Bill.com – The New Way to Pay
Even though there is a global recession closing businesses, putting people out of work and somehow still giving top bankers big bonuses, companies still have bills to pay. The most widely used way to pay bills is via the tried and tested paper way. A bill comes in, it’s circulated and approved by all those necessary before being shipped down to accounting where it can sit for weeks before it is paid.
That’s assuming that it makes it that far. Anyone who ever worked in a big company will tell you that invoices and bills seem to grow their own legs and go walkies quite a lot, often unnoticed until an angry supplier calls up.
Bill.com looks to change all that. The company, which has just raised 17 million dollars, takes the whole thing digital. When a paper bill comes into a company, they fax it to a special number and when an e-mail bill comes in they e-mail it to a special address. Then, when they log into Bill.com they will all be there in digitised form. Then all the managers who need to sign off on the bill can simply click ‘Approve’. The bill is then set to a status where by accounting will take control. They can then pay the bill via transfer and all is done and dusted.
Many companies report that Bill.com has halved the amount of man time it used to take in paying bills. This is because everything is all in one place where everyone can approve or pay the bill at a time that suites them. This way, a bill doesn’t become stuck at a managers desk for days because he/she is busy, leaving others waiting around to sign. It also dramatically reduced the chances of the bill getting lost or misconstrued.
This is a great web tool for any medium or large business where bills seem to eat up too much company time.
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