Geraldine Cruz, Senior Director, Product Marketing
Intuit® QuickBooks® Online (QBO) is a popular tool for managing small and midsize businesses. Like many accounting systems, QBO records and tracks payments, but does not physically “move money” from one bank account to another. After all, money movement is a highly regulated business activity ― one that falls outside the core capabilities of accounting software.
So just like users of other accounting systems, QBO users must print and mail checks themselves, send electronic payment (ACH) files to their banks, or use some other service outside of QBO to initiate and complete the payments. Bill.com™ fills this critical gap by integrating seamlessly with QBO and offering a full-service payment solution.
Figure 1. Seamless integration between Quickbooks Online and Bill.com extends the accounts payable process.
QBO customers can pay anyone, anytime with paper checks or ACH. Bill.com prints and mails checks, eliminates payment fraud, and offers other payment capabilities designed for businesses. All payments and transactions are synced to QuickBooks, which remains the “the record of truth” for the business.
Bill.com capabilities unmatched by any other payment solution provider include:
- Supports both checks and ACH: Bill.com provides the flexibilty to use one solution for both checks and ACH.
- Automates the payment process: You can pay bills without printing and mailing checks, or uploading ACH files to your banks’ systems — we do all of that for you.
- Fully supports payments until they are delivered to recipients: You can leverage our customer support to mitigate payment issues, including voided payments, reissued payments, and credits.
- Eliminates payment fraud: Bill.com eliminates payment fraud in two ways. First, your bank account information is never printed on checks. Second, vendors do not have to provide bank account information to customers in order to accept electronic payments, in contrast with other ACH payment services.
- Provides full remittance information: When a user makes a payment via Bill.com, the vendor will receive an email notification, remittance number, the invoice numbers paid, and the process date. If the payment is via ACH, we also include the date the payment will be delivered to the vendor’s bank. Payments made via check will include full remittance information, the business’ contact information, any vendors credits that were applied, and an image of the first page of the bill (if only one bill is being paid). If multiple bills are paid with one check, we include a table referencing each bill, by invoice number, on the check stub.
- Boosts vendor acceptance of ACH: The processing costs of ACH are much lower than those for checks. Yet vendors often resist ACH because of limited remittance information and security concerns from sharing bank account information with customers. Bill.com resolves both issues, spurring vendor adoption.
- Fulfills business payment needs: In addition to full remittance information, Bill.com offers businesses of any size the payment capabilities traditionally available only to enterprise applications. Bill.com imposes no payment limits and does not require personal guarantees.
- Provides a built-in payment approval workflow solution: Bill.com routes payment requests automatically to designated reviewers to approve. This reduces the need for a requestor to spend time chasing down approvals and can expedite turnaround time for payments.
- Delivers a full payment audit trail: The Bill.com payment audit trail furnishes evidence of the integrity of your payment-oriented financial statements and the establishment of internal controls.
Implementation and Sync
Implementation of Bill.com, including the first sync between the application and QBO, is often accomplished within an hour. After the first sync, integration between the two applications is done in seconds, and can be set up to run automatically every 24 hours. Many customers can complete the implementation and sync themselves, but all customers have access to Bill.com Customer Support to ensure that all everyone can use the integrated applications effectively. Contact us for more information about how Bill.com can expand the power of QuickBooks Online for your business.