The Benefits of Automating AP and AR in the Cloud

Transcription

1 The Benefits of Automating AP and AR in the Cloud Robert Colburn Consultant, CliftonLarsonAllen CLAconnect.com

2 Housekeeping If you are experiencing technical difficulties, please dial: Q&A session will be held at the end of the presentation. Your questions can be submitted via the Questions Function at any time during the presentation. The PowerPoint presentation, as well as the webinar recording, will be sent to you within the next 10 business days. Please complete our online survey. 2

3 About CliftonLarsonAllen A professional services firm with three distinct business lines Wealth Advisory Outsourcing Audit, Tax, and Consulting 3,600 employees Offices coast to coast CLA's outsourcing practice has industry-experienced resources, backed by a top-ten accounting firm with a full scope of accounting and financial experience, which allows us to bring scalable, turnkey solutions, to address organizations short- and long-term needs. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC. 3

4 Speaker Introduction Robert Colburn Consultant, CliftonLarsonAllen Came to CLA in November 2014, transitioning over from a current outsourcing client of the firm Spearheads the Bill.com team and DC Area Membership Dues and Service Clients projects for CLA Technical knowledge includes Bill.com Intacct Application Support QuickBooks Certified Nonprofit entities and applications Public Sector entities 4

5 Agenda At the end of this session, you will be able to: Understand the general workflow of Accounts Payable and Receivable Learn how Bill.com optimizes these workflows See what other indirect benefits you obtain by using the Bill.com cloud solution 5

6 The Old Way: Manual, Paper-Based Processes Cause Pain If I don t catch my managers in time I have to wait for day(s) to get a check signed or approved. Unsure what the current cash flow status is because of in transit invoices and payments without any quick tracking if they have been paid. No centralized place to get all the information about a vendor/customer including contracts, notes, bills, invoices, payments received, payments made, and other documents. Lack of internal controls to ensure a bill is always going through the appropriate approval chains based on the amount and number of required approvers. 6

7 What do These Numbers Have in Common?

8 What do These Numbers Have in Common? $38 45days 57% average cost to pay a single bill average collection period on a receivable of small businesses finding it extremely frustrating to forecast cash flow 8

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10 The New, Paperless Way: Introducing Bill.com Bill.com is a cloud-based service that automates the way we work with you to streamline your bill payments, online invoicing and cash flow management. 10

11 Bill.com is Your Paperless Office The Perfect Solution for You and Our Firm Streamline your payables and receivables process end-to-end: Receive and pay bills online Invoice online and get paid faster Automate collections Store and share financial documents online Reconcile with bank accounts Sync with your accounting software Easily collaborate with us, your vendors, and your customers online Manage and control your cash flow Easy access to pay smarter and get paid faster Paperless Office anywhere, anytime access works the same no matter where you bank 11 11

12 The Difference is a Streamlined Workflow Example: Accounts Payable The old workflow - THEN Required a minimum of 8 touches by 5+ people and took a week+ to complete 1. Receive, open and distribute invoice 2. Review and approve bill 3. Code bill 4. Review coding 5. Enter bill, generate report 6. Indicate bill ready to paid in cash 7. Print, sign, and mail checks 8. File paperwork Our new efficient workflow CLA Way New process requires 5 touches by 5+ people yet takes 1 day 1. Send bill to Bill.com 2. Enter bill and route for approval 3. Review & approve for payment 4. Schedule payment 5. Review all transactions online 12

13 Process Creates New Roles That Save 50-75% of Time New Roles in Streamlined Payables Process Submit bills Client Enter and code bill information Approve bills We schedule and make payments on your behalf. Schedule payments You approve bills for payment and tell us when to pay. Sync with your accounting software 13

14 Let s see what Payable looks like with Bill.com Accurate billing each time, every time 14

15 Bill.com Inbox Upload Bills or Documents Upload documents or bills that need to be paid Documents and bills that have been uploaded 15

