Financial Management

Leveraging for Streamlined Financial Operations in Startups

One of the most complex aspects of living day-to-day is handling finances. That’s why fintechs seem to saturate the tech ecosystem these days. Everyone needs a seamless system that helps them handle money without error.

Now, for startup owners, managing invoices and payments can be a real headache. You are dealing with vendors from different businesses and locations. Thankfully, B2B financial systems such as can make your financial operations run smoothly and efficiently.

This guide will show you how to get the most out of, including:

  • How Works: Understand the basics and benefits of using this platform.
  • Integration with Tools: Learn how to connect with popular accounting tools like QuickBooks.
  • Best Practices: Discover tips for setting up invoices, managing payments, generating reports, enhancing security, and more.

An overview of and its relevance to startups. offers cloud-based software to automate and streamline back-office financial operations for small and medium-sized businesses (SMBs). Founded in 2006 and headquartered in San Jose, California, provides tools for managing accounts payable, accounts receivable, and cash flow, with features like invoice automation, electronic payments, and real-time financial insights. The platform integrates seamlessly with popular accounting software such as QuickBooks and Xero, enhancing efficiency and accuracy in financial management.

Startups always need a hassle-free financial system, whether it’s for customer transactions, internal payroll management, or auditing and revenue management. caters to startups’ need to automate and manage accounts payable (AP) and accounts receivable (AR). This means it streamlines the processes of paying bills (AP), invoicing, and collecting payments from customers (AR) rather than directly handling payroll or customer payments.

Let’s do a breakdown; here’s how the system benefits startups: 

  1. Automation and Efficiency: Startups often operate with limited resources and must maximize efficiency.'s automation of invoicing, bill payments, and cash flow management reduces manual labor and minimizes errors, allowing startups to focus more on core business activities. It automated the accounts payable and accounts receivable process 
  2. International Payments: Facilitating payments in multiple currencies to vendors around the world.
  3. Cash Flow Management: Effective cash flow management is crucial for startups. provides real-time visibility and control over cash flow, helping startups manage their finances better and avoid cash shortages.
  4. Integration with Accounting Software:'s integration with widely-used accounting systems like QuickBooks and Xero ensures seamless data transfer and reconciliation, simplifying the financial management process.

And here’s why is the best option for you: 

  1. It's super scalable: Financial operations will become more complex as your startup grows.'s scalable platform can grow with the business, accommodating increasing transaction volumes and more sophisticated financial needs.
  2. You can access it from anywhere: is a cloud-based platform allowing startup teams to access and manage their financial operations from anywhere. It is particularly useful for remote or distributed teams.
  3. Top-notch technology and innovation: leverages AI to reduce manual data entry, improve accuracy, and streamline workflows. It offers a secure, scalable, and accessible platform that can be used from anywhere and also provides mobile apps for both iOS and Android devices, allowing users to manage their financial operations on the go. 
  4. is scaling on its own and growing fast: has demonstrated significant revenue growth, reflecting the increasing adoption of its services by SMBs. Since its IPO (in December 2019 on the New York Stock Exchange (NYSE) under the ticker symbol "BILL"), the company has seen its market valuation grow, indicating strong investor confidence in its business model and growth prospects. It has also made strategic acquisitions to enhance its product offerings and expand its market presence. For example, it acquired Divvy, a spend management platform, in 2021 to broaden its financial solutions. Now, you can circle back to the scalability benefit it brings to your startup, being able to grow with your business. 
  5. Partnership: Although it focuses primarily on small and medium-sized businesses, also serves accounting firms and financial institutions. It partners with several financial institutions and accounting firms to expand its reach and enhance its service offerings. So, if your startup is a fintech that offers accounting solutions, there’s a possibility of integration without rivalry, just as it accommodates platforms like Quickbooks and Xero. 

Security Measures implements several security measures to ensure the safety and confidentiality of its users' financial data. Here are the key security features:

  1. Data Encryption
  • Encryption in Transit and at Rest: uses advanced encryption protocols, such as TLS (Transport Layer Security) for data in transit and AES (Advanced Encryption Standard) for data at rest. This ensures that sensitive information is protected both when it is transmitted over the Internet and when it is stored on its servers.

  1. Secure Access Controls
  • Multi-Factor Authentication (MFA): requires users to verify their identity through multiple forms of authentication, enhancing protection against unauthorized access.
  • Role-Based Access Controls: Users are granted permissions based on their role within the organization, ensuring that only authorized personnel can access certain information and perform specific actions.

