SOURCE: Bill.com

October 13, 2008 07:00 ET

Bill.com Upgrade Revolutionizes Accounts Payables for Small- to Mid-Sized Businesses and Accountants

Bill.com Takes Online Bill Payment for Businesses One Step Closer to Eliminating Paper Bills and Checks in the Workplace

PALO ALTO, CA--(Marketwire - October 13, 2008) - Bill.com, Inc., a Software as a Service (SaaS) company providing businesses on-demand accounts payable software, today rolled out a product upgrade with innovative features that raise the bar on the level of efficiency and cost savings attainable from the automation of day-to-day financial tasks. With this upgrade, Bill.com makes it even easier for organizations to touch paper bills once, and manage the entire approval and payment process without re-filing papers or printing and signing checks. This level of automation and integration goes beyond what any traditional online bill payment or consumer on-demand system can deliver to businesses. Now, even more small- and medium-sized businesses and their accountants can benefit from hassle-free, enterprise-class accounts payable services at a fraction of the cost.

From its inception, Bill.com has focused on the critical tasks required by businesses to approve and pay bills in a highly efficient yet secure and controlled manner. It provides paperless approval workflow that includes business approvers as well as financial approvers, state-of-the-art bill payment and fraud protection, and easy accessibility to financial documents, historical activities, and audit trail information.

"Online bill payment has been around for ages," said Bill.com Founder and CEO René Lacerte. "Yet there is a significant gap between online bill payment and providing a truly effective, secure, and controlled accounts payable process for businesses. Last year, we set out to fundamentally change the way businesses manage the accounts payables function. Today, there is no other SaaS financial application, let alone desktop software, that pull together payables, financial document management, bill payment and fraud protection into one easy-to-use and easy-to-access interface. With this upgrade we continue on our quest to eliminate the burden of paper bills, document filing, check writing, and paper-based audits and inquiries from A/P to truly make online bill payment for businesses a reality."

New product upgrades include "one-click" scheduled data synchronization with QuickBooks, making it easier to synchronize vendors and GL accounts without affecting existing financial reporting and procedures. Numerous enhancements accommodate specialized business workflows, such as the new SmartEntry™ Account Splits, which enables organizations to not only record a bill to several accounts but also initiate multiple approval workflows and payment audit trails. New configuration options help organizations of all sizes get started quickly, no matter whether they are using the system in conjunction with an external accountant/bookkeeper or using it internally.

"We have seen tremendous excitement amongst accountants and their clients since announcing the CPA2Biz/Bill.com alliance," said Michael Cerami, VP Corporate Alliances at CPA2Biz. "Bill.com is working closely with CPA2Biz to provide specific product functionality and services that make it easy for accountants and their clients to gain tremendous efficiencies in A/P and bill payment. The newly announced features for QuickBooks integration, splits, and workflow further enables accountants to offer high-value services to their clients with the efficiency of paperless information flow, and the security of industry-leading check writing and fraud protections that used to only be available to large enterprises. These upgrades not only save organizations time and money associated with A/P and help accountants and clients focus on what's really important -- growing their businesses."


What's New?

--  New 'One-Click' QuickBooks PlugIn -- Bill.com's new QuickBooks one-
    click, two-way synchronization quickly and easily transfers data to and
    from QuickBooks as an add-in through the menu bar. In addition, Bill.com
    can post follow-up action items directly in the user's Bill.com to-do list.
    This new feature ensures end-to-end consistency and accuracy of
    information, while eliminating duplicate data entry and interrupted
    financial processes and reports.
    
--  New SmartEntry™ Account Splits -- Bill.com now makes it easier than
    ever to split bills into multiple accounts and assign different approval
    processes. SmartEntry remembers whether previous bills required splits or
    not, and sets default accounts and departments/classes based on previous
    payments to the same vendor. In addition, once splits are determined, it's
    easy to assign a different approval workflow to different splits or assign
    multiple splits to the same approver workflow. This eliminates duplicate
    workflow processes, the routing of multiple copies of a bill to different
    approvers, the manual posting of portions of bills to the appropriate GL
    accounts, and the manual reconciliation of approver comments while at the
    same time providing a clear audit trail of every portion of a bill
    approval.
    
--  New Approval and WorkFlow Features -- New workflow options accommodate
    specialized approval and payment processes, making it easier for
    organizations to include more people in the approval process without
    requiring any advance training. More options are presented to users at each
    step to help streamline processes and dynamically alter workflows based on
    approver decisions (for example, taking specialized actions on denied
    bills).
    
--  New Flexible Options to Customize Company & User Preferences --
    Bill.com has made it even easier to customize organization and user
    preferences. For example, organizations can now configure whether bills
    require approval once entered in Bill.com. If approvals are not required, a
    bill can be scheduled for payment as soon as it is entered. Otherwise, one
    or more users must approve a bill before it can be paid. This option
    streamlines processes for smaller organizations and organizations utilizing
    external accounting or bookkeeping services that prefer to handle approvals
    externally before entering bills.
    

Bill.com is a hosted service that combines accounts payable, financial document management, bill payment, advanced fraud protection, and cash management in a simple web-based solution. Focused on alleviating the many frustrations traditionally experienced in the area of payables and online bookkeeping, Bill.com is an easy-to-use, intuitive online solution that helps companies save between 50% - 80% of the time and money in managing their payables and business records online.

Invoices are uploaded, e-mailed, or faxed into the system and can be viewed and approved online by the finance team and appropriate business users. At every step of the way, users can view digital images of related materials such as past invoices and contracts and can schedule invoices for payment based on due dates and cash flow projections. In addition to paying bills automatically, Bill.com offers state-of-the-art fraud protection services that most small businesses would not be able to implement on their own.

To support the needs of the many accounting firms providing basic accounting services to their clients, Bill.com has partnered with CPA2Biz to develop the Bill.com Accountant Program. Enrollment in the program for CPAs, accountants and bookkeepers is available exclusively through CPA2Biz, the majority-owned subsidiary of the American Institute of CPAs. CPAs, accountants and bookkeepers who enroll in the Accountant Program will receive complimentary training, education and online support, as well as free use of Bill.com for in-house cash management, online business record keeping and bookkeeping needs. Additionally, each client they sign up to manage through Bill.com will receive a 10% discount on monthly service fees. For more information please visit www.cpa2biz.com/bill.

About Bill.com

Based in Palo Alto, Calif., Bill.com is a state-of-the art online accounts payables solution that allows companies to simplify the management of bills, invoices, contracts and other important documents -- thus saving time and resources to focus on growing their business. Bill.com stores all documents and related processes and transactions in one place, so anything related to paying bills and sending invoices can be easily and securely accessed from anywhere, any time. Bill.com is the first and only low-cost web-based service that can be integrated with existing accounting packages to provide paperless productivity when dealing with day-to-day financial documents and approvals, along with enterprise-grade transaction processing and fraud protection services. This allows companies to more effectively execute daily financial tasks and make smarter financial decisions -- adding a new dimension to finance management. For more information, visit www.Bill.com or watch the Bill.com Video.

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