A Toast to Bill.com: The Perfect Blend of Accounting Form and Function

It’s probably an understatement to say that running a Winery or Specialty Food Brand is both thrilling and challenging. It’s thrilling to find the perfect specialty ingredient source, to design the perfect packaging that will stand out on the shelf, or to ring up a big sale. However, we at BBG know that it can be challenging to carve out time to improve your accounting operations. That's where Bill.com comes in. 

Bill.com, despite its simple name, is a powerful tool for streamlining your operations, enhancing internal controls, protecting your cash, and automating tedious tasks. Implementing an accounts payable (AP) system that can do all of that without bogging your business down with burdensome bureaucracy is essential to getting the most out of a lean team, so let’s take a look at what makes Bill.com one of our first recommendations. 

What Is Bill.com?

The Quick Version:

Bill.com is AP software designed to make your life easier. 

• User-Friendly: It's like having an angel with a pocket protector on your shoulder

• Automated Payments: Handle bills, approvals, and payments without breaking a sweat

• Easy Integrations: Works beautifully with other accounting tools like Quickbooks Online

The Longer, More Accurate Version: 

Bill.com is a world-class, cutting-edge, cloud-based, (probably a few more hyphenated buzzwords),  suite of AP software that has proven to be quite the game changer for wine and specialty food businesses. 

What sets Bill.com apart is its ability to address the distinct needs of the wine and food industries — grappling with tough topics like seasonal fluctuations, intricate supply chains, stringent regulatory compliance, and maintaining strong supplier relationships. This dynamic platform not only enhances internal controls, safeguarding valuable assets and ensuring financial accuracy, but also provides robust tools to protect cash flow. 

Best of all, Bill.com excels in process automation, simplifying tedious tasks and reducing manual labor, allowing Wineries and Specialty Food Brands to focus on what they do best: producing exceptional products for wining & dining. 

Now that we have a good overview, let’s dig into a full-course meal of the main benefits!

Internal Controls

Internal controls are vital for safeguarding a company's assets and ensuring financial accuracy. Bill.com offers several features tailored to enhance internal controls for Wine and Specialty Food Brands.

User Permissions: Bill.com allows you to assign different levels of access to your team members, limiting who can create, approve, or process payments. This ensures that sensitive financial data remains in the right hands.

Document Management: All invoices, receipts, and payment records are stored digitally in a secure environment. This eliminates the risk of physical document loss or unauthorized access.

Audit Trail: Bill.com generates a comprehensive audit trail, tracking all actions taken within the system. This transparency helps in identifying and addressing any anomalies promptly.

Multi-Factor Authentication: Secure your Bill.com account with multi-factor authentication, adding an extra layer of protection against unauthorized access.

Cash Flow Protection

Safeguarding cash flow is vital to the survival and growth of any business, but especially for ones that rely on seasonal inputs or fluctuating food prices. Bill.com provides Wine and Specialty Food Brands with robust tools to protect their cash flow.

Real-time Cash Flow Visibility: Bill.com offers real-time cash flow visibility, allowing businesses to monitor incoming and outgoing payments. This feature is especially beneficial for companies with fluctuating cash flows.

Payment Scheduling: With Bill.com, you can schedule payments in advance, ensuring that suppliers are paid on time and avoiding late fees.

Electronic Payments: Bill.com supports electronic payments, reducing the need for paper checks. Electronic payments are faster, more secure, and often more cost-effective.

Automatic Payment Approval Workflow: Implement automated approval workflows to prevent unauthorized payments and minimize human error.

Payment Reminders: Bill.com can send payment reminders to suppliers, reducing the risk of missed payments and helping maintain positive supplier relationships.

Automated Processes

Automation is a game-changer for growing Wine and Specialty Food Brands seeking to increase efficiency and reduce manual labor. Funnily enough, Bill.com offers a full suite of automation features perfectly suited to these industries.

Invoice Capture: Bill.com's AI-powered invoice capture technology extracts data from invoices automatically. This eliminates the need for manual data entry and reduces the risk of errors.

Automatic Data Entry: Once data is captured, Bill.com populates it into the appropriate fields, saving your team valuable time and reducing the likelihood of data entry mistakes.

Automated Approval Routing: Define approval workflows that match your organization's structure. Bill.com routes invoices and payment requests to the right people for approval, streamlining the process.

Recurring Payments: Set up recurring payments for fixed expenses, such as rent or utilities, and let Bill.com handle them automatically. This reduces administrative overhead.

Mobile Accessibility: Access Bill.com on the go using the mobile app, enabling your team to manage AP tasks from anywhere.

Seamless Integration

Implementing a new AP system is always scary, but don’t worry, Bill.com takes great pains to ensure a smooth process that also complements your existing operations. 

Quick and Easy Setup: Bill.com is known for its user-friendly interface and straightforward setup process. The platform is designed for businesses of all sizes, ensuring you can get up and running quickly.

Accounting Software Integration: Bill.com integrates with popular accounting software like QuickBooks and Xero, syncing your financial data effortlessly.

Supplier Onboarding: Bill.com facilitates the onboarding of suppliers, allowing them to submit invoices and receive payments electronically. This reduces friction in your supplier relationships.

Customization: Tailor Bill.com to your company's specific needs by customizing workflows, approval processes, and payment methods.

Here at Balanced Business Group, we're like master sommeliers for your accounting needs. Let us help you uncork the potential of your business so you can focus on what you do best, crafting those delectable delights!

Cheers to a well-balanced business and a prosperous future! 🍇🧀