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CLAconnect.com

The Benefits of Automating AP and AR in the Cloud Robert Colburn Consultant, CliftonLarsonAllen

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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.

• Please complete our online survey.

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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 ◊ Public Sector entities

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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 other documents.

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

through the appropriate approval chains based on the amount and number of required approvers.

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38 45 57

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What do These Numbers Have in Common?

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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

45days 57%

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What do These Numbers Have in Common?

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The New, Paperless Way: Introducing Bill.com

Bill.com is a cloud-based service that automates the way we work with you to streamline your bill payments, online invoicing and cash flow management.

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LLP 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 get paid faster

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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

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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

Required a minimum of 8 touches by 5+ people and took a week+ to complete

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New Roles in Streamlined Payables Process

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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

Client

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Let’s see what Payable looks like with Bill.com

Accurate billing each time, every time

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Bill.com Inbox – Upload Bills or Documents

• Upload documents or bills that need to be paid

• Documents and bills that have been

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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

required, simply click save

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Assigned Bills Waiting for Approval

• Find invoice waiting for Approval

• Approve Bill to be paid

• Or send back for Clarification

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Bill to be Approved

• Review invoice and supporting

documents attached

• Once reviewed, simply click

“Approve”

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Approved Status Bill is Ready to be Paid

• Bill approved and ready to be

paid • Status – indicates approval and payment

information

• List of approvers are shown here

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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

•Schedule bills days or weeks in advance

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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

•Adjustable payment timing

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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 Step 3. Pay by ACH or Check with just a Click Step 4. Click Sync with Accounting Software

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LLP Get Paid Faster

Let’s Take a Look at Accounts Receivable in Bill.com

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6. Payments automatically

posted, reconciled and

synced with software

5. Get paid 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

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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

Required a minimum of 11 touches by 5+ people and took weeks to complete

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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

Client

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Overview for Open Invoices and Payments Received

• Overview page allows for a quick update on account Activity, such as open invoices and payments that have been received or scheduled.

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Get Payment

• Simply select a vendor from the

dropdown

• Fill in all bill details

• Red field is required information

• Click submit

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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 • Payment date allows you to go back into previous history of payments received

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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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Value-Added Features

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How Bill.com Works: Accounts Receivable Review

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• 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 and payment activity with your accounting software

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Why We Recommend Bill.com 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

• Full Sync with various accounting systems!

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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 8. Vendor management streamlines daily inquiries

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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.

Get unlimited document storage

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Value-Added Features

• Access all your tasks from your personalized to-do list

• Receive email alerts for to do list

Get a Personalized 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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Value-Added Features

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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

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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 allow you to determine what level of access you want others to have in your company

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Value-Added Features Vendor management streamlines daily inquiries

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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

• Efficiently research vendor inquiries

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Key Benefits of Bill.com

By automating how we work with you to manage your payables and receivables, Bill.com makes it easy for you to pay smarter and get paid faster.

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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

Save time & money

Work Smarter

Anytime, Anywhere

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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.”

• “The auto email invite, and ability to invite all the vendors and customers to join the Bill.com Network and

connect, makes it so they can get paid electronically and faster at a reduced cost for all.”

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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

away!!!

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Get Access to Bill.com via Your Smart Phone!

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Stay Connected With Your Staff and Get Accounts Payable Done on Time

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WiFi Access Allows You to Approve Bills Even When You Are Flying

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Bill.com Mobility Action- Real Control

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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

David Ostrowe, Owner of 25 Burger Kings

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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,” Mike Horner, National Association of Water Companies

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For More Information, Please Contact… Robert Colburn Outsourcing Consultant CliftonLarsonAllen LLP Robert.Colburn@claconnect.com (703)825-2158

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