Accounting

Best Accounts Payable (AP) Automation Software for Small Business (2024): BILL.com Review

We are reader supported. When you make a purchase through our links, we may earn an affiliate commission.

Managing the flow of funds out of a business to its suppliers, contractors, and service providers is a fundamental aspect of operations. This process, known as accounts payable, ensures that all owed payments are tracked, managed, and processed efficiently.

In the current business environment, where efficiency and accuracy are paramount, accounts payable automation software has become an essential tool for businesses aiming to streamline their financial operations.

One standout solution in this domain is BILL.com, a platform designed to transform the accounts payable process for small businesses. Below, we review the features, benefits, and overall impact of using BILL.com for accounts payable automation.

Top Rated
Ready to Save Time? Try the BILL Accounts Payable Automation Software Today

Effortlessly streamline your accounts payable process with BILL's AP Automation Software, freeing up valuable time for strategic initiatives.

We may earn a commission if you make a purchase, at no additional cost to you.

What Is Accounts Payable?

Accounts payable represent the obligations that a business owes to its suppliers and creditors, typically as a result of purchasing goods or services on credit. It’s an essential component of a business’s liabilities and plays a critical role in its cash flow management.

AP automation, or accounts payable automation, introduces automation technologies and digital processes to overhaul the traditional AP process. This modernization leads to enhanced efficiency for finance teams by making accounts payable operations faster, more productive, and less costly.

About BILL.com

BILL.com is one of the leading standalone accounting services, boasting advanced capabilities in managing both accounts receivable and payable. The platform is distinguished by its ability to facilitate the creation of multiple approval levels, catering to various business needs and enhancing financial oversight. With its comprehensive suite of services, BILL.com provides a robust solution for small to medium-sized businesses looking to optimize their financial workflows.

BILL.com Accounts Payable Automation Software

Leveraged by over 80% of the top 100 accounting firms in the United States, BILL.com’s AP automation software promises a significant reduction in time spent on accounts payable processes—by as much as 50%.

The traditional method of handling accounts payable is fraught with inefficiencies: stacks of incoming bills, manual routing for approval, and the cumbersome task of printing, signing, and mailing checks, followed by manual entry into accounting software.

BILL.com streamlines and automates these operations end-to-end, bringing unparalleled efficiency to the accounts payable process.

How BILL Simplifies the Process

Unified Reporting and Workflow Management: BILL acts as a unified platform, consolidating invoices into a digital format, enabling remote approvals, archiving communications per invoice, and simplifying bill payments with just a few clicks. It seamlessly integrates with your accounting software, eliminating the need for redundant data entry.

Leveraging Automation for Efficiency: By harnessing the power of artificial intelligence and machine learning, BILL excels in automating data entry. It extracts relevant information from digital invoices, with the BILL AI meticulously capturing and inputting data, all while adapting to your specific needs. This automation leads to an average time savings of 50% on managing vendor payments, simultaneously reducing the risk of errors.

Centralized Invoice Management: With BILL, managing your invoices becomes hassle-free, offering a singular repository for all invoices regardless of their origin. Invoices can be directly emailed, dragged and dropped from your desktop, or uploaded via a photo from your mobile device through the app, ensuring a streamlined collection process.

Tailored Approval Workflows: BILL empowers you to customize your approval processes and workflows. You can establish multiple approval pathways, with the system intelligently directing notifications to appropriate parties. The platform supports custom roles for a clear division of responsibilities and facilitates the automatic payment of routine bills.

Minimizing Errors: BILL is equipped to highlight potential discrepancies for review, using its AI to identify possible errors such as duplicate invoices or mismatches with purchase orders, enhancing the accuracy of your accounts payable process.

Enhanced Fraud Detection: BILL not only stores but also creates an audit-ready trail of all interactions with each invoice. Every action is timestamped, ensuring a comprehensive log is maintained. This history is readily accessible, providing a transparent and intuitive overview of each invoice’s lifecycle.

Diverse Payment Methods: With BILL, making payments is straightforward and can be done within the same system. Following approval, payments can be executed on any device using various methods including ACH, virtual card, paper check, or international wire transfer, simplifying the payment process.

Effortless Accounting Integration: BILL’s integration with major accounting software means data is entered just once. Information related to AP and payments is automatically synchronized with leading accounting solutions such as QuickBooks, Oracle NetSuite, Sage Intacct, Xero, and others, ensuring accuracy and efficiency.

