Entrepreneur's Resolution: Going Paperless

Jan 1 2014, 12:05pm CST | by

Entrepreneur's Resolution: Going Paperless
Photo Credit: Forbes Business

If you haven’t already come up with a New Year’s resolution for your business, you might want to think about the following: going paperless.

It will definitely save you time and money. But more importantly, you can focus more attention on getting customers.

Sounds good, right?  It certainly does.

So to get some insight on making a business paperless, I reached out to René Lacerte, who is the CEO and founder of Bill.com. Prior to this, he sold PayCycle to Intuit and then ran the firm’s bill presentment operation.

All this experience proved invaluable for building Bill.com. Keep in mind that the company recently raised $38 million from investors like Scale Venture Partners, Bank of America, American Express, Fifth Third Bank, CheckFree founder Pete Kight and Commerce Ventures.

“For a business owner,” said René, “a transaction is the tip of the iceberg. Below is all the process, such as contracts, the history of invoices and so on. This is where much of the paper comes from.”

And yes, Bill.com helps to solve the problem.  As should be no surprise, it is super easy to set up. First you integrate the service with your accounting package, such as Intuit’s QuickBooks or Xero. This will automatically include your vendors and other accounts. Then you connect Bill.com to your bank account, which streamlines the payments. All this should take less than an hour.

Now, whenever you have a transaction, you can scan it – say via a smartphone – and email the bill to a unique Bill.com address or a fax number. The system will create a full profile for each transaction — including access to the contracts — which then updates your accounting system. In other words, you will have no need for your filing cabinets!

Yet René thinks a business owner needs to consider something else — that is, the workflow. “The big mistake is to just pay your bills as they come. But to have a truly efficient system you need to think about the process and how you can better manage your transactions. Should you have bill reviews? Dual signatures? It does not take long to come up with a workflow but it will definitely improve your business.”

Tom Taulli (@ttaulli) operates MasterCFO, which helps early-stage companies with accounting, payroll and taxes.

Source: Forbes Business

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

4 Steps To Reaching Your Money Goals -- Faster!
By Stella Grizont This post originally appeared on LearnVest. I don’t know about you, but when it comes to managing my finances, I can often come up with a whole list of things I’d much rather do … including cleaning...
 
 
Apple's Analysts Almost Universally Positive On The March Quarter Results
Apple’s shares are up over $40 today driven by its very solid March quarter results and better than expected guidance for the June quarter. I have summarized over a dozen sell-side notes below and many analysts have...
 
 
Can China Lead? Highlights And Thoughts From Harvard China Forum
This past weekend I went back to my alma mater to attend the annual Harvard China Forum, where a handful of the organizers are my personal acquaintances. With 1,200 attendees and a $100,000 budget, it is perhaps the...
 
 
A Secret Of Customer Service Training You Can Learn In The Shower (Or At The Ritz-Carlton)
I remember one time when my hair got really, really dirty–I’d been at camp. When finally under the blissful flow of the shower head, my temptation was to wash my hair eight or nine times in a row. Which didn’t really do...
 
 
 

Latest from the Network

4 Steps To Reaching Your Money Goals -- Faster!
By Stella Grizont This post originally appeared on LearnVest. I don’t know about you, but when it comes to managing my finances, I can often come up with a whole list of things I’d much rather do … including cleaning...
Read more on Business Balla
 
Apple's Analysts Almost Universally Positive On The March Quarter Results
Apple’s shares are up over $40 today driven by its very solid March quarter results and better than expected guidance for the June quarter. I have summarized over a dozen sell-side notes below and many analysts have...
Read more on Business Balla
 
Can China Lead? Highlights And Thoughts From Harvard China Forum
This past weekend I went back to my alma mater to attend the annual Harvard China Forum, where a handful of the organizers are my personal acquaintances. With 1,200 attendees and a $100,000 budget, it is perhaps the...
Read more on Business Balla
 
A Secret Of Customer Service Training You Can Learn In The Shower (Or At The Ritz-Carlton)
I remember one time when my hair got really, really dirty–I’d been at camp. When finally under the blissful flow of the shower head, my temptation was to wash my hair eight or nine times in a row. Which didn’t really do...
Read more on Business Balla
 
Apple Reportedly Releasing Upgraded Versions of 11-Inch and 13-Inch MacBook Airs Next Week
Apple might be releasing two new devices within a few days, as a new report claims that the updated model of 11-inch and 13-inch MacBook Airs are coming out in the upcoming week.Accprding to Apple Insider, the report...
Read more on Apple Balla
 
Apple's Sales Figures Prove A Sad Fact: There's Still No PC As Desirable As A Mac
Mac sales make up just a tenth of Apple's revenue, but they’ve received a significant amount of attention following the company’s quarterly report yesterday, both from analysts and from the CEO Tim Cook himself. Cook’s...
Read more on Apple Balla
 
Apple's Analysts Almost Universally Positive On The March Quarter Results
Apple’s shares are up over $40 today driven by its very solid March quarter results and better than expected guidance for the June quarter. I have summarized over a dozen sell-side notes below and many analysts have...
Read more on Apple Balla
 
Odyne Systems, LLC Partners with Allison Transmission’s Midwest Distributor, Inland Power, to Deliver on $45.4 Million Contract
Waukesha, WI, April 24, 2014 --(PR.com)-- Odyne Systems of Waukesha and Inland Power Group of Butler, Wisconsin have teamed up to deliver on a $45.4 million contract from the Department of Energy, administered through...
Read more on Politics Balla
 
Odyne Systems, LLC Partners with Allison Transmission’s Midwest Distributor, Inland Power, to Deliver on $45.4 Million Contract
Waukesha, WI, April 24, 2014 --(PR.com)-- Odyne Systems of Waukesha and Inland Power Group of Butler, Wisconsin have teamed up to deliver on a $45.4 million contract from the Department of Energy, administered through...
Read more on Business Balla
 
Cleared Of Fraud Against SMEs, RBS Eases Rules For Distressed Businesses
Last week, The Royal Bank of Scotland Group was cleared by law firm Clifford Chance over allegations that the U.K.-based banking group deliberately put failing small and medium enterprise customers out of business to...
Read more on Business Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla