Managing your accounts receivable in Bill.com is pretty easy once you have it set up. In fact when you originally set up your Bill.com account most of your accounts receivable was set up along with the rest. When you set up and run the application’s sync all of your items, customers, and open invoices were brought into your account. Now it’s just a matter of making a few decisions and editing some settings and templates.
The first thing you will want to do when setting up your Bill.com account to handle your receivables is set your “Branded Website Address.” This gives you a web page you can send your customers to so they can pay you online. Those who may already have an account with Bill.com can log in, otherwise there is a link for those who don’t have an account. They do not need to create one. All they have to do is fill in a short form identifying the invoice they want to pay. The “Branded Website Address” is easy to set up. As the video above demonstrates, you go into your overview and it is the first choice under “Accounts Receivable.”
Once you think you are ready to manage your accounts receivable through Bill.com you have a few decisions to make:
- Do you want to invoice from Bill.com or QuickBooks?
- If you are going to use Bill.com for invoicing is the invoice template important to you?
- What method(s) of payment do you want to accept within Bill.com?
If you want to invoice from Bill.com then you are probably going to want to set up your invoice template. There are 3 basic templates to choose from in Bill.com.
Once you’ve chosen your invoice template you can change what some of the labels say in terms of the Date, Item, Description, Quantity, Price, and Amount. Then you can add a customer message, just like QuickBooks lets you do.
The next thing to do is set up your e-mail template. I did not cover this in the video. Once you choose this option from the overview you will see how simple this is. Click the “Edit” button at the top right and you will see this:
You can re-write all you want and to the right you use the drop down on the right to select a database element as follows:
As you can see it is pretty basic and very straightforward. Choose your element and then the box below will contain the ‘code’ that you insert into the template so that Bill.com will know which information to insert from the customer profile or the transaction (i.e. invoice #). This allows you to easily customize and personalize the e-mail that goes out when you send an invoice directly from Bill.com.
If you plan to continue using QuickBooks to create and send your invoices then you only need to edit the template so that you can include your “Branded Website Address” on that template and it is probably a good idea to include a nice big bold label that says something like,
“Hey Pay Your Invoice Online. It’s fast and convenient and we will really like you if you do!..”
There are 3 ways to accept payments from customers with Bill.com
- Direct to your bank account
- Credit Card.
These are all very easy to set up as the video above demonstrates.
Finally you can set up your e-mail auto reminders.
This is a great way to automate the management of your accounts receivable. This is not covered in the video but works almost the same as setting up the e-mail template that goes out with the invoices (above). Here you have 3 templates to set up. One for invoices that are 30 days (and you can change this setting). The next one defaults to 60 days, and the 3rd one is set by default for 90 days. This is great because you can edit these e-mails and make the language stronger as the invoices get older.
As you can see setting up and managing your accounts receivable in Bill.com is very easy. Once this is done the rest is simple. Send your invoices, sync with QuickBooks (or whichever accounting software you are using) and manage it. Most of the management can be automated with your Branded Website Address and the automated e-mails that go out to remind people to pay. So there is very little for you to do beyond setup!
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