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Supercharge Your Accounting
Software
Chris Fenster, Propeller Industries
Julie Carman, Bill.com
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Chris Fenster, Propeller Industries
• CEO and Founding Partner
• Consulting CFO to 50+ early-stage
businesses
• Thirteen years as full-time CFO for
five early-stage companies
• A.B. in Economics and Political
Science from Colgate University
• 70+ clients, $0-$20M annual
revenue
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Agenda
• Propeller Industries
• Signs You May Be Outgrowing Accounting Software
• How to Extend the Life of Your Accounting Software
• Client Story
• Q&A
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» Fifth levelPROPELLER INDUSTRIES
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Propeller Industries Offering
• Outsourced finance and accounting services for early-
stage companies
• Entrepreneurs, CFOs and accountants with deep
experience building companies
• Top-down focus: Strategy, forecasting, reporting,
accounting
• Heavy reliance on web-based systems and automation
to manage scale efficiently
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Propeller Industries Client Focus
• Early-stage growth companies
• E-commerce, health care, technology, manufacturing,
food and beverage
• Focusing resources on core competencies
• Firms that are outgrowing bookkeeping relationship
and/or systems
• Critical need for financial management expertise –
necessary to success!
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» Fifth levelSIGNS YOU MAY BE OUTGROWING
ACCOUNTING SOFTWARE
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Do Any of These Sound Familiar?
• You feel you may be outgrowing your accounting
software
• Concerned about the cost of your accounting software;
for now and the future
• You and your team are stuck in a paper-based manual
process
• Collecting receivables is a time consuming, labor-
intensive process
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Signs You May be Outgrowing Your
Accounting Software
• You might not be seeing the full picture of your
current financial status
• Too much time is spent chasing information to
categorize bills
• Unable to share financial info quickly and easily
• Inaccurate receivables predictions
• Late payments to vendors or employees
• Constant rebuilding of cash flow spreadsheets
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Accounting Software Does Not Solve the
Manual Process
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What’s Wrong with the Manual Process?
• You route paper bills to your team before paying – they
write “OK to pay” and pass along
• A vendor has called to say service is being turned off
because a bill wasn’t paid – bill was on someone’s desk
• Business leaders need to access paper-based originals
to do research on previous payments, figure out COGS
• You double pay because you are not sure if your
payment last month missed the cut off
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» Fifth levelHOW TO EXTEND THE LIFE OF YOUR
ACCOUNTING SOFTWARE
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Supercharge: Expand the Capability of
Your Accounting Software
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Move Your Process to the Cloud
• Easily communicate with internal staff, vendors, &
customers around bills, invoices and contracts
• Quickly engage employees in multiple locations
• “Approvers” are no longer a bottleneck
• Get precision control over your cash flow
– Project receivables realistically
– Foresee potential problems
– Rapidly visualize alternatives
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Cloud Tools for ANY Process
• Dropbox, Google Docs – sharing files and document
storage
• GoToMeeting, Skype - video and conference calls
• Docusign – e-signatures
• Adobe FormsCentral, SurveyMonkey - forms
• Evernote – note taking, screenshots
• QBO, Intacct – accounting software
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Cloud is Safer than Your Office
Paper documents are subject to theft
and destruction
• Prevent “lost” bills, invoices and
contracts
• Eliminate risk of manipulation
• Reduce risk of information theft
• Keep tight control over access
• Automatic audit trail; you can’t
override it!
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Security is Integral to Our Business
• Bill.com uses best-in-class data security (Extended Validation
(EV) SSL encryption technology)
• Firewalls prevent unauthorized electronic access to servers
• Production servers are in high-security locked facility with
biometric access controls preventing unauthorized physical
access to servers
• All sensitive data is encrypted at rest in our database
• Offsite continuous backup enables Bill.com to recover from a
potential disaster quickly
• Bill.com undergoes an annual SSAE 16 SOC 1 Type II Audit by a leading national CPA Firm
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Improve Your Processes and Controls
• Approvals
– Implement a seamless workflow
– Automate your approval routing process
– Keep track of all due dates
• Roles and Permissions
– Include extensive robust permission policies
– Greater control over access and elimination in errors
– Control who sees which information
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Improve Your Processes and Controls
• Visibility into the entire process and workflow
– Have a record of all approvals
– See every bill and invoice in the same place
– Know when all your bills are due and when you will get paid by
customers
– Keep track of all due dates
– See an audit trail of all activities
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Approve Bills Easily
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Customize Roles and Policies for Greater
Control
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Pay Your Bills With No Hassles
• Faster, easier bill payment and invoicing
• Keep track of all your due dates - pay automatically on
the day you schedule
• Save time; integrate with your accounting software
• Move money via ePayments or check
• Rake in receivables 2-3 times faster
• Shows when customers view, approve and plan to pay
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Pay and Get Paid Electronically
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Access Historical Docs and Transactions
• Store contracts with bills for one-click access
• Paperless – never lose or forget anything
• Information easily accessible
• No more filing cabinets
• Streamline reporting
– Be prepared for a seamless audit,
if needed
– Track the invoices you’ve sent to
customers and the bills you’ve
routed to your team
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Docs and Transactions in a Single Click
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Go Mobile – Access Anytime, Anywhere
• Access financial data with any
device – laptop, tablet or
smartphone
– Manage invoices and documents
– Pay bills
– Collect receivables
– Manage cash flow
• Never lose or forget anything
• Store contracts with bills for one-
click access
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» Fifth levelCLIENT STORY: BIOLITE STOVE
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BioLite Stove
• Launched in May 2012, sold tens of thousands of units
by year-end
• 80% growth in 2013
• Complex supply chain - Brooklyn NY based,
manufacturing in China, warehousing in CA and Canada
• Employees based in 3 states and extensive overseas
travel for R&D
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Challenges
• Traveling approvers can’t access financial info or
approve payments
• Employees in 3 states need to review bills
• Paper invoice management and routing inefficiencies
– Extra manual work for CEO
– Double payments
– Late payments
• Cash flow management
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Solutions
• Migrate QuickBooks to Enterprise version on hosted
server for multi-site inventory
• Implement Bill.com & redirect vendors to invoice in
the Cloud
• Integrate shopping cart with QuickBooks
• Implement web-based EDI for wholesale orders
• Smartphone-based expense reporting
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Results
• Total transparency – everyone has on-demand access to
all financial data through Bill.com
• CEO can easily route vendor invoices to department
heads for approval from anywhere in the world using
Bill.com
• Instant access to payroll and HR
applications
• Defer systems upgrade for a year
or more
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» Fifth levelWHAT IS BILL.COM?
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Bill.com Automates Manual Process and
Supercharges Your Accounting Software
• Application that maximizes your
accounting software by:
– Document management
– Approval workflow
– Notes & collaboration
– Two-way accounting system
synchronization
– Online banking & payment system
integration
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Syncs with Your Accounting Software
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Set Up in Less Than an Hour1. Sync
Sync with your accounting system,
and all your data magically
appears.
2. Connect
Connect your bank
account for paying bills
and making deposits
3. Control
Enter user names and
assign access levels
4. Customize
Add your logo.
Customize web page
where customers can
pay you online. Set up
to receive electronic
payments
5. Coffee!
You are ready with 15
minutes to spare! Enjoy
a coffee break!
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» Fifth levelQ & A
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» Fifth levelCONTACT US
Learn more at www.bill.com.
Contact 1.877.345.BILL or [email protected]
Watch demo at: www.bill.com/demo
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