16 Select Bill to be Paid Code bill in the bill details screen Assign an approver if your company requires one If an approver is not required, simply click save 16

17 Assigned Bills Waiting for Approval Find invoice waiting for Approval Approve Bill to be paid Or send back for Clarification 17

18 Bill to be Approved Review invoice and supporting documents attached Once reviewed, simply click Approve 18

19 Approved Status Bill is Ready to be Paid Bill approved and ready to be paid Status indicates approval and payment information List of approvers are shown here 19

20 Flexibility to Schedule Bills or Pay Once assigned bills have been Approved, the payer can select one or multiple bills that need to be paid Schedule bills days or weeks in advance 20

21 Value-Added Features Mobile Payments: Pay On The Go View/Approve bills View approver notes Make secure payments Multiple bank accounts Adjustable payment timing 21

22 How Bill.com Works: Accounts Payable Review Pay Smart with an efficient, paperless Accounts Payable workflow: Step 1. Upload Documents by , scan, or fax into Bill.com Step 2. Approve Bills or Documents Step 3. Pay by ACH or Check with just a Click Step 4. Click Sync with Accounting Software 22

23 Get Paid Faster Let s Take a Look at Accounts Receivable in Bill.com 23

24 The Difference is a Streamlined Workflow Example: Accounts Receivable The old workflow Required a minimum of 11 touches by 5+ people and took weeks to complete 1. Create invoice 2. Print and mail 3. Call or to follow up 4. Handle customer complaint s 5. Research files 6. Assess late fees 7. Call or to follow up 8. Open mail to get check 9. Post payment 10. Enter deposit slip 11. Deposit at bank The new efficient workflow gets you paid faster! New process requires 6 touches by 5+ people yet takes 3-5 days 1. Create invoice or sync from software 2. invoice with supporting docs.. 3. Sent late payment reminders automatically 5. Get paid online into bank account or by credit card or Paypal 6. Payments automatically posted, reconciled and synced with software 24

25 Process Automates Collections: You Get Paid 2-3x Faster New Roles in Streamlined Receivables Process Create and invoices Client Send/automate reminders We send automatic payment reminders and sync invoices with payments to your software. Collaborate with customers, staff and us (optional) Customer pays through portal Sync with your accounting software Invoice customers and get paid faster on your own payment portal. 25

26 Overview for Open Invoices and Payments Received Overview page allows for a quick update on account Activity, such as open invoices and payments that have been received or scheduled. 26

27 Get Payment Simply select a vendor from the dropdown Fill in all bill details Red field is required information Click submit 27

28 Confirmation of Payments Received Confirmation receipt of payments received List of all payments received by each vendor and method of payment Payment date allows you to go back into previous history of payments received 28

29 Value-Added Features Mobile Invoicing: Invoice On The Go See all outstanding and overdue invoices in a dashboard Invoices Add notes for customers and see their comments 29

30 How Bill.com Works: Accounts Receivable Review Get paid faster with a paperless Accounts Receivables process: Step 1. Create, send and track invoices online Step 2. Collaborate online with your customers Step 3. Get paid faster with automatic payments Step 4. Sync both invoice and payment activity with your accounting software 30

31 Why We Recommend Bill.com Bill.com makes life easier! Eliminates manual tasks such as data entry, envelope stuffing, filing and check runs. No Contracts! Minimal Set-Up! Personalized Support! Value Added Features Full Sync with various accounting systems!

