The Benefits of Automating AP and AR in the Cloud

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CLAconnect.com

The Benefits of Automating

AP and AR in the Cloud

Robert Colburn

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Housekeeping

• If you are experiencing technical difficulties, please dial:

800-422-3623.

• Q&A session will be held at the end of the presentation.

– Your questions can be submitted via the Questions

Function at any time during the presentation.

• The PowerPoint presentation, as well as the webinar

recording, will be sent to you within the next 10 business

days.

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About CliftonLarsonAllen

• A professional services firm with three distinct business lines

– Wealth Advisory

– Outsourcing

– Audit, Tax, and Consulting

• 3,600 employees

• Offices coast to coast

• CLA's outsourcing practice has industry-experienced resources,

backed by a top-ten accounting firm with a full scope of

accounting and financial experience, which allows us to bring

scalable, turnkey solutions, to address organizations’ short- and

long-term needs.

Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC.

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Speaker Introduction

• Robert Colburn

Consultant, CliftonLarsonAllen

– Came to CLA in November 2014, transitioning over from a current

outsourcing client of the firm

– Spearheads the Bill.com team and DC Area Membership Dues and

Service Clients projects for CLA

– Technical knowledge includes

◊

Bill.com

◊

Intacct Application Support

◊

QuickBooks Certified

◊

Nonprofit entities and applications

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Agenda

• At the end of this session,

you will be able to:

– Understand the general

workflow of Accounts Payable

and Receivable

– Learn how Bill.com optimizes

these workflows

– See what other indirect

benefits you obtain by using

the Bill.com cloud solution

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The Old Way:

Manual, Paper-Based Processes Cause Pain

• If I don’t catch my managers in time I have to wait for

day(s) to get a check signed or approved.

• Unsure what the current cash flow status is because of

in transit invoices and payments without any quick

tracking if they have been paid.

• No centralized place to get all the information about a

vendor/customer including contracts, notes, bills,

invoices, payments received, payments made, and

• Lack of internal controls to ensure a bill is always going

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38

45

57

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$38

average cost to pay

a single bill

average collection

period on a

receivable

of small businesses

finding it extremely

frustrating to

forecast cash flow

45

days

57%

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The New, Paperless Way:

Introducing

Bill.com

is a cloud-based service that automates the way we

work with you to streamline your bill payments, online

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Bill.com

is Your Paperless Office

The Perfect Solution for You and Our Firm

• Streamline your payables and receivables process

end-to-end:



Receive and pay bills online



Invoice online and get paid faster



Automate collections



Store and share financial documents online



Reconcile with bank accounts



Sync with your accounting software



Easily collaborate with us, your vendors, and your

customers online



Manage and control your cash flow …

Paperless Office… anywhere, anytime access

works the same no matter where you bank

Easy access to pay smarter and

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5. Review all

transactions

online

4. Schedule

payment

3. Review &

approve for

payment

2. Enter bill

and route

for approval

1. Send bill

to Bill.com

The Difference is a Streamlined Workflow

Example: Accounts Payable

The old workflow - THEN

Our new efficient workflow – CLA Way

New process requires 5 touches by 5+ people yet takes 1 day

8. File paperwork 7. Print, sign, and mail checks 6. Indicate bill ready to paid in cash 5. Enter bill, generate report 4. Review coding 3. Code bill 2. Review and approve bill 1. Receive, open and distribute invoice

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New Roles in Streamlined Payables Process

Process Creates New Roles That Save

50-75% of Time

Submit bills

Approve bills

Schedule payments

Enter and code bill

information

You approve bills for

payment and tell us

when to pay.

We schedule and

make payments on

your behalf.

Sync with your accounting

software

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Let’s see what Payable looks like with

Bill.com

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Bill.com Inbox – Upload Bills or Documents

• Upload documents or bills

that need to be paid

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Select Bill to be Paid

• Code bill in the bill details

screen

• Assign an approver if

your company requires

one

• If an approver is not

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Assigned Bills Waiting for Approval

• Find invoice

waiting for

Approval

• Approve Bill to be

paid

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Approved Status Bill is Ready to be Paid

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Flexibility to Schedule Bills or Pay

• Once assigned

bills have been

Approved, the

payer can select

one or multiple

bills that need to

be paid

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Value-Added Features

Mobile Payments: Pay On The Go

• View/Approve bills

• View approver notes

• Make secure payments

• Multiple bank accounts

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How

Bill.com

Works:

Accounts Payable Review

Pay Smart with an efficient, paperless

Accounts Payable workflow:

Step 1. Upload Documents by email, scan,

or fax into Bill.com

Step 2. Approve Bills or Documents

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Get Paid Faster

Let’s Take a Look at Accounts Receivable in

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online into bank account or by credit card or Paypal 3. Sent late payment reminders automatically 2. Email invoice with supporting docs.. 1. Create invoice or sync from software

The Difference is a Streamlined Workflow

Example: Accounts Receivable

The old workflow

The new efficient workflow – gets you paid faster!

New process requires 6 touches by 5+ people yet takes 3-5 days

11. Deposit at bank 10. Enter deposit slip 9. Post payment 8. Open mail to get check 7. Call or email to follow up 6. Assess late fees 5. Research files 4. Handle customer complaint s 3. Call or email to follow up 2. Print and mail 1. Create invoice

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New Roles in Streamlined Receivables Process

Process Automates Collections:

You Get Paid 2-3x Faster

Create and email invoices

Customer pays through portal

Collaborate with customers,

staff and us

(optional)

Invoice customers

and get paid faster

on your own

payment portal.

