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3/18/15

3/18/15. The Bill Pay Process Leah Reid Education Team. RootWorks.com. Learning Objectives. Bill Payment: Why it is a good idea Review Bill.com & SmartVault decision points SmartVault Overview- Setup, workflow, f irm and client roles Bill.com Overview-

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3/18/15

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  1. 3/18/15 The Bill Pay Process Leah ReidEducation Team RootWorks.com

  2. Learning Objectives • Bill Payment: Why it is a good idea • Review Bill.com & SmartVault decision points • SmartVault Overview- • Setup, workflow, firm and client roles • Bill.com Overview- • Setup, workflow, firm and client roles • Recap and Q&A RootWorks.com

  3. Where Bill Payment Fits QBO & RootWorks.com

  4. Benefits of Bill Pay • Monthly fixed fee services • Less time will be spent on monthly bank reconciliations • Checks and balances RootWorks.com

  5. Have Your Processes Locked In • Analyze QuickBooks file to understand volume • Make sure clients are on a set schedule, not daily! • Determine how ‘extras’ are going to be handled • Emergency bill processing • Additional client approval • Postage, check processing fees, ad-hoc RootWorks.com

  6. SmartVault SmartVault is a paperless workflow and document storage solution that supports the bill pay process as part of the RootWorks’ bookkeeping model. How do we use SmartVault? SV stores a paperless copy of each invoice that is then attached to a coded bill/payment in QuickBooks/QBO through an add-in for payment processing RootWorks.com

  7. Bill.com Bill.com is a full-service bill payment solution that leverages a paperless workflow, document management and approval process to support the RootWorks’ bookkeeping model. How do we use Bill.com? Bill.com stores a paperless copy of each invoice that is then attached to a bill, coded, routed for approval if needed and then paid by Bill.com by paper check or electronic payment RootWorks.com

  8. Bill.com & SmartVault Decision Tree Start Pay more than 30 bills/month No Yes Is additional approval required? Is additional approval required? No Yes Yes or No SmartVault Bill.com RootWorks.com

  9. SmartVault Workflow QB Desktop QuickBooks Desktop Bill Payment & Online Banking* Paper Check Printing RootWorks.com

  10. SmartVault Workflow QBO Online Banking Paper Check Printing *QuickBooks Bill Pay is currently not available in QBO RootWorks.com

  11. Paper Check Printing- Tips & Tricks • Try to avoid purchasing custom check stock for each client • Use a check printing software • We use PrintBoss RootWorks.com

  12. SmartVault: Quick Overview RootWorks.com

  13. Process with Client Approver Bill.com Workflow QB Desktop & QBO Standard Process *Bill.com & QBO automatically sync daily RootWorks.com

  14. Bill.com: Process Overview RootWorks.com

  15. Recap • Review client file to determine volume and schedule • Each client will use either Bill.com or SmartVault • Bill.com pays the bill, SmartVault does not • Utilize a check printing software for paper checks RootWorks.com

  16. Questions? RootWorks.com

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