Automating Accounting Functions During COVID Downtime

The COVID-19 pandemic has shifted business focus in a number of ways. It has increased focus on engaging existing relationships and keeping workforces active while off-site.

It also raised concerns for businesses about simply staying afloat in an uncertain economy. However, a period of forced remote work also presents business leaders with the opportunity to improve key processes, including the introduction of automation in some of their accounting functions, specifically, Accounts Payable and Accounts Receivable. Automating Accounting Functions During COVID may seem a daunting undertaking – but is it the perfect time to do so?

COVID-19 pandemic has forced many of us into remote working and Insource has helped convert dozens of our finance clients to various online accounting tools, most notably, Bill.com. 

There are numerous reasons we direct clients to Bill.com: 

• It’s easy to use
• It syncs directly to existing accounting software
• It saves a lot of the hassle that paper-based businesses will have just have to endure at this time.  

However, it’s the time saved that makes the software such a trusted and valuable tool. The software is available anywhere; whether on a web browser or cell phone app, allowing you to track Accounts Payable and Accounts Receivable activities. 

Bill.com’s Accounts Payable module allows you to:

• Receive invoices directly from vendors
• Record, approve, and pay bills with proper segregation of duties 
• Save invoice backups with entries. This allows the approver to see the invoices before approving them for payment.
• Make payments to vendors by check or direct electronic payments. 
• Eliminate the signing and mailing of checks as the funds are withdrawn from the bank accounts through an ACH. Bill.com, on its end, prepares individual checks and mails them to vendors.
• Make domestic and international payments
• Process expediated e-payments
• Easily track and view payments status 
  

Bill.com’s Accounts Receivable module allows you to:

• Create and issue invoices to its customers
• Receive direct electronic payments 
• Easily track and view receivable status 

A switch to Bill.com is ideal for businesses who routinely write checks. It is also a practical option for companies who wants a centralized payment source. There is no need to login to bank portals or vendor websites to process electronic payments and another system to print out checks. It all can be done on Bill.com.

If you’re interested in learning how automating accounting functions during COVID can transform your accounting process, Insource Services can help. Insource provides automation assessments of transactional accounting processes, highlighting the strengths and weaknesses of your current systems, and provides advice on how to improve and implement these automation tools. For more information, email us at insource@insourceservices.com, or call on (781) 235-1490.