We send automatic

payment reminders

and sync invoices

with payments to

your software.

Sync with your accounting

software

Send/automate reminders

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Overview for Open Invoices and Payments

Received

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Get Payment

• Simply select a

vendor from the

dropdown

• Fill in all bill details

• Red field is required

information

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Confirmation of Payments Received

• Confirmation receipt of payments received

• List of all payments received by each vendor and method of payment

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• See all outstanding

and overdue invoices

in a dashboard

• Email Invoices

• Add notes for

customers and see

their comments

Mobile Invoicing: Invoice On The Go

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How

Bill.com

Works:

Accounts Receivable Review

• Get paid faster with a

paperless Accounts

Receivables process:

• Step 1. Create, send and

track invoices online

• Step 2. Collaborate online

with your customers

• Step 3. Get paid faster

with automatic payments

• Step 4. Sync both invoice

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Why We Recommend

Bill.com

makes life easier!

Eliminates manual tasks such as

data entry, envelope stuffing, filing and check runs

.

• No Contracts!

• Minimal Set-Up!

• Personalized Support!

• Value Added Features

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Value-Added Features in

Bill.Com

• By automating

bill payment and invoicing

end-to-end,

Bill.com

can significantly boost efficiencies for you and our

firm.

1. Mobile payments and invoicing

2. Unlimited document storage

3. Cash flow management to-do list

4. Know your daily balances and projected cash flows

5. More secure vendor payments

6. Get a complete view of transactions

7. Full visibility with an audit trail online

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Value-Added Features

• Store and access all bills, invoices, contracts and other financial

documents

• No more hunting through dusty filing cabinets.

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Value-Added Features

• Access all your tasks

from your personalized

to-do list

• Receive email alerts for

to do list

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• Calendar shows

actual or accrued

cash coming in and

going out

• Updated book

balance pulled from

accounting software

• See future cash flow

to manage payment

dates and operation

needs.

Know Your Cash Position and Projected Cash Flows

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• Payments to vendors are made with checks

drawn on Bill.com’s bank account

–

Applies advanced check fraud controls

–

Eliminates check printing and mailing

–

Ties payment to the transaction

• The check shows the invoice to be paid and the

account number

• The bottom 2/3rd of the check voucher shows a

copy of the invoice to ensure payment is applied

correctly

More secure vendor payments

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Value-Added Features

Get full visibility with complete audit trail

• The audit trail feature provides

you and our firm with detailed

Information on “who” did “what”

and “when”

• Permission-based user roles

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Value-Added Features

Vendor management streamlines daily inquiries

Bills are organized by vendor so

you can:

• Easily view outstanding bills,

paid bills, all related invoices

and documents and a complete

payment history -- all in one

screen

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Key Benefits of

Bill.com

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Why Clients Love

Bill.com

• Get your bills to us quickly and say goodbye to courier fees!

• No need to hunt for information for vendor inquiries or payment status

• Easily reconcile with bank account and sync with your accounting

software

• Better control over payment timing for outstanding bills

• Flexibility to designate who has access to make payments

• Control collections process by receiving payments directly to your

account

• Unlimited online document data storage from any computer or mobile

device

• No more manual filing and retrieval or chasing people down for

signatures

• Automated audit trail and transaction history of all payment activities

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These Are The Things We Hear Every Day

From Our Clients

• “I can’t imagine how we were able to function prior to Bill.com”

• “With Bill.com we now can get a payment done in a day, within a few button clicks even with our remote

and very busy CEO/CFO approver.”

• “Allows us to have our financials up to date and current with the automatic sync, making it so Bill.com and

Intacct (and other accounting products) interact without needing to wait for a full monthly close for a

pretty complete view of our financial position.”

• “Even if I forget to approve a bill or schedule a payment I can access Bill.com anywhere on my phone or

laptop, as long as I have an internet connection, which is amazing.”

• “Being able to have all the documents and notes for vendors or customers in one place and accessible

anywhere makes the approval and payment process 100 times faster.”

• “Auditors love being able to check and do their testing out of the application. No more pulling huge stacks

of paper… just give them a view-only login and they are set.”

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Bill.com

Mobility in Action – Real Control

• Avoid surprises when coming

back from your vacation!!!

• Stay in the loop while you’re

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Get Access to

Bill.com

via Your Smart

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Bill.com

Client Testimonials

“We’re a fast growing company and the only way

we’ve been able to achieve that is by leveraging

cloud-based. I can tell you if we didn’t leverage that,

we wouldn’t be able to grow as fast and efficiently as

we have.”

We Saved:

• 91 hours per month

• $1,155 per month

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Bill.com

Client Testimonials

The Bill.com/Intacct integration reduces the time

spent preparing monthly financial reports and

annual audits. “We've been through two cycles,

and the auditors are perfectly happy with the

way the system works and how simple it is with

Bill.com,”

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For More Information, Please Contact…

Robert Colburn

Outsourcing Consultant

CliftonLarsonAllen LLP

The Benefits of Automating AP and AR in the Cloud

CLAconnect.com