Bill.com is a solution to automate your accounts payable and receivables that integrates with cloud based accounting software like QuickBooks. While Bill.com has a few notable features, its competitors in the space, such as Sourcery, may offer a more dynamic solution that is customizable according to your specific needs.
Here’s what you need to know about these innovations for your back office tools — including which one might be right for you.
What to Look for In AP/AR Solutions
An automated accounting solution can help you streamline your back office. It is one way to get paid more quickly and to efficiently settle accounts. But there is a wide range of solutions to choose from. Some, like Bill.com, focus almost exclusively on digital invoicing, automatic payment, and account reconciliation.
Others, like Sourcery, are end-to-end solutions that include vendor management as well as streamlined invoicing and auto-reconciliation. Catered specifically to those in the restaurant industry as well as to emerging small businesses, Sourcery has the specialized ordering and inventory receipt capabilities that Bill.com lacks.
When you are shopping around for the right platform, you may need to decide whether you need only a billing tool or a comprehensive account management solution.
Bill.com Overview and Features
True to its name, Bill.com’s primary function is to facilitate domestic and international payments. It includes all aspects of accounts payable, including electronic invoicing and a range of fund transfer capabilities.
With Bill.com you can receive digital invoices from vendors and ensure rapid approval. Similarly, you can create and issue invoices to your customers and receive settlement through ACH, ePayment, Paypal or credit card. The platform syncs easily with major accounting software like Oracle, Xero, QuickBooks and Sage.
Bill.com Reviews and Pricing
Bill.com has generally positive reviews. Users enjoy the automated features and ease of payment approval. Some users posting on Capterra noted the preview window could use improvement. Others mentioned syncing issues and limited rule capabilities. PC Mag noted it does not function like a double-entry system, and may therefore appear to be lacking in features. But, the magazine stressed, Bill.com is not trying to do everything that other solutions do.
On G2crowd, some users noticed frequent bugs when syncing with accounting software. A recent review complained of poor customer service, as they had an unresolved account issue and received no response from Bill.com's chat function and there was no option to call the company. Overall, Bill.com is well-regarded but some reviewers disliked having to pay more for extra features like invoice auto entry.
Pricing plans range from $29 to $59 per month per user, with the latter their most popular plan. In addition, the platform charges $19 per “approver” user. There are additional transaction fees, including $0.49 per ePayment, $0.49 per bill for auto entry, $0.99 for a Paypal payment and $9.99 to $19.99 for fast pay fees.
Sourcery Overview and Features
While Bill.com focuses on payments, Sourcery offers a range of benefits to restaurant and small business clients. These include automated invoicing, online bill pay, domestic ACH and domestic and international check processing. It integrates with Xero, QuickBooks, Sage and a number of other major programs.
Sourcery has an extensive vendor management capability that allows for online ordering. The software is designed for food companies, who often have to modify invoices or issue credit notices because of spoiled food upon delivery. With Sourcery, these changes are seamless and easy. The platform enables rapid communication with vendors so time is not wasted with outdated, manual ordering processes.
In addition, the automated invoice digitization converts to usable data. Restaurants gain essential analytics about their restaurant costs. The platform has a price alert capability to let owners better track their spend on perishable ingredients. Because of this functionality, Sourcery can help clients make essential business decisions as well as balance their books.
Sourcery has a robust customer service team. Each Sourcery client has a dedicated account manager to help with any issues. The support staff are hands-on with every user, so clients can make the most of the product’s full functionality.
Sourcery Reviews and Pricing
Sourcery is rated 5/5 based on 10 reviews in the QuickBooks App Store. Recent commenters appreciated the reporting functionality as well as the control Sourcery gave them over the invoice intake process. One restaurant owner noted that the platform was invaluable as they worked largely with small vendors who rely on paper invoices.
Sourcery does not charge by user, but instead by invoice volume. Pricing therefore depends on the individual client.
Unlike Bill.com, however, the price is all-inclusive. Therefore, clients can budget for their Sourcery subscription with certainty, without worry there are pricey add-ons for every bit of activity.
How to Assess Which One is Best
In order to choose the best solution for your needs, it may be helpful to review some key pros and cons of each platform.
- Pros: Bill.com does an excellent job of automating invoices and streamlining payments. Approval processes are easy. The platform has extensive international payment capability.
- Cons: The subscription is by user and there are additional transaction fees for activity. Some users have complained that the integration of Bill.com with their accounting software is not as seamless as they would like. Others have complained about the lack of customer service.
- Pros: Sourcery is tailor-made for restaurant owners. It offers powerful analytics on inventory and price changes so owners can keep a handle on costs. It offers a similar invoice digitization as Bill.com and also has payment capabilities. Its direct ordering function streamlines vendor relationships. Customer service and predictable pricing round out the benefits of this platform.
- Cons: Since it is not specifically focused on accounts payable functionality, it may take more time to learn all of its features.
Perhaps the best way to decide which platform works best for your business is to try them out and see. Contact Sourcery today and request a free demo to see if the product helps you improve your business efficiency and success.