The startup guide to streamlining accounts payable with BILL

Startups already have a lot on their plate without worrying about vendor invoices and payments. At Furey, we handle accounts payable and other core accounting functions for venture-backed startups so they can focus on growing their business.

Since welcoming our first client in 2017, Bill.com has been instrumental in helping us automate AP for all of our startup clients. With Bill.com’s digitized payments platform, we have everything at our fingertips to enter, approve, and pay invoices electronically. Our team works more efficiently and reduces time spent on manual tasks, freeing up resources to support our clients in other ways.

Below we break down our top Bill.com features that allow us to efficiently manage AP for some of the fastest-growing startups in the country.

1. Transparent digital records

A lot happens from the time a bill comes in until it's paid. Bill.com stores any changes—such as the GL code, amount, and approvers—within the bill itself. Each modification is time-stamped and searchable if we need to review it later on. There are benefits across the board for having detailed electronic records for each bill. If there is a holdup with an approval, our team can send reminders directly from the platform. Plus, come audit time, all relevant documentation concerning payments is easily accessible. It’s a win-win for everyone.

2. Seamless data flow

At Furey, Bill.com is the source of truth for a company’s AP ledger. The system captures critical data down to individual line items, including GL account, class, location, amounts, and more. All of this information and subsequent changes flow into our client's financials through the daily sync. The cherry on top is the customizable reporting from Bill.com that flows directly into our month-end close tools for a seamless process. As a result, we can manage payments, the month-end close, 1099s, and more—all with just a few clicks.

A critical feature included in the Bill.com to QuickBooks Online sync is the automated reconciliation to the cash ledger. We save time during the busiest period of the month because the system automatically records payments, including when checks clear or electronic payments settle.

3. Automation 

With more automation comes greater efficiency and productivity. Bill.com uses OCR (optical character recognition) along with machine learning to get smarter over time. The system includes an intelligent inbox feature that eliminates manual work by reading and recording key invoice data, such as vendor information, amounts, and dates. It goes even further by automatically coding and routing bills for approval. Errors are reduced, time is saved, and everyone is happy!

Additionally, there are other features within the system to maintain rigid AP controls, which our clients love. For example, segregation of duties, automated approval routing based on dollar thresholds, and department approval groups are all native to the system. Our clients remain confident that all payments are reviewed both from an operational and treasury management standpoint.

4. Evolution of the platform

Even with intense competition, Bill.com has solidified its role as a leader in the space by adding new features and making product improvements.Over the years, we’ve seen many invaluable features added to the platform, which have proved of great value to our team and our clients. A few of these features include:

International Payments: Gone are the days of high wires and slow banking support. Currency exchange is included in the platform and international wires are significantly cheaper than typical rates. Plus, the list of countries that can be paid is rapidly expanding.

Increased Automation: Automation is a key element to driving significant time savings for key accounting functions. And the positive impact of machine learning and AI continues to grow with Bill.com!

New Technologies: Bill.com has already proven its commitment to bringing innovative new technologies to its platform. Recently, Bill.com acquired Divvy to incorporate corporate credit cards, expense reimbursements, and advanced spend management all in one platform.

5. Next-level customer support and security

When it comes to payment platforms, customer support and security are critical features. With Bill.com, our team can always count on immediate support related to failed payments, sync errors, and other issues—whether through live chat or other channels. From a security standpoint, the system comes with technology as well as live support to constantly review changes to vendor bank information and notify the correct parties to reduce the chances of fraud. And thanks to our premier partnership, all of our clients receive these benefits as well!

AP Is The Answer

Thanks to Bill.com’s AP features, we can streamline bill payments for our clients and reduce time spent on manual tasks. This empowers our team so we can serve more visionary startups in meaningful ways.

At Furey, we manage accounting operations for venture-backed startups by pairing partnership-driven support with a tech-forward approach. But we don’t just turn over clean books and financial reports. We partner with startup founders and teams, from launch to exit, to design solutions that grow with their business. We’re not outsourced accountants, nor consultants. We’re an extension of your team.

Curious about working together? Get in touch at info@fureyfs.com.

We partnered with our friends at Bill.com for this article. Check out the Bill.com blog for the original version.