Choosing the right accounting and bill management software is a critical decision for small business owners. In today’s competitive market, two names that frequently come up in discussions are Bill.com (often referred to as BILL) and QuickBooks Online. In this post, we’ll dive deep into comparing these two platforms under the theme “bill.com vs quickbooks” to help you decide which solution is best for your business in 2024.

Whether you run a small business on your own or manage a growing team, the financial health of your company relies heavily on efficient accounts payable (A/P) and accounts receivable (A/R) management. Both Bill.com and QuickBooks Online offer unique features that facilitate these processes, but they differ in scope, pricing, and integration capabilities. By taking a closer look at each, you will gain a clearer picture of how they stack up and what makes one more suitable for your business needs than the other.

Introduction

Managing your company’s cash flow can be challenging without the right tools. For many small businesses, accounting software isn’t just a luxury—it’s a necessity. From automating invoice tracking to managing vendor payments and reconciling transactions, businesses need software that not only speeds up these processes but also reduces the likelihood of errors. This brings us to our subject of comparison: bill.com vs quickbooks.

Bill.com primarily focuses on streamlining accounts payable and accounts receivable operations. It automates many repetitive tasks, providing features like automated invoice capture using OCR technology, AI-driven data extraction, customizable approval workflows, mobile access, and even support for international payments. QuickBooks Online, on the other hand, is best known as a comprehensive accounting solution. It offers everything from full financial reporting to bookkeeping, inventory management, and extensive integration support.

In this guide, we will break down the similarities and differences between Bill.com and QuickBooks Online, discussing their core features, automation capabilities, pricing plans, integrations, customer support, and overall ease of use. Read on to learn what sets these platforms apart and how you can choose the one that best fits your unique financial management needs.

Overview of Bill.com and QuickBooks Online

Bill.com

Bill.com is a cloud-based accounting software solution that primarily helps automate and streamline A/P and A/R processes. Its key features include:

• Invoice and Bill Processing: Bill.com uses optical character recognition (OCR) to automatically capture invoice details from uploaded documents. Its intelligent virtual assistant reduces the need for manual data entry.
• Approval Workflows: The platform allows you to set up multi-level approval processes so that vendor bills and reimbursments are submitted and approved electronically.
• Payment Options: Bill.com offers a flexibility that includes ACH payments, checks, virtual cards, and even international wire transfers.
• Integrations: Although Bill.com is a stand-alone tool for automating invoicing and billing tasks, it is designed to integrate seamlessly with popular accounting software such as QuickBooks Online, Xero, and Sage.
• Mobile Accessibility: Users can access their accounts via an intuitive mobile app, making it easy to manage cash flow and approve bills on the go.

This focus on A/P and A/R processes makes Bill.com an attractive option if your business processes a high volume of vendor transactions and requires a robust system to reduce manual bookkeeping.

QuickBooks Online

QuickBooks Online is considered one of the most comprehensive cloud-based accounting platforms available for small and growing businesses. Its primary functions include:

• Full Financial Management: QuickBooks offers detailed financial reports, invoice and bill tracking, expense management, inventory, and payroll options.
• Invoicing and Estimation: The platform allows you to create and customize invoices with your branding, convert estimates to invoices in a single click, and automate payment reminders.
• Automated Data Entry: With features like bank transaction imports and automatic categorization of expenses, QuickBooks saves you time and minimizes errors.
• Wide Integration Support: QuickBooks Online integrates with more than 750 third-party apps, including e-commerce platforms, time tracking tools, CRM systems, and financial services.
• User-Friendly Dashboard: Its intuitive interface visualizes key performance metrics like cash flow, profit and loss, and balance sheets, which are critical for making informed business decisions.

For businesses that need a complete accounting solution alongside basic bill management, QuickBooks Online is an excellent choice. Because QuickBooks Online also includes bill payment features, comparing it with Bill.com can sometimes lead to confusion. This is why understanding the differences between the two—especially when used together—is key to selecting the right tool for your operations.

Key Comparisons: bill.com vs quickbooks

When comparing bill.com vs quickbooks, several factors come into play. Below are the core aspects to consider.

Features and Functionality

Bill.com Features

• Automated Invoice Capture: Bill.com’s OCR and AI-driven tools simplify the process of capturing invoice data and reduce manual input errors.
• Approval Workflows: The ability to configure fully digital, multi-step approval processes ensures that all bills are verified before payment.
• Payments Flexibility: Bill.com stands out when it comes to different payment avenues, including international wire transfers with competitive exchange rates. This is particularly useful if you deal with overseas vendors.
• Document Management: The platform securely stores invoices, receipts, and associated documents. This makes the audit trail simple and reliable.
• Integration with Accounting Systems: Bill.com syncs seamlessly with popular accounting platforms, ensuring that vendor payments and invoice details automatically update in your primary accounting software.

