Ever since PC spreadsheets were invented, businesses have used them in a host of applications, including financial planning and cash management. While certainly an improvement over paper-based systems, spreadsheets suffer,however, from one major drawback. They are static: they do not keep pace with changing real-world scenarios. So is there a computerized planning tool that makes real-time changes as cash comes in or goes out of a company’s accounts? Yes, CashView Command ControlTM from Bill.com, for one.
Bill.com has already been using its cloud services platform to streamline bill pay processes for companies. Its latest offering means it has a trilogy of services to tempt customers: accounts payable (AP), accounts receivable (AR), and now a cash management, too. Bill.com’s CashView, announced in February 2012, lets companies see what is happening today, rather than what happened yesterday (conventional accounting software), or what might happen sometime in the future (budgeting software).
In the same way that Bill.com’s AP and AR solutions synchronize information from different systems, CashView leverages these two solutions to integrate bank info, books and business. The result is forecasting capability in real-time with increased control and precision; something that spreadsheet methods typically cannot handle.
As Bill.com’s CEO René Lacerte points out, “For most businesses, actuals are usually probables… when you’re dealing with forecasting, it’s simply not enough to take dates as they are and project them out as they quite often don’t reflect reality.” Bill.com’s CashView automatically updates the cash situation, as soon as payments enter or leave the company’s bank account. This in turn means that companies can be confident in making better financial decisions with less guesswork.
Besides linking to the principal sources of financial information such as the user’s accounting system, CashView lets users drill down into bills, invoices, contracts and notes. Users get the advantage of complete control and insight into their financial systems and the assurance of making the right transaction at the right moment. What-if scenarios are also part of the package. CashView provides one step charts and tables to immediately show the results of moving bills and invoices in and out, or of adding new data sources to the Bill.com system.
Among accounting systems for the small business customer, Bill.com’s closest rival in cash management is perhaps Xero’s online accounting software, which also offers automatic bank feeds for up to date information. For other small business accounting packages without these live cash management updates, the aim of Bill.com’s CashView is to cohabit rather than compete. By integrating with systems such as QuickBooks, it avoids the need for intensive data (re)entry; an approach that should allow Bill.com to leverage a 100,000 existing user base and also attract new customers for its CashView Command Control service.