2014 Innovation Award Nominee:
Bill.com App Center
Launched in September 2013, the Bill.com App Center is uniquely innovative for its data discrepancy resolution. The release of the App Center is evidence of Bill.com’s perpetual commitment to the profession and helping practitioners, resulting in improved efficiency, productivity and profitability. Bill.com App Center is the one central place where practitioners handle all payment matters and resolve discrepancies.
When multiple people manage data, data can get out of sync. Bill.com App Center alerts practitioners to data discrepancies, which gives practitioners the opportunity to proactively rectify situations as they occur. Practitioners save by not incurring the added costs associated with rectifying issues after-the-fact.
Before Bill.com, the payment process practitioners labored through was time consuming thus costly. Let’s consider an accounting firm that has a client who is on Intacct that needs to pay bills. Without Bill.com they are relying on disparate banking applications, labor-intensive paper check operations and the back-and-forth associated with moving paper from practitioner to client. The steps involved to manage this process are extensive, time-consuming, and costly. Practitioners and their clients relied on labor-intensive paper check operations and disparate banking applications to complete transactions.
In addition, they might use a spreadsheet to track expense reimbursement. In the event they had a system in place, the system may be running in different places forcing manual double entry into their payroll or expense management systems. Relying on manual data entry would increase the firm’s risk of duplication, keystroke errors and omissions.
With Bill.com App Center
With Bill.com App Center and its tight integration into Tallie, Salesforce, Tax1099.com, Earth Class Mail and popular accounting systems such as Intacct, Xero, NetSuite, and QuickBooks, every payments task and all data associated with that task flows into and through Bill.com, which streamlines and expedites processes. In contrast to the extensive payment process explained earlier, payments made on behalf of that client, using Bill.com the payment information would be immediately integrated into an accounting system like Intacct without any rekeying of data required.
Ultimately, Bill.com App Center with its data discrepancy resolution ensures clients are being served in the most efficient, effective and accurate way. Practitioners are more profitable using Bill.com App Center because every step of every task they need to manage to help clients run their business - without double entry – is no longer manual, it is automated and centralized. Key factors making Bill.com App Center with its data discrepancy resolution innovative:
• Best-in-class applications are fully-integrated to handle money movement, expense management, and document scanning services as data flows into Bill.com;
• Data discrepancies are recognized as they occur, thus allowing the practitioner the ability to immediately correct issues;
• Bills scanned into Bill.com are handled by Bill.com, with Bill.com doing all the data entry thus eliminating the possibility of manual keying errors;
• Pay-with-one-click feature instantly handles a payment and populates the accounting system with data from the transaction which saves time by eliminating manual data entry;
• One centralized view of payments and notification of discrepancies, allowing practitioners and their clients to know the status of all payments instantly.
The success of Bill.com App Center is centered on understanding and supporting the digital payment needs of practitioners as needs emerge, while also continually investing in product development to ensure needs are anticipated and satisfied as they come to fruition. Bill.com recognizes there is a natural mix of products, services and technologies that contribute to the effectiveness of a practice’s workflow. For the efficiency gains this technology delivers, Bill.com’s App Center with its data discrepancy resolution is deserving of this award.
Click here to see all of the other nominees for the 2014 Innovation Awards.