Bill Pay
We use a web-based app to manage bill payments. It is accessible via browser, tablet or mobile (iOS & Android).
How It Works:
- You or your vendors email bills to your unique, custom Bill.com email address or log in to Bill.com and upload bills to your secure Bill.com inbox.
- We process bills weekly and assign to pre-determined approver(s) for payment authorization.
- Approver(s) review bills and approve, deny or skip each.
- We pay approved-only bills weekly.
- We manage the integration of data to QuickBooks Online (QBO), ensuring that vendors, bills and bill payments are recorded.
- We send “Welcome Vendor” emails to new vendors describing our bill pay process and request a W-9 form. We process and archive W-9 forms received from vendors.
- If your Bill Pay service is active, we prepare and submit annual 1099-Misc forms to vendors who submitted W-9’s for payments made during the time period that we provided Bill Pay service for your business.
Special Instructions:
- You are responsible for submitting bills in a timely manner for both on-time bill payment and for recording in the proper accounting period. Bills submitted for a closed accounting period will be posted to the next available open accounting period.
- If all information, including vendor name, date, terms, reference number, due date, description, account coding and amount are correct, then the approver should click the “Approve” button to authorize the bill for payment in the next regularly scheduled weekly bill payment batch.
- If an approver wants to hold a bill for later payment, they should not approve it. Rather click the “Skip” button. You may then later “Approve” the bill when ready for it to be paid in the next regularly scheduled weekly bill payment batch.
- If an approver does not want to pay a bill, click the button to “Deny” the bill. You will then be prompted to enter a note to explain whether you want to delete the bill entirely, or make changes to any of the information we entered related to the bill.
- If you need to pay a bill quickly, send a manual check yourself and forward a copy of the check and supporting documentation to us to record.
- It is the responsibility of the business to track whether bills are received and processed. Reconcile vendor statements by searching in Bill.com for each bill listed on the vendor’s statement and verifying whether it was received and paid. Any bills not received should be re-submitted for processing.
- It is your responsibility to ensure that sufficient funds are available for all approved bills.
- Vendors are invited to receive payment electronically. If they accept, they enter and manage their own bank account details. Vendors that accept electronic payment are paid exclusively electronically and notified when payment is scheduled and again when payment is available in their bank account.
- Vendors who do not accept electronic payment are paid via paper check sent via US Mail.
- When bill payments are scheduled, funds are withdrawn the next banking day from your bank account and transferred to Bill.com’s bank account. Individual bill payments to vendors are then drawn on Bill.com’s bank account, providing you with automatic positive pay security to verify that checks are paid to the payee for the proper amount and protecting you from common bank fraud schemes such as check washing.
- Supporting documentation for bills and check payments are stored electronically, eliminating the need for paper management systems.
- Before submitting 1099-Misc forms to the IRS, you will be presented with the information for approval. You are responsible for reviewing and providing any missing information, including contacting your vendors to gather this information.
This service package includes access to your business’ bill pay activity via Bill.com. We own and maintain this subscription.