QuickBooks Online Features

• Holistic Financial Management: QuickBooks Online provides a comprehensive accounting solution to handle invoicing, expense tracking, inventory, payroll, and detailed reporting.
• Automated Expense Tracking and Categorization: The software can automatically import bank transactions, classify expenses, and generate informative financial reports.
• Customizable Invoices and Estimates: With QuickBooks Online, you can design professional invoices that reflect your brand identity and convert estimates to invoices with a click.
• Real-Time Dashboards: The platform’s user-friendly interface features detailed dashboards with real-time insights into your financial status, cash flow, and overall profitability.
• Extensive Integration Ecosystem: By integrating with more than 750 business apps, QuickBooks Online expands its functionality and adapts to various business processes, whether it’s for e-commerce, payroll, or time tracking.

Pricing Comparison

When comparing bill.com vs quickbooks, budget considerations play a significant role.

• Bill.com Pricing: Bill.com generally charges per user. Its pricing plans start at around $45 per month for essential features. For more advanced workflows like multi-tiered approvals and comprehensive international payment options, higher-tier plans are available. Additional fees per check or invoice mailed may apply.
• QuickBooks Online Pricing: QuickBooks offers multiple subscription tiers, starting from around $18 to $200 per month. The pricing varies based on the features and number of users supported. QuickBooks Online provides a free 30-day trial, which allows small business owners to test the platform before committing financially.

For businesses already using QuickBooks Online’s accounting features, adding payables through its built-in bill management may be more cost-effective than adopting an additional system like Bill.com—unless your business requires highly advanced A/P automation.

Integration Capabilities

Integration between systems is one of the key areas where bill.com vs quickbooks comparison often comes into play.

• Bill.com Integrations: Bill.com is designed to work seamlessly alongside major accounting software such as QuickBooks Online, Xero, Sage Intacct, Oracle NetSuite, and many others. It supports automatic two-way sync, allowing transactions to update in both systems without manual intervention.
• QuickBooks Online Integrations: QuickBooks Online boasts a vast integration ecosystem, with more than 750 compatible apps. These include payment processors, e-commerce platforms (like Shopify and Etsy), time tracking, CRM, and third-party payroll systems. This flexibility ensures that QuickBooks can be central to your entire financial ecosystem.

The ease and quality of integration can impact overall efficiency. For example, if you already use QuickBooks Online as your central accounting hub, using its built-in bill pay features might provide a smoother experience than integrating an extra layer with Bill.com.

User Experience and Interface

User experience is a major factor in decision-making. Both platforms are cloud-based and built for ease of use; however, they do have distinct designs that may suit different users.

• Bill.com: Users find Bill.com’s interface to be clean and intuitive. The dashboard provides a quick overview of pending payments, approvals, and transaction statuses. Its mobile app allows users to manage approvals and check cash flow on the go. This simplicity is a benefit for users who primarily need an A/P and A/R management tool, without diving deep into the intricacies of full accounting.
• QuickBooks Online: QuickBooks Online offers a more robust interface due to its comprehensive nature. The dashboard is densely packed with financial insights, including cash flow summaries, profit and loss charts, and balances across various accounts. While this may have a learning curve for new users, its rich data visualization supports more strategic financial analysis.

Customer Support and Help Resources

Effective customer support can save valuable time, especially when dealing with accounting concerns.

• Bill.com Support: Bill.com provides support via email and live chat but does not offer direct phone support. Their help center includes how-to articles, webinars, and a blog with updates on new features. The support hours are generally limited, and some users have noted that finding answers quickly can be challenging.
• QuickBooks Online Support: QuickBooks Online stands out with multiple levels of support including live chat, phone, an extensive online knowledge base, and community forums. Users benefit from step-by-step guides, videos, and a responsive support team. For many businesses, this robust support system is a positive aspect when issues arise.

Which One Is Right for Your Business?

Deciding between bill.com vs quickbooks ultimately depends on your business requirements. Consider the following scenarios:

Choose Bill.com If:

• Your business processes a high volume of vendor invoices and requires heavy automation for accounts payable.
• You need advanced features such as automated invoice capture, AI-driven data extraction, and customizable multi-tiered approval workflows.
• You conduct international transactions and require flexible payment options.
• Your current accounting software does not have in-depth A/P management capabilities and you want a dedicated tool to streamline bill processing.
• You want a system that integrates smoothly with your existing accounting software (like QuickBooks Online) to facilitate two-way data syncing.

Choose QuickBooks Online If:

• You need a comprehensive accounting solution that covers invoicing, expense management, payroll, inventory, and robust financial reporting.
• Your business is small to mid-sized and benefits from a single platform that integrates all aspects of financial management.
• You prefer a solution with a lower monthly fee and scalable pricing based on the level of required accounting features.
• You value real-time dashboards and rich data visualization for strategic decision-making.
• You already use QuickBooks Online and want to keep your financial management centralized without adding another tool into the mix.

