Accounting

Best Accounts Receivable (AR) Automation for Small Business (2024): BILL.com Review

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In the fast-paced world of small business, managing finances effectively is crucial to success. One area where many companies seek efficiency is in their accounts receivable process. By leveraging accounts receivable automation software, businesses can streamline their invoicing and payment collection, ensuring a smoother cash flow and reduced administrative overhead. Among the various solutions available, BILL.com stands out as a powerful option designed to simplify financial workflows. Below, we review the offerings of BILL.com and how it can transform your accounts receivable process.

Our Pick
Automate invoicing to receive payments faster with BILL Accounts Receivable Automation

Effortlessly manage invoices, track with ease, and accelerate payments twofold for smoother cash flow.

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

What Is Accounts Receivable?

Accounts receivable represents the money owed to your business by customers for goods or services already delivered. This financial measure is a crucial component of your company’s balance sheet, reflecting potential income that, while not yet realized, is expected to convert into cash within a short period. Efficient management of accounts receivable is vital for maintaining healthy cash flow and ensuring your business has the funds needed for its operations and growth initiatives.

About BILL.com

BILL.com is a standout service in the realm of accounting solutions, particularly celebrated for its comprehensive management of accounts payable and receivable. The platform is designed to cater to the needs of small to mid-sized businesses, offering a range of features that automate and simplify financial transactions and workflows. With the ability to support multiple approval levels, BILL.com empowers businesses to maintain control over their finances while streamlining operations.

BILL.com Accounts Receivable Automation Software

The core of BILL.com’s offering lies in its AR automation software, which is engineered to alleviate the manual burdens of accounts receivable management. From tracking outstanding invoices to accepting payments and integrating with accounting software, BILL.com covers all bases. This automation not only saves valuable time but also ensures accuracy and efficiency in financial management.

How BILL Simplifies the Process

  • Digital Transformation: BILL.com eliminates the need for paper-based invoicing and collections, enabling businesses to send invoices digitally and instantly. This digitization facilitates on-the-go management and faster payment collection.
  • Automated Invoicing: The software automates invoice generation using dynamic templates, significantly reducing the time and effort involved in creating and sending invoices. This feature ensures consistency and clarity in billing, enhancing customer satisfaction and reducing queries.
  • Flexible Payment Options: With BILL.com, businesses can offer their clients a variety of payment methods, including credit card, ACH payments, and more, making it easier and faster to get paid.

Key Features of BILL.com

  • Digital Payment Acceptance: Accept payments via domestic ACH, virtual card, or check, catering to a wide range of payment preferences.
  • Syncing with Accounting Software: Automatically sync payments received with your accounting software, reducing errors and saving time.
  • Branded Payment Portal: Provide a secure, branded portal for customers to make payments, enhancing the professionalism and security of transactions.

BILL.com User Interface

Recently updated, the BILL.com user interface now features a modern design accessible via both mobile and web platforms. The refresh includes new colors, fonts, and design elements inspired by their Spend & Expense management solution, maintaining the familiar navigation and features while enhancing the user experience.

Plans and Pricing

BILL.com tailors its AR automation software with diverse pricing plans to fit every business size and need, ensuring there’s an efficient and cost-effective option available for everyone:

  • Essentials Plan: At $45 per user/month, it offers basic AR automation capabilities, including the creation, sending, and tracking of custom invoices and automated payment reminders. Ideal for small businesses starting with automation.
  • Team Plan: Priced at $55 per user/month, this plan includes everything in Essentials, plus integrations with major accounting platforms like QuickBooks and Xero, catering to businesses requiring deeper accounting software integration.
  • BILL AP & AR Partner: Designed for accountants at $49 per month, it combines management of both accounts payable and receivable, optimizing the workflow for financial professionals.
  • Corporate Plans: Starting at $79 per user/month, these plans are designed for larger organizations needing bundled AR and AP automation, with custom pricing available for enterprises demanding a tailored approach.

This structure ensures that whether you’re a growing small business, an accounting professional, or a large enterprise, you can find a BILL.com plan that matches your accounts receivable needs without compromising on features or scalability.

Our Pick
Automate invoicing to receive payments faster with BILL Accounts Receivable Automation

Effortlessly manage invoices, track with ease, and accelerate payments twofold for smoother cash flow.

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

Benefits Of Using AR Automation

The benefits of using AR automation are manifold, significantly enhancing the efficiency and professionalism of financial transactions. With AR automation, businesses can effortlessly create and dispatch professional, custom invoices, ensuring a polished and consistent presentation to their clients. The flexibility in invoicing options is another key advantage, offering the ability to send invoices via email and schedule these sendings to align with billing cycles.

Moreover, AR automation streamlines the tracking and follow-up process, markedly improving operational efficiency and reducing the administrative burden on staff. Perhaps most importantly, this technology accelerates payment collection, enabling businesses to receive payments up to twice as fast as traditional methods. This rapid turnover is crucial for maintaining a healthy cash flow and supporting the financial stability of the company.

Final Thoughts

Adopting AR automation with platforms like BILL.com is a game-changer for small businesses aiming to streamline their financial operations. The ability to easily generate and send custom, professional invoices, along with the flexibility of invoicing and enhanced efficiency in tracking and follow-ups, fundamentally accelerates payment collections. This is crucial for maintaining a healthy cash flow, essential for any business’s stability and growth.

BILL.com’s range of features and adaptable plans demonstrate its capability to meet diverse business needs, from startups to large enterprises. This automation not only simplifies financial management but also allows businesses to focus on growth and strategic initiatives.

In essence, AR automation represents a significant shift in financial management, offering small businesses the tools for efficiency and a competitive edge in today’s market. Adopting such technologies not only optimizes operations but also paves the way for innovation and expansion.

Our Pick
Automate invoicing to receive payments faster with BILL Accounts Receivable Automation

Effortlessly manage invoices, track with ease, and accelerate payments twofold for smoother cash flow.

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