September 16, 2008, 9:36 AM — Accounting software-as-a-service provider Bill.com, Inc. (DEMOfall 07) has redone its integration with QuickBooks to provide one-click, two-way synchronization as a hosted service so accountants can manage accounts payables while their clients simply pay bills.
"Our original QuickBooks integration for our DEMO launch was a basic file import and export, now we've built a synchronization engine that eliminates the need for customer service to get involved in customers first use of the application," said RenÃ© Lacerte, Bill.com's founder and CEO. "Now it's seamless. There is no other extension of QuickBooks that pulls together payables, financial document management, bill payment, and cash management into one easy-to-use and easy-to-access interface. Accountants will be happy with the accounting side, and their clients don't need to use QuickBooks, just Bill.com to pay bills."
Focused on alleviating the frustrations traditionally experienced in the area of managing invoices, approvals, business bill payment, and online bookkeeping, Bill.com claims an "easy-to-use, intuitive online solution" that saves time and money.
Chris Lyle, finance administrator for the Pacific Reproductive Center and an early adopter of Bill.com's service said in a statement, "Integrating QuickBooks with the Bill.com system was quick and easy.Bill.com allows me to view a copy of the original invoice, something I could not do with QuickBooks alone, and then store it electronically,so I no longer need to store boxes of old paperwork. It also makes the workflow and approval process so much easier, because we can track invoices at any time."
For companies using QuickBooks, Bill.com adds:
paperless accounts payable workflow utilizing digital images of invoices and other financial documents for both financial and non-financial users to access, enhanced bill payment with full lifecycle invoice and check management, and advanced fraud protection previously only available to large enterprise organizations, end-to-end visibility of accounts payable processes, including access to all financial records involved in every transaction, and access to payment status, cleared check images, and transaction audit trail, with embedded links in QuickBooks.
Since its June alliance with CPA2Biz, a majority-owned subsidiary of the American Institute of Certified Public Accountants, the 26-person Palo Alto, CA company is "finally getting good traction on customer growth," Lacerte said.
"We are where we want to be,'' he said.
The company is working on integration with other accounting software including Peachtree, Impact, Great Plains, and Creative Solutions. Once integration with major accounting software applications is completed, Lacerte said the Bill.com plans on offering SaaS accounting products for other vertical markets.
The company, which originally was called CashView, will be looking for Series C funding of about US$10 million to $12 million next spring, Lacerte said.