3/18/15 RootWorks.com The Bill Pay Process Leah Reid Education Team

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

Where Bill Payment Fits RootWorks.com QBO &

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

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

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

Bill.com RootWorks.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

Bill.com & SmartVault Decision Tree RootWorks.com Is additional approval required? Pay more than 30 bills/month YesYesNoNo Bill.comBill.com Is additional approval required? SmartVaultSmartVault NoNoYesYes Yes or No StartStart

RootWorks.com SmartVault Workflow QB Desktop Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to SV InboxUploads scanned document(s) to SV Inbox Accounting Firm: Bookkeeper Attaches scanned document to bill*Attaches scanned document to bill* Selects ‘Pay Online’Selects ‘Pay Online’ Schedules PaymentSchedules Payment Accounting Firm: Client Manager Reconciles bank recReconciles bank rec Produces financialsProduces financials Paper Check Printing QuickBooks Desktop Bill Payment & Online Banking* Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to SV InboxUploads scanned document(s) to SV Inbox Accounting Firm: Bookkeeper Attaches scanned document to billAttaches scanned document to bill Prints checkPrints check Stuffs envelope, mails paymentStuffs envelope, mails payment Accounting Firm: Client Manager Reconciles bank recReconciles bank rec Produces financialsProduces financials

Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to SV InboxUploads scanned document(s) to SV Inbox Accounting Firm: Bookkeeper Attaches scanned document to billAttaches scanned document to bill Prints paper checkPrints paper check Accounting Firm: Client Manager Reconciles bank recReconciles bank rec Produces financialsProduces financials Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to SV InboxUploads scanned document(s) to SV Inbox Accounting Firm: Bookkeeper Attaches documents to downloaded transactionsAttaches documents to downloaded transactions Accounting Firm: Client Manager Reconciles bank recReconciles bank rec Produces financialsProduces financials RootWorks.com SmartVault Workflow QBO Paper Check Printing Online Banking *QuickBooks Bill Pay is currently not available in QBO

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

SmartVault: Quick Overview RootWorks.com

Client Office: Secretary Scans BillsScans Bills Uploads/ s scanned document(s) to Bill.com InboxUploads/ s scanned document(s) to Bill.com Inbox Accounting Firm: Bookkeeper Attaches scanned document, codes GL accounts to billAttaches scanned document, codes GL accounts to bill Schedules bill for paymentSchedules bill for payment Manual or automatic ‘Sync’Manual or automatic ‘Sync’ Accounting Firm: Client Manager Reconciles bank accountReconciles bank account Produces financialsProduces financials Client Office: Secretary Scans BillsScans Bills Uploads scanned document(s) to SV InboxUploads scanned document(s) to SV Inbox Accounting Firm: Bookkeeper Attaches scanned document, codes GL accounts to billAttaches scanned document, codes GL accounts to bill Bill automatically routed to client for approvalBill automatically routed to client for approval Manual or automatic‘Sync’Manual or automatic‘Sync’ Client Office: Owner/Admin Approves pending bills to be paidApproves pending bills to be paid Once approved, bills automatically routed to be scheduled for paymentOnce approved, bills automatically routed to be scheduled for payment Accounting Firm: Client Manager Reconciles bank accountReconciles bank account Produces financialsProduces financials RootWorks.com Bill.com Workflow QB Desktop & QBO Process with Client Approver Standard Process *Bill.com & QBO automatically sync daily

Bill.com: Process Overview RootWorks.com

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

Questions? RootWorks.com