Brianna Blaney

Bill.com Competition & Alternatives

Selecting the AP Automation solution that fits your business’ needs is an important choice, especially for growing teams that need a solution that can scale with their business. Your business may also need specific features such as international payment capabilities, Multi-FX Multi-Entity, or tax and regulatory compliance. Evaluate these feature differences to help guide your decision.

Iban vs Swift

IBAN vs. SWIFT codes are both internationally recognized for identifying bank accounts when a transfer is being made. The specific identifier required depends on the countries involved, as well as the recipient’s bank.

Payoneer vs PayPal

When it comes to making global payments, you need a financial services company that will meet the organization’s needs. Here we compare Payoneer vs PayPal and consider which one of these payment options might work best for you.

Fintech Stats

There are a lot of general arguments to make for the fintech market and working this into your business model. When it comes to market share and data analysis, the numbers always come out on top.

Accounts Receivable

The term “account receivable” is when a business allows a customer to take immediate possession of a product/service, in return for a promise to pay.

ACH – Automated Clearing House

ACH is short for the Automated Clearing House and is run by the National Automated Clearing House Association (NACHA). It’s a system that facilitates electronic payments in the United States using EFTs (electronic funds transfers).

Swift Code

A SWIFT code is a standard format used when making international transfers between banks and financial institutions. It identifies the branch, bank, and country an account is registered in and communicates the who, what, and where, through BIC (Bank Identifier Codes).

Quote vs Invoice

If you are comparing a quote to an invoice, a lot of the information will be the same. The timing is typically the only thing that differs. Both documents are legally binding with the same agenda—to bring money in the door.

Accounts Receivable Turnover

The accounts receivable turnover ratio is a simple metric that is used to measure how effective a business is at collecting debt and extending credit. It is calculated by dividing net credit sales by average accounts receivable. The higher the ratio, the better the business is at managing customer credit.

How Does PayPal Work?

PayPal works as an intermediary between you and a bank. A user adds a bank account or credit/debit card to the PayPal system and whenever they’re making an online payment, they can select which account to debit. All transactions are processed through PayPal, instead of your bank.

Procurement Process

The beginning of the procure-to-pay accounting process starts with planning. Here are the ten most common stages of the procurement process:

Accounts Receivable Process

The accounts receivable process refers to the collection, management, and monitoring of all outstanding invoices a company has from extending credit to customers. It delivers cash to a business, strengthens consumer relationships, streamlines the supply chain, and leverages growth.

Routing vs Account Number

There are many scenarios in which you may need to provide a bank routing number and account number, so it’s important to have this information on hand. The most common method people use to find these numbers is on their paper checks.

Digital Wallet

The global online shopping market is set to hit 4 trillion in 2020. Consumers need a quick way to transact. Using a debit card for online payment is one way, but have you ever considered an e-wallet?

Accounts Receivable Cycle

The full cycle of accounts receivable starts at the sale and delivery of a product and/or service to a customer. It ends when that customer is invoiced and pays the amount owed. Everything in between is important in the process of ensuring you get paid, on time, with a healthy inflow of cash.

Disbursement vs Reimbursement

In general, the difference between a payment and disbursement is that one is the instance or process of disbursing while the other is the act of paying. From the VAT point of view, the two systems are significantly different. That’s because payments are subject to VAT, while disbursements are not.

Small Business Accounting Software

Small business accounting software helps an AP department reduce the time spent on manual data entry through integration and automation technologies. A business syncs bank accounts, credit cards, and other third-party apps with the software. The data is then processed according to custom settings.

Outward Remittance

An outward remittance (aka wire transfer outward remittance) is the process of transferring money (in the form of foreign exchange) from a worker or business, to another country. Incredibly, money transferred this way is now on par with the amount given in financial aid to some countries.

Procurement vs Purchasing

Procurement is all about long-term goals that contribute to achieving strategic outcomes and competitive advantage. Purchasing has short-term goals. The purpose of purchasing is to arrange business spending and acquire a specific resource.

Freelancer Payments

How does the onboarding of freelancers affect your accounts payable workflow? Paying a freelancer is essentially making a supplier payment.

Full Cycle Accounts Payable Process

As the name implies, this is the complete cycle an accounts payable department goes through to finish the job. Many articles surrounding this topic will only mention the end stages of the process, but the entire cycle actually begins when searching for something to buy.

Order to Cash Process

The order-to-cash process (also called O2C or OTC) refers to the entirety of a company’s ordering system. It starts the moment a customer places an order and ends when an invoice is paid and settled.

International Wire Transfer

An international wire transfer is a service offered by almost every bank. It’s a transaction that allows you to send a certain amount of money from your bank account to a recipient’s bank account, anywhere else in the world. If you plan on using your bank to send an international transfer, it’s important to understand what SWIFT is and how it works.

Bank Reconciliation Steps

Bank reconciliation accounting is performed by the accounts payable department. It’s a means of comparing bank statements against a company’s personal records to spot any discrepancies, mistakes, cash manipulations, or fraudulent charges.