It seems you are located in Latin America. Apply for a job on our career site.
Or head back to Vintti.com to start hiring.
We're a headhunter agency that connects US businesses with elite LATAM professionals who integrate seamlessly as remote team members — aligned to US time zones, cutting overhead by 70%.
We’ll match you with Latin American superstars who work your hours. Quality talent, no time zone troubles. Starting at $9/hour.
Start Hiring For FreeMost likely everyone will agree managing cash flow is critical for business success.
Well, with Bill.com you can take control and easily understand your financial position...
In this post we'll see how to connect accounts, categorize transactions, monitor cash balances, leverage payment terms, enable online payments, and more using Bill.com's robust tools.
Bill.com is a cloud-based software platform that helps small and mid-sized businesses manage their financial workflows, including accounts payable, accounts receivable, and cash flow tracking. By connecting to a business's bank accounts and importing transactions, Bill.com provides real-time visibility into cash flow.
This article will cover key features in Bill.com for understanding your financial position and managing cash flow, including:
To gain insight into your cash flow in Bill.com, the first step is linking your business bank accounts. This allows Bill.com to automatically pull in bank and credit card transactions each day. Importing transactions eliminates manual data entry and ensures your financial data is up-to-date.
Some tips for connecting accounts:
As transactions are imported from your accounts, Bill.com will automatically categorize them based on customizable rules you set up.
For example, you can create rules to auto-categorize transactions from specific payees or containing certain keywords. This helps allocate transactions to appropriate categories like advertising, materials, payroll, etc.
Properly categorizing transactions allows you to clearly track spending by expense type. It also enables useful reporting on where your money is going to better understand your cash inflows and outflows.
Some tips for customizing categorization rules:
With bank account connections set up and rules configured, Bill.com provides real-time cash flow visibility and management capabilities to help understand your financial health.
Here are some best practices for managing cash flow effectively:
Monitor your cash flow closely. Review your income and expenses regularly to understand your business' cash inflows and outflows. This allows you to spot issues early and make adjustments.
Make projections frequently. Create a cash flow projection each month to forecast your future cash position. This helps you identify potential cash shortfalls in advance so you can take action.
Identify issues early. Pay attention to signs of cash flow problems, like invoices taking longer to pay or customers paying smaller amounts. Address issues quickly before they spiral.
Understand basic accounting. Learn key accounting concepts like the difference between profit and cash flow. This knowledge helps you make better financial decisions for your business.
Have an emergency backup plan. Develop a contingency plan for unexpected events that could impact your cash flow, like losing a big client. This gives you options to handle cash crunches.
Grow carefully. Balance growth with available cash reserves. Expand too quickly without adequate funding and you risk cash flow issues. Monitor growth plans against cash flow projections.
Invoice quickly. Bill clients as soon as work is completed to get paid faster. The quicker you invoice, the faster you get paid and the better your cash flow.
Use technology wisely and effectively. Leverage tools like accounting software and online invoicing to automate cash management processes. This saves time, minimizes errors, and improves cash flow visibility.
Determining your cash flow position is an important part of managing your finances in Bill.com. Here are the key steps:
Monitoring your cash inflows and outflows in Bill.com and calculating your net position helps you understand your real-time financial situation so you can make informed business decisions. Recheck your cash flow position regularly to stay on top of your finances.
The cash flow statement measures a company's liquidity - how well it can generate cash to meet its short-term obligations. Specifically, it shows the sources and uses of a company's cash during a period, typically broken down into three categories:
Analyzing the cash flow statement along with other reports can provide insight into a company's financial health and flexibility. Key things to assess:
Monitoring cash flow trends provides an early warning on potential issues, and helps gauge if a business can sustain operations through up and down cycles.
Monitoring and managing your cash flow effectively is critical for any business. Here are some of the most effective ways to track and control your company's cash flow on a regular basis:
Proactively monitoring cash flow positions in Bill.com enables full control over the timing and amount of cash inflows and outflows. This supports effective cash flow management and positions the business for stability and growth.
