition to a paperless work environment. The vast majority of survey respondents (85.5%) said reducing paper was either very important or somewhat important to them. Only 14.5% said it was not important at all.

Cloud opens new horizons

There is nothing more important to CFOs than control—control over cash flow, payables, and receivables. At a moment’s notice, they need to know what the business is doing and where it’s going. They need intelligent financial systems that can accurately predict what will happen and when—systems that give them deeper insight to their cash flow and help them discern looming shortages before they happen.

In fact, when asked the one piece
of advice they’d offer as an industry expert, 31.9% of survey respondents recommended implementing business controls, while 26.8% said automating to avoid human error.

As cloud-based financial tools gain wider attention, CFOs will increasingly turn to these solutions to achieve better control, efficiency, and ROI.
For early adopters, deploying cloud-based tools will result in a significant advantage in an increasingly competitive marketplace, which will be driven by more pioneering cloud-based solutions as the cloud business payment space matures.

At Bill.com we run every aspect of our business on the Cloud, from managing our cash flow to managing our 401K program. The clarity and power that the Cloud can bring to CFOs is unprecedented and worth a thorough examination by any organization. And the time to move is now since CFOs who are transitioning to the Cloud are experiencing a first-mover advantage that can be rare in our line of work.

For more information about the latest in financial technology trends, mark your calendars for Deciphering Finance 2013,  on Dec. 4 2013.

Categories:
Friday, August 2, 2013 - 09:36

Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, today announced that it is empowering banks to bring unprecedented security to their small and medium business customers via the smartest, least invasive authentication method on the market today.

Bill.com's unique two-step method lets banks and small businesses protect themselves by offering a more secure, yet easier way of authenticating any sensitive changes to financial or payment information. As opposed to triggering authentication processes every time any kind of change is made, which can be disruptive to workflow, the Bill.com Banking Platform constantly monitors all activity and prompts the user for second factor authentication when needed to manage risks.

Read more.

Categories:
Tuesday, July 30, 2013 - 16:27

By Lisa Lang, Senior Vice President of Marketing

Are you spending more time at the office lately – and enjoying it less? Do you too often feel stuck at your desk when you could be more productive elsewhere? We’ve learned that many business owners, CEOs and CFOs are actually afraid to be away from their desks for too long.

BIll.comThey haven't yet realized how the cloud has changed everything for a new generation of "No Check" CEOs who have eliminated time-consuming, manual, paper-based processes almost everywhere in their companies by moving their finances to the cloud.

If their time is better spent outside the office, it's no problem for these mobile business leaders. If someone needs an invoice paid or a bill approved, they're automatically notified. They can see any documents they need for a decision through their phone tablet or laptop. And once they've decided, they can complete any needed approval or transaction in seconds.

They never have to worry about the back-up documents getting lost in piles of paper or misplaced in over-stuffed file cabinets. What's more, the record of any back-and-forth over a bill between staff and vendors is stored with the transaction, so they never have to hunt through emails to resolve a disagreement – the facts are all right there.

Having everything at your fingertips means it's easy to collaborate from wherever you may be – with customers, partners or co-workers back at the ranch. You're able to make important decisions, finalize key contracts and work effectively with your team no matter where you are.

Plus, the cloud is more secure than any file cabinet ever could be. Two-factor identification beats a little metal key any time. (Especially the little metal keys nobody uses.) Indeed, when we surveyed more than 500 finance executives earlier this yearback in January, 83 percent said they're quite comfortable with mobile security.

So if you feel stuck at the office more than you'd like, it's most likely those old-school paper-based processes that are keeping you there.

And there's no better time than now to go remote, if only for one simple reason: Summer. Get out and enjoy it this year. Finally take the vacation you deserve – and let your employees do the same – and still keep your business humming.

Because some things – like lying on the beach or hiking through the mountains – still actually need you to be there. And thank goodness nothing will ever change that!

###

Would you like to automate your time-consuming, paper-based manual processes by moving them to the cloud? Try Bill.com today at no risk or watch a short demo.

Categories:
Tuesday, July 30, 2013 - 16:10

By Christina Del Villar, Senior Director of Marketing

Tom Boyle

Tom Boyle is an entrepreneur at heart. That's been clear since his teen years in North Carolina, when his after-school lawn care business was so successful that he had to hire help. They even wore uniforms. Summers they would "throw watermelons," which is just what it sounds like – taking up ripe melons from the field and throwing them one man to the next down the line to a waiting truck.