  1. Fraud Detection and Prevention
  • AI and Machine Learning: leverages AI and machine learning algorithms to detect unusual patterns and flag potentially fraudulent activities.
  • Audit Trails: Comprehensive audit logs are maintained to track all user activities, providing a clear record of who accessed or modified data and when.

  1. Secure Infrastructure
  • Data Centers: utilizes secure, geographically dispersed data centers with robust physical security measures and redundancy to ensure data protection and availability.
  • Regular Security Audits and Compliance: undergoes regular security audits and complies with industry standards and regulations such as SOC 2, ensuring their security practices meet rigorous standards.

  1. User Education and Support
  • Security Awareness: provides resources and guidance to help users understand best practices for maintaining security, such as recognizing phishing attempts and securing their accounts.
  • 24/7 Monitoring and Support: The system is continuously monitored for security threats, and round-the-clock support is provided to address any security concerns promptly.

  1. Incident Response
  • Rapid Response Protocols: has established protocols for quickly responding to and mitigating the effects of any security incidents or breaches, minimizing potential impact on users.

Why do you need (or any other financial management tool) as an early-stage startup? 

Efficient financial management is crucial in the early stages of a business for several key reasons:

  1. Cash Flow Management
  • Survival and Growth: Effective cash flow management ensures that the business has enough liquidity to cover operational expenses, pay employees, and invest in growth opportunities.
  • Avoiding Insolvency: Proper tracking of cash inflows and outflows helps prevent cash shortages, which can lead to insolvency and business failure.

  1. Cost Control
  • Budget Adherence: Efficient financial management helps businesses adhere to their budgets, minimize overspending, and ensure that funds are allocated effectively.
  • Identifying Waste: Regular financial reviews can identify areas where costs can be cut, improving overall profitability.

  1. Profitability Monitoring
  • Understanding Margins: Early-stage businesses must understand their profit margins to make informed pricing and operational decisions.
  • Performance Tracking: Regular financial analysis helps track performance against goals, allowing for timely adjustments.

  1. Investor Confidence
  • Attracting Investment: Investors look for businesses that demonstrate sound financial management. Clear, accurate financial records and forecasts are essential for attracting and retaining investment.
  • Building Trust: Efficient financial management builds trust with investors and stakeholders, showing that the business is being run responsibly.

  1. Strategic Planning
  • Informed Decision-Making: Financial data provides critical insights for strategic planning, helping businesses make informed decisions about expansions, product launches, and other significant moves.
  • Long-Term Viability: Proper financial management ensures resources are available for long-term growth and sustainability.

  1. Compliance and Reporting
  • Regulatory Compliance: Accurate financial management ensures compliance with tax laws and other regulatory requirements, avoiding legal issues and penalties.
  • Accurate Reporting: Reliable financial reporting is necessary for internal decision-making and external reporting to investors and regulatory bodies.

  1. Risk Management
  • Identifying Risks: Efficient financial management helps identify financial risks early, allowing the business to take preventive measures.
  • Mitigating Financial Risks: Businesses can mitigate the financial risks associated with market fluctuations and unexpected expenses by maintaining reserves and managing debt carefully.

  1. Operational Efficiency
  • Resource Allocation: Efficient financial management ensures that resources are allocated where they are most needed and will be most effective.
  • Scalability: As the business grows, efficient financial processes allow for smoother scaling of operations without significant disruptions.

Setting Up for Your Startup

Signing up for is straightforward. You can register directly on their website or through QuickBooks if you use their accounting software. Here are the main steps:

Step 1: Go to and click "Sign Up."

Step 2: Select “Account Type”: Choose whether to create an individual or business account.

Step 3: Enter Contact Information: Fill in your basic contact details, create a password, and agree to the terms of service.

Step 4: Choose a Subscription Plan: Select a plan based on your transaction volume and the number of additional users. A free 30-day trial is available.

Step 5: Connect a Bank Account: Link a bank account to enable payments. supports ACH transfers and paper checks.

Once your account is set up, you can add other users and start configuring your settings.

Integrating with Your Accounting Software is compatible with several popular accounting software platforms, facilitating seamless integration and efficient financial management. Here are some of the commonly compatible accounting software:

  1. QuickBooks Online and Desktop
  2. Xero
  3. NetSuite
  4. Sage Intacct
  5. Microsoft Dynamics GP

These integrations allow users to synchronize data between and their accounting systems, streamlining accounts payable and receivable processes and improving overall financial accuracy and efficiency.

Linking with your chosen accounting software

If you use QuickBooks or any of the accounting software online, or desktop, here’s how you can connect your account for seamless data synchronization:

  1. Access Integration Settings: In, navigate to Settings > Accounting Software and select QuickBooks.
  2. Authorize Access: Enter your QuickBooks login credentials