The cash balance dashboard in Bill.com provides an overview of real-time account balances across integrated bank accounts and credit cards. Key details shown include:
Reviewing the cash balance dashboard regularly enables you to monitor actual cash positions, find trends in receipts and expenditures, and anticipate future surpluses or shortfalls.
Bill.com generates automated cash flow projections to estimate future account balances based on scheduled payments. To customize the projections:
Updating the underlying assumptions ensures your cash flow projections provide an accurate view of potential short-term positions. Monitoring multiple projections can highlight vulnerabilities and support contingency planning.
Overall, Bill.com provides robust tools for tracking real-time cash balances and modeling projected positions. Regularly reviewing the dashboards and reports enables tighter cash management and more informed decision making.
Bill.com provides tools to streamline and automate accounts payable workflows to help businesses manage cash flow efficiently.
You can set up approval chains in Bill.com to control payment outflows. For example:
By customizing approval chains, you gain visibility and control over payments to align with internal policies.
Bill.com enables you to take full advantage of vendor payment terms to manage cash flow. You can:
Optimizing payment timelines around terms is an easy way to hang on to cash longer while staying in good standing with vendors. Bill.com provides visibility and tools to accomplish this.
Online invoicing through Bill.com can help businesses get paid faster by customers. Here are some key features that enable quicker payments:
You can customize the look and feel of your online Bill.com invoices to match your business branding. This promotes professionalism and familiarity for customers paying invoices.
Branded online invoices lend legitimacy and make customers more likely to pay promptly.
Activating online payment options through Bill.com invoices accelerates the payment process.
Online payments provide more flexibility over mailing checks. Customers can pay 24/7 and funds settle faster into your account. Reducing payment friction gets you paid quicker.
Reconciling transactions in Bill.com can streamline your accounting workflows. This section will overview two key tools that simplify the process of pairing imported bank transactions with related bills and invoices.
The Unmatched Transactions page provides a unified interface to efficiently review transactions that did not automatically pair with bills or invoices. Here are some tips for leveraging this tool:
Regularly reviewing and resolving unmatched transactions ensures your financial records accurately reflect all business activity.
Bill.com uses preset rules to automatically match common cash inflows like customer payments. You can also create custom rules to match expenses like rent, utilities bills, etc.
Set up 2-3 key rules appropriate for your business to reduce manual reconciliation work. Monitor auto-matched transactions to ensure accuracy over time. Tune your rules as needed.
Leveraging Bill.com's automated matching and manually reviewing unmatched transactions will simplify reconciling your cash transactions each period. This helps produce timely and accurate financial reporting.
As a staffing agency focusing on accounting and finance roles, monitoring key cash flow metrics can provide valuable insights into the financial health and efficiency of your business. Here are some ways to track critical cash flow KPIs in Bill.com to inform strategic decisions:
The cash conversion cycle - comprised of metrics like days sales outstanding (DSO) and payables turnover rate - is a useful measure of working capital efficiency. By creating custom reports in Bill.com, you can:
Bill.com enables custom reporting to track specific cash flow metrics relevant to your agency. You can:
Careful monitoring of these metrics informs decisions around client payment terms, contractor agreements, and cash flow optimization. It keeps your agency financially healthy.
Bill.com provides a powerful platform for managing cash flow and streamlining financial operations. Key benefits include:
To fully leverage Bill.com for your business, focus on tailoring the configuration based on your needs:
Properly configuring Bill.com upfront will ensure you maximize the benefits over the long term. The platform's flexibility makes it a powerful cash flow management tool for all types of businesses.
See how we can help you find a perfect match in only 20 days. Interviewing candidates is free!
Book a CallYou can secure high-quality South American for around $9,000 USD per year. Interviewing candidates is completely free ofcharge.
You can secure high-quality South American talent in just 20 days and for around $9,000 USD per year.
Start Hiring For Free