Bill.com Adds Document Management Features

By
  • Michael Cohn
Published
  • May 16 2011, 1:24pm EDT
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Bill.com has enhanced its Web-based accounts payable and receivable software with online storage features for financial documents along with enhanced invoicing abilities.

The product update brings new document management and accounts receivable features to small and midsized businesses, and accounting and bookkeeping firms using the cloud-based software.

Bill.com has expanded its cloud-based storage capabilities beyond bills and vendor documents. The service now allows any financial document to be digitized, stored and accessed when making payment decisions, answering vendor questions or providing documentation to customers. Any document ranging from images of bills, employee expense reports, vendor and customer contracts, service level agreements, estimates and any company financial records can now be stored and indexed. Documents can be “attached” to vendors, customers, bills, invoices and any entry in a chart of accounts to help businesses organize and access documents easily no matter where they are or what mobile device they use. With this product upgrade Bill.com continues to offer unlimited financial document storage as part of its overall monthly service fee.

“In the past, you could scan or fax in any bill,” said Bill.com CEO Rene Lacerte. “Now you have the ability to have different levels of permissions.” He said the service is now handling about 100,000 documents a month.

Users of Bill.com Receivables can now attach documents such as contracts, estimates and other supporting material to specific customer accounts and share them with customers when they send online invoices. Businesses and individuals who are invoiced by Bill.com customers get access to a free branded “payment portal” that gives them access to all past invoices and can pay via Bill.com ePayments (ACH), PayPal or credit card. With this new upgrade, Bill.com customers can post documents to their customers’ payment portal or attach them to specific invoices. They can also send and receive notes with their customers to support a request for payment or help answer payment-related questions.

Bill.com users can now also transfer invoices created in QuickBooks to the Bill.com system, or transfer invoices created in Bill.com to QuickBooks. The company also recently announced integration with Peachtree by Sage earlier this month.

Bill.com is offered to the accounting profession exclusively through the Bill.com Accountant Program from CPA2Biz, a subsidiary of the American Institute of CPAs. The service is available starting at $19.99/month for payables only, or $24.99 per month for payables and receivables with a 30-day, risk-free trial.

This story first appeared on the Accounting Today web site.

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