Cloud Accounting Solutions
- May 20, 2020
- John Pennett
Our cloud accounting solution provides a fresh approach to traditional bookkeeping by providing management with high-quality financial reporting and dashboards. This end-to-end solution uses an integrated suite of tools, including bill.com, to automate the entire accounting process. Check out this brief video that shows how bill.com can save you time and avoid contact with incoming mail.
Our cloud accounting solution is powered by EisnerAmper and delivered at a fraction of the cost of a single FTE.
Our process has four main parts, consisting of invoice capture, code and check, approval, and pay. I also want to show you some of the reporting and electronic document storage benefits that can come with being a part of the cloud. We begin with capturing invoices and we do this by using a great application called bill.com. In this application, bills can be uploaded using a scanner or, for your convenience, right from your phone. Your vendors can also email their bills directly into the system. Any bill sent in or uploaded will then appear in the inbox. Our virtual controllers will be reviewing this inbox to make sure that all invoices are processed timely.
This is where the code and check process comes into play. First, we want to make sure that all relevant information from the invoice has been captured. Then, you ensure that the invoices are coded to the proper GL account. Coding bills is a vital step, which has a big impact on your forecast, expense allocation, budgeting and even your income tax reporting. Another component of code and check is vendor creation. Our team sets up each vendor for their preferred method of payment. While setting this up, we also contact your vendor for a Form W-9, which is essential when preparing the 1099 at year end. Vendor documents are all stored here in the vendor section, eliminating the need for you to keep any more paper files. The bill then moves to the approval queue.
Approval is pretty straightforward. The responsible person in your company receives an email, letting them know that bills are waiting to be approved. Within bill.com, you can check the invoice and make comments before you approve or deny. Keep in mind, everything I'm showing you here can also be done from your cell phone.
Now I'll walk you through the payment screen. Bill's only appear here once they already have been approved. You simply click pay on an invoice and the money automatically comes out of your bank for the amount you approved. This could be a paper check, ACH or some other form of electronic payment. You also have the option to send international payments. It has the capability for multi-currency. What this means is you never have to miss the check stock, check printers or U.S. mail again.
Besides being entirely paperless, the real benefit of this solution is all your accounts payable data is always correct and available in the cloud. Here's an example of an aging report that you can generate anytime you like. We synchronize all of this data with your general ledger application so that when it comes time to build your cash forecast or your budget, you have accurate source data right from your GL, without having to fumble around with those never-correct spreadsheets.
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John Pennett is the Partner-in-Charge of the National Technology and Life Sciences Group and works closely with our IPO clients and their circle of legal and underwriting advisors to take an IPO from concept to close.
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