In some cases, businesses may choose to use both platforms together. QuickBooks Online acts as the central accounting system, while Bill.com handles specialized tasks related to accounts payable and automated bill processing. The integration between the two then minimizes double data entry and reduces errors.

Advanced Considerations

As your business grows, you might encounter more complex accounting needs. In these instances, consider these additional factors:

Scalability

Both systems are cloud-based and designed to scale; however, they approach scalability differently.

• Bill.com scales well for businesses with increasing transaction volumes. Its automated workflows help in managing hundreds of invoices monthly without a corresponding increase in manual labor.
• QuickBooks Online scales its user base based on your chosen plan. Higher-tier plans allow multiple users and provide more advanced features like enhanced reporting and payroll processing.

Security

When it comes to handling sensitive financial data, security is paramount.

• Bill.com implements multi-layered security protocols including multi-factor authentication and data encryption. This ensures that every transaction is tightly secured.
• QuickBooks Online is also known for its robust security features. With regular updates, secure logins, and data backup mechanisms, QuickBooks provides business owners with peace of mind.

Mobile Capabilities

In our fast-paced business environment, managing your finances on the go is a critical need.

• Bill.com’s mobile app offers the ability to review cash flow, approve bills, and check the status of invoices from anywhere.
• QuickBooks Online’s mobile app not only supports bill management and invoicing but also allows you to track mileage, capture receipts, and access financial reports directly from your smartphone or tablet.

Reporting and Insights

Understanding your financial performance is a critical aspect of managing any business.

• QuickBooks Online excels in creating detailed financial reports, including profit and loss statements, balance sheets, and cash flow projections. These insights help business owners make strategic decisions quickly.
• Bill.com, while primarily focused on A/P and A/R tasks, also provides summary dashboards and data visualization. However, if you need in-depth analysis and comprehensive reporting, QuickBooks Online is generally the preferred tool.

Real-Life Use Cases

Consider a scenario where a small business deals with multiple vendors on a daily basis. Managing paper invoices manually may lead to delays and errors in payment processing. Implementing Bill.com not only automates invoice capture but also ensures that each transaction follows a predefined approval workflow. The automated email reminders and two-way sync with QuickBooks Online help in keeping the records up-to-date and reconcile discrepancies promptly.

Another example is a rapidly growing company that has outgrown its basic bookkeeping system. In this case, QuickBooks Online provides a full-fledged accounting solution that not only tracks bills and invoices but also handles payroll, inventory, and extensive financial reporting. Its robust integrations and user-friendly interface allow multiple team members to collaborate efficiently, saving time and reducing administrative overhead.

These examples highlight how the decision between bill.com vs quickbooks can vary based on your business processes, transaction volumes, and the need for both dedicated A/P automation versus a holistic accounting solution.

Conclusion

Both Bill.com and QuickBooks Online offer strong advantages for managing your business’s financial processes. When comparing bill.com vs quickbooks, it is important to consider the unique requirements of your business. Do you need a specialized tool for automating accounts payable and receivable, or do you require a comprehensive accounting system that handles everything from invoicing to payroll and inventory management?

• If your focus is on reducing manual data entry in invoice processing, speeding up vendor approvals, and managing international payments with ease, Bill.com is an excellent choice.
• However, if you need a central, all-in-one financial system that also offers robust bill management and integrates with hundreds of third-party applications, QuickBooks Online is likely to be more suitable.

In many cases, businesses find that using both systems in tandem is the best solution, leveraging the automation capabilities of Bill.com alongside the comprehensive accounting features of QuickBooks Online. The decision ultimately comes down to your business priorities, existing workflows, and growth plans.

By weighing the key factors such as features, pricing, integrations, ease of use, and customer support, you can make an informed decision that will streamline your financial operations and set you up for long-term success.

Businesses that have addressed their challenges by integrating these solutions report saving time on bookkeeping, reducing human errors, and improving overall cash flow management. In today’s fast-paced environment, having a reliable and automated financial management system is not just an operational requirement—it’s a competitive advantage.

We hope this comprehensive guide on bill.com vs quickbooks has provided you with the insights needed to choose the right platform for your business. If you’re still undecided, consider signing up for free trials or demos from each service. This hands-on experience will further clarify which solution best aligns with your operational needs and growth aspirations.

Remember, the choice you make today will impact the efficiency, accuracy, and growth potential of your business’s financial management tomorrow. Happy accounting!

Whether you choose Bill.com, QuickBooks Online, or even both, the key is to adopt a system that simplifies your processes and reduces the burden of manual entry, allowing you to focus more on strategic decision-making and growing your business.