What is BILL AI?

BILL AI is at the heart of its accounts payable automation prowess. This intelligent system meticulously scans your documents to capture essential details from invoices—such as the vendor, due date, total amount, and invoice number—and automatically fills these into the relevant bill fields. This process of data extraction significantly cuts down on manual input, enabling BILL users to halve the time they typically spend on processing payments. Furthermore, BILL AI is adept at identifying duplicate invoices and seamlessly dividing multi-page invoices into individual bills, enhancing efficiency and accuracy in bill management.

BILL.com User Interface

Recently, BILL.com has given its user interface a facelift for both its mobile platform and web dashboard. Despite the fresh look featuring new colors, fonts, and design elements inspired by BILL Spend & Expense, the core navigation and features remain unchanged. This update enhances the user experience, bringing a modern and sleek style to the BILL product.

BILL’s interface is also designed for ease of use, featuring a notification center that highlights upcoming dues and a simple search function for easy access to necessary information. Whether checking payment statuses, historical payments, or invoice approvals, everything is accessible on the go, even from your mobile device through BILL.

Plans and Pricing

BILL.com presents two primary subscription options for businesses: the Essentials and Team plans, which are priced at $45 and $55 per user per month, respectively.

The Essentials package includes a centralized inbox for managing invoices, automatic invoice data extraction, unlimited document storage, and standard procedures for approval workflows. The Team plan builds upon the Essentials offering by adding integration capabilities with accounting software such as QuickBooks Online, QuickBooks Pro, QuickBooks Premiere, and Xero, along with the flexibility to assign custom user roles.

For accounting professionals, BILL.com offers the specialized BILL AP & AR Partner plan, priced at $49 per month. This plan is tailored to manage both accounts payable and receivable efficiently. In addition, larger organizations can benefit from bundled services specifically designed for AP and AR automation or may choose custom pricing options to ensure the platform meets their unique business requirements and scales.

Top Rated
Ready to Save Time? Try the BILL Accounts Payable Automation Software Today

Effortlessly streamline your accounts payable process with BILL's AP Automation Software, freeing up valuable time for strategic initiatives.

We may earn a commission if you make a purchase, at no additional cost to you.

Benefits of Using AP Automation

Adopting accounts payable automation with BILL.com brings several advantages. It fosters improved relationships with vendors through timely and accurate payments, ensures precise financial reporting, and contributes to predictable cash flow management.

AR automation, such as the solutions provided by BILL.com, offers small businesses crucial advantages to streamline their financial operations and support growth:

  • Improved Cash Flow: Automation shortens payment cycles, leading to more predictable and consistent cash inflows, crucial for effective cash flow management and financial stability.
  • Reduced Costs: By digitizing invoicing and payment collections, businesses can cut down on manual processing costs, reallocating resources towards growth-focused activities.
  • Minimized Errors: Automation reduces human errors in billing, leading to fewer disputes and delays, and enhancing efficiency and customer satisfaction.
  • Stronger Customer Relationships: Flexible payment options and professional invoicing improve the customer experience, fostering loyalty and trust.
  • Real-Time Financial Insights: Immediate access to financial data and insights aids in informed decision-making, allowing businesses to swiftly address financial trends or issues.
  • Scalability: AR automation systems are designed to scale your business, supporting growth without the need for proportional increases in staffing or workload.

Final Thoughts

For small businesses, the shift to AR automation is not just a matter of improving financial efficiency; it’s a strategic investment in their future. By freeing up resources, reducing errors, and improving relationships with customers, small businesses can focus on what they do best: growing their operations and serving their customers

BILL.com offers a tailored approach for small businesses aiming to streamline accounts payable and receivable processes with its array of features. Its commitment to reducing manual labor through automation, along with the ability to customize roles and workflows, makes BILL.com an indispensable tool for those seeking to improve their financial operations.

BILL.com stands out for its adaptability, ease of use, and potential to scale with your business, making it a smart choice for anyone looking to optimize their financial management practices. With its focus on innovation and user satisfaction, BILL.com is more than just a software solution—it’s a partner in financial excellence.

Top Rated
Ready to Save Time? Try the BILL Accounts Payable Automation Software Today

Effortlessly streamline your accounts payable process with BILL's AP Automation Software, freeing up valuable time for strategic initiatives.

We may earn a commission if you make a purchase, at no additional cost to you.