32 Value-Added Features in Bill.Com By automating bill payment and invoicing end-to-end, Bill.com can significantly boost efficiencies for you and our firm. 1. Mobile payments and invoicing 2. Unlimited document storage 3. Cash flow management to-do list 4. Know your daily balances and projected cash flows 5. More secure vendor payments 6. Get a complete view of transactions 7. Full visibility with an audit trail online 8. Vendor management streamlines daily inquiries 32

33 Value-Added Features Get unlimited document storage Store and access all bills, invoices, contracts and other financial documents No more hunting through dusty filing cabinets. 33

34 Value-Added Features Get a Personalized To-Do List Access all your tasks from your personalized to-do list Receive alerts for to do list 34

35 Value-Added Features Know Your Cash Position and Projected Cash Flows Calendar shows actual or accrued cash coming in and going out Updated book balance pulled from accounting software See future cash flow to manage payment dates and operation needs. 35

36 Value-Added Features More secure vendor payments Payments to vendors are made with checks drawn on Bill.com s bank account Applies advanced check fraud controls Eliminates check printing and mailing Ties payment to the transaction The check shows the invoice to be paid and the account number The bottom 2/3rd of the check voucher shows a copy of the invoice to ensure payment is applied correctly 36

37 Value-Added Features Get full visibility with complete audit trail The audit trail feature provides you and our firm with detailed Information on who did what and when Permission-based user roles allow you to determine what level of access you want others to have in your company 37

38 Value-Added Features Vendor management streamlines daily inquiries Bills are organized by vendor so you can: Easily view outstanding bills, paid bills, all related invoices and documents and a complete payment history -- all in one screen Efficiently research vendor inquiries 38

39 Key Benefits of Bill.com By automating how we work with you to manage your payables and receivables, Bill.com makes it easy for you to pay smarter and get paid faster. 39

40 Why Clients Love Bill.com Save time & money Get your bills to us quickly and say goodbye to courier fees! No need to hunt for information for vendor inquiries or payment status Easily reconcile with bank account and sync with your accounting software Work Smarter Better control over payment timing for outstanding bills Flexibility to designate who has access to make payments Control collections process by receiving payments directly to your account Anytime, Anywhere Unlimited online document data storage from any computer or mobile device No more manual filing and retrieval or chasing people down for signatures Automated audit trail and transaction history of all payment activities 40

41 These Are The Things We Hear Every Day From Our Clients I can t imagine how we were able to function prior to Bill.com With Bill.com we now can get a payment done in a day, within a few button clicks even with our remote and very busy CEO/CFO approver. Allows us to have our financials up to date and current with the automatic sync, making it so Bill.com and Intacct (and other accounting products) interact without needing to wait for a full monthly close for a pretty complete view of our financial position. Even if I forget to approve a bill or schedule a payment I can access Bill.com anywhere on my phone or laptop, as long as I have an internet connection, which is amazing. Being able to have all the documents and notes for vendors or customers in one place and accessible anywhere makes the approval and payment process 100 times faster. Auditors love being able to check and do their testing out of the application. No more pulling huge stacks of paper just give them a view-only login and they are set. The auto invite, and ability to invite all the vendors and customers to join the Bill.com Network and connect, makes it so they can get paid electronically and faster at a reduced cost for all. 41

42 Bill.com Mobility in Action Real Control Avoid surprises when coming back from your vacation!!! Stay in the loop while you re away!!! 42

43 Get Access to Bill.com via Your Smart Phone! 43

44 Stay Connected With Your Staff and Get Accounts Payable Done on Time 44

45 WiFi Access Allows You to Approve Bills Even When You Are Flying 45

46 Bill.com Mobility Action- Real Control 46

47 Bill.com Client Testimonials We re a fast growing company and the only way we ve been able to achieve that is by leveraging cloud-based. I can tell you if we didn t leverage that, we wouldn t be able to grow as fast and efficiently as we have. David Ostrowe, Owner of 25 Burger Kings We Saved: 91 hours per month $1,155 per month 47

48 Bill.com Client Testimonials The Bill.com/Intacct integration reduces the time spent preparing monthly financial reports and annual audits. We've been through two cycles, and the auditors are perfectly happy with the way the system works and how simple it is with Bill.com, Mike Horner, National Association of Water Companies 48

49 For More Information, Please Contact Robert Colburn Outsourcing Consultant CliftonLarsonAllen LLP (703)