So when he found himself employed at a major CPA firm after college, Boyle knew this wasn't where he'd be spending his life. His only purpose there was to get the experience he'd need in order to strike out on his own.

And when he did strike out, he didn't just leave behind the corporate world. He also left behind the time-consuming, paper-based manual processes that prevent so many entrepreneurs from enjoying the freedom they always wanted from business ownership.

Today, Tom's firm, Boyle CPA, uses the latest cloud-based technology from Bill.com to help small and mid-size business clients attain that freedom for themselves, by sending their accounting headaches to the Boyle CPA cloud.

"We embrace technology," says Tom. "Because of the cloud, clients anywhere can outsource their accounting to us. They simply scan each week's receipts, invoices and credit card statements, and we do the rest. When they need to approve a payment or check on a receivable, it's all there online, so they can manage their business from anywhere they have internet access."

The ability to manage via mobile devices is a major benefit for clients and employees alike. For example, when a highly experienced key employee had to move for family reasons, Boyle CPA and its clients didn't need to lose her services.

"Flexibility in scheduling is another key benefit," says Tom. "We like to say 'always be on,' and with remote access we always have someone available. It's very rare that we ever have to tell a client 'tomorrow' when they need something now."

It's also fairly rare that you'll find Tom sitting in his office these days. By the time you can read this, he’ll likely be holding the grand opening of his first franchise sandwich shop, one of four he has planned in another part of the state.

"The closest store is an hour and fifteen minutes away," he says. "Without mobile I would never be able to do this. With mobile access and cloud technology I can continue growing Boyle CPA, give all our clients the service they deserve – and look at new entrepreneurial ventures as well. Technology is my friend."

Would you like to automate your time-consuming, paper-based manual processes by moving them to the cloud? Try Bill.com today at no risk or watch a short demo.

Categories:
Wednesday, July 24, 2013 - 14:49

By René Lacerte, Founder and CEO

Go Mobile with Bill.com

The adage "time is money" is as relevant today as it was when Benjamin Franklin first wrote those words in Advice to a Young Tradesman, Offered By an Old One. It may sound cliché nowadays, but Ben was right, as he typically was.

I think that the Father of Invention would be amazed by how technology has advanced since his time. And I think he would see endless possibilities in mobility. The fact is that being mobile is not just a great convenience, but a huge time saver. And when you save time, you do indeed save money.

A happy worker is one that can work as effectively from home as from the office. A happy business owner or manager is one who can finally go on vacation and still keep all the wheels turning. Just think, not so long ago, if you were out of the office, all of your work halted. Any simple decision, any single invoice you needed to approve, stalled. Think of the lost time, the lost money that could have been collected in a far more timely manner.

But wait, maybe this is still the case for you. Because, the fact is, as "smart" as our new phones might be, it is automation that puts the real "smarts" into working outside the office.

If you still practice your finances by moving about paper invoices and paper checks, then you could have 10 smart phones and you still couldn't reap the benefits of mobility. Without automation, mobility might be fun, but it is about as productive as checking out your friends' vacation pictures on Facebook.

However, by moving their financial records and transactions to Cloud-based solutions, business owners are finally able to manage their money, bill their customers, pay their bills and even oversee their employees' or bookkeeper's activities from anywhere on any device. They are check-free, worry-free and, best yet, roadblock-free. And today you can get up and running with a Cloud-based solution like ours in less than an hour. Why did we make it so quick? Because we’re big fans of Ben Franklin and we firmly agree that time is money. So get time back on your side—like another one of my favorite philosophers once wrote—today.

Categories:
Thursday, July 18, 2013 - 08:19

Bill.com offers webinar helping nonprofits cut overhead and protect against fraud. The Free webinar illustrates how going paperless can save money and increase security.

Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, will offer a free webinar, "How to Cut Overhead and Protect Against Fraud in Your Non-Profit" on Wednesday, July 24, at 11 a.m. PT. Registration is currently available at cashflow.bill.com/CutOverhead0724.html.

The webinar features Kathleen Long, a veteran business operations expert from Intuit and PayCycle who is now Vice President of Customers for Bill.com. Long will share her insights on how managing finances in the cloud can save non-profits tens of thousands of dollars each year by seamlessly connecting a non-profit's bank, bookkeeping and operations to streamline its finances. The webinar will illustrate the ways Cloud technology can help non-profit leaders eliminate time-consuming, paper-based processes, work more smoothly with their boards, and serve their clients more effectively than ever.

Categories:

Pages

Live Chat Software