Financial management is one of the biggest challenges for small businesses. From keeping track of payments while ensuring compliance to managing bills, business owners often end up investing more time in finance operations than needed – hindering the growth of their business, consequently.
This is where financial automation software like Bill.com comes in. It offers smarter ways to handle account payables (AP) and receivables (AR). Additionally, the software automates bookkeeping tasks, enables client bill pay, and streamlines financial operations for the scalability of businesses.
If you are wondering what the main benefits are of using Bill.com for small businesses, then the answer lies in its ability to help companies simplify and automate their financial operations while streamlining account receivables, AP, and payment processing workflows.
In this blog, we will walk you through the ways in which BILL (formerly Bill.com) benefits small businesses.
Improved Security Measures
Traditional paper checks can easily be stolen, forged, or lost. But, with efficient digital payment tools, financial data and documents remain safe and secure with encryption and password-protected servers.
BILL helps in reducing security-related risks with its multi-layered security integrated into the platform to combat network breaches and unauthorized account access to protect sensitive data. This security framework helps businesses protect sensitive financial information while minimizing operational disruption and reputational damage. As a result, it enables small businesses to operate with greater confidence.
Optimized Cash Flow Management
Controlling and managing cash flow can be a complicated process for small businesses. According to a research article published in the International Journal of Research and Innovation in Social Science in 2024, poor cash flow management is a significant contributor to small business failure.
However, Bill.com offers efficient tools that allow businesses to gain control by generating cash flow forecasts for up to 13 months with historical accounting data and predictive modeling. The tool also predicts the impact of a business’s decisions on cash flow. By allowing the use of credit cards for bill payments, it accelerates receivables through faster payout methods and invoice financing.
Accelerated Payment Processes
Small businesses cannot afford to waste their time doing trivial tasks. They require a powerful system to enable faster bill approvals and payments. In this regard, Bill.com helps to cut the payment processing time by more than 50%.
It also helps businesses collect money up to 2 times faster. The software automates invoicing and allows users to pay from various methods including Automated Clearing House (ACH) and credit card payment acceptance.
Centralized Financial Operations
Companies often sometimes have to manage financial operations across multiple platforms which may lead to inefficiencies, duplication of work, and costly errors. Bill.com eliminates these risks by providing a centralized digital inbox to improve organization. It brings notifications and tasks together, allowing business owners and finance teams to view, approve, pay, and track bills from one platform.
This enhances visibility and control over all financial activities while also reducing the risk of missed payments, overlooked invoices, or delayed approvals.
Mobile Access For Enhance Financial Control
The ability to manage financial operations anytime, from anywhere, has become crucial for businesses of all sizes. BILL (formerly Bill.com) makes it easy to do so by offering its users an efficient mobile app.
By using the mobile accounting app, finance teams can create invoices, review and approve bills, and track pending payments instantly. They can also send invoices and manage budgets directly from their iOS and Android devices. This ensures that businesses can maintain operational functions, avoid delays in payments, and make faster financial decisions even on the go.
Seamless Integration With Accounting Software
Bill.com offers integration with leading accounting software such as QuickBooks, Xero, Sage Intacct, and NetSuite. This allows businesses to automate their workflow while also reducing manual data entry. It accelerates account reconciliation and improves the overall productivity of the team with useful features like automatic 2-way sync and data integration.
The real-time synchronization of financial data helps improve decision-making while also allowing businesses and teams to access the latest insights and operate more efficiently.
BILL (formerly Bill.com) offers various benefits to address the challenges small businesses face while managing their finances. The software automates financial processes, improves cash flow management, and enhances payment efficiency to help companies save time and reduce operational risks.
With improved security measures and seamless integration with accounting software, Bill.com provides the tools that enable small businesses to operate more efficiently and make informed decisions to drive success.