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How does Bill Pay USA know the amounts to be paid?
What is the Client Summary for?
How does everything get paid?
How do I know my money is safe?
Whom can vendors call with payment-related questions?
What are some of the benefits of using Bill Pay USA?
What do you mean by "outsource service"?
What specific reports can you provide my company?
How does the networking link function and what benefits does it provide?
What do you mean by "payroll integration"?
Are there any additional services Bill Pay USA can provide?
Why does my company need Bill Pay USA over my own staff?
How can you handle my company's inventory?
What if I have a COD or need an emergency check?
Where is my documentation kept?
What is the Accounting Guarantee?
How does Bill Pay USA know the amounts to be paid?
You send us your approved purchase orders, work orders, receiving documents, and invoices via mail, fax, or e-mail. We check the approvals against signature cards. Then we total up the invoices and send you a Client Summary for your review. The amounts to be paid are thus verified twice, by you and us.
As our relationship grows, we may accept phone authorizations. Any phone authorization will immediately be confirmed by fax.
What is the Client Summary for?
The Client Summary lists payee names and amounts, total amount, and aged due date to be disbursed. The customer uses it to check the validity and amount of the items to be disbursed, and to review and question specific items. The information is also used to consider cash flow and funding.
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How does everything get paid?
Once you confirm your disbursement, we make the payments directly from your authorized account. (For more on disbursement accounts, see the next question, "How do I know my money is safe?")
Disbursements are made on a scheduled date or whenever needed, based on the disbursements outstanding and your company policy.
If there are any cash flow or receivable considerations we can assist you in developing a company policy regarding aged payables
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How do I know my money is safe?
Your money is kept safe in an AP disbursement account.
You can set up a new AP disbursement account at your bank and fund it from your present operating account. You would only need to release funds in amounts sufficient to cover the payments in question. Or you could let us work directly from your operating account.
Alternately, if you prefer, we will set up a separate disbursement account for you through our control account with Citibank. Your funds will be segregated from those of other Bill Pay USA customers.
Each customer's money is held safely in their individual account. All disbursements are made only from these dedicated accounts.
We will provide you with a copy of all check runs on a regular basis that you can also use for fact checking.
Note that as your disbursement account is held in a bank, it is automatically FDIC-insured up to $100,000.
In addition, we are run by an established CPA professional firm and are accustomed to handling confidential client information. We have a vested interest in seeing your business prosper.
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Whom can vendors call with payment-related questions?
They should call us. Our phone number is printed on the payment advice that accompanies your checks. We keep a copy of every check and its documentation.
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What are some of the benefits of using Bill Pay USA?
You gain the ability to run your business with the knowledge that a smoothly run accounts payable operation is going to help you in the short and long term.
We give you relief from the daily ins and outs of bookkeeping and accounts payable. The information we furnish you is ready for financial statements, general ledger, budgets, and preparation of income taxes.
By working with you to provide segregation of controls we help bring your business greater financial freedom and security.
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What do you mean by "outsource service?"
You get results without using your personnel, space and equipment. We work as an extension of your company by maintaining the service at our office where your money and documents are given personal attention.
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What specific reports can you provide my company?
Assuming a client only needs hard copy, the basic reports would include:
A general journal payables distribution entry
A cash disbursement journal
An accounts payable detail balance
If we are able to form a networking link with your current enterprise system, we can provide extensive reports. We will work with you to determine what additional reports are necessary given your company's financial position and information needs.
Many small businesses rely on cash accounts and financials tend to be somewhat confusing. In such a case we can, for example, help you monitor your cash balances and summarize the information for tax purposes.
If required, Bill Pay USA can also maintain your full accounting system. Circumstances vary depending on the customer. We strongly believe that financials are an integral part of a growing business. We can supply you with appropriate information and help you interpret it.
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How does the networking link function and what benefits does it provide?
The link is set up one of two ways. The simpler way is for you to use Peachtree or Quickbooks Online versions and give us password-controlled access to it. The other way is to set us up as a remote workstation directly connected to your system, with security ensured through both password and hardware authentication.
Networking enables both our companies to have quick and easy access to information and reports. It eliminates the need for a cash disbursement entry, which would originate from your system. And helping you with inventory, invoicing, or accounts receivable reconciliation becomes far simpler.
An important part of our service is helping you maintain checks and balances, in appearance and in fact. With us managing your payment function, it will be clearly segregated from your ordering function, which in turn will be separate from a possible third function that receives goods or approves work orders and services.
We generally request access just to your general ledger and accounts payable. We do not need access to purchases, sales, inventory, or payroll, unless specifically requested. As an accounting firm, we look forward to making your financial data presentable for management reports and tax purposes.
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What do you mean by "payroll integration?"
We prepare your accounting for payroll through either your payroll department but generally recommend an outside processor such as Automatic Data Processing Company [ADP]. We can review your account at ease from our office while you maintain the task of calling in the hours and other payroll and distributing the pay checks.
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Are there any additional services Bill Pay USA can provide?
We can assist you in reconciling applicable cash accounts. Further general ledger services are available and may be referred to our Strictly Accounting CPA partners.
At present, our services exclude collection of funds from your customers and processing payroll. However, we are familiar with these transactions and can help you account for them.
As your business grows, you will find that rather than limit us to the AP function, it would be beneficial to simply have us work directly with your entire accounting and bookkeeping process. Our degree of involvement will vary depending on your location and proximity to us.
Click on Org Chart to see a model of how we work with a typical client's Finance and Accounting functions.
Your total savings from using our outsource service will enable you to obtain higher level accounting services - such as an independent review report - that benefit your company.
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Why does my company need Bill Pay USA over my own staff?
While your own staff handles other accounting functions, we step in and take care of your accounts payable. We save you time, energy, and personnel costs. Our resources provide a simplified and intelligent method of business operation at economical cost.
By assuming your labor-intensive AP tasks, we help your company operate more efficiently. And with our simplified reports, you get great analysis that can be used to budget future savings.
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How can you handle my company's inventory?
Whether your company maintains a manufacturing process, perpetual, or periodic inventory, we can determine its proper accounting treatment. We are familiar with job or process cost systems.
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What if I have a COD or need an emergency check?
You would certainly still be able to write a check directly from one of your company's accounts. We are not taking over exclusive rights to company disbursements.
It is not necessary to have funds in your disbursement account beyond the amount required to pay your current invoices. In fact, we prefer that you don't. If you wish, you could leave a nominal amount to cover emergencies. We can consult with you on such matters, as necessary.
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Where is my documentation kept?
Your records are safe with us. You can review them or have them returned at your convenience. We recommend returning the documents in time for preparation of the company's overall accounting and taxes.
We maintain a full duplicate set of accounting records for all invoices. After seven years the records are returned or shredded with the exclusion of certain documents that remain part of a permanent file.
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What is the Accounting Guarantee?
We guarantee that you and your accountant/tax preparer will be completely satisfied with the documentation and audit trail!
We have CPAs and accounts payable specialists on staff to assist you with any questions. We do not provide an opinion on or review your financial statements as that is outside the scope of Bill Pay USA. However, we can prepare your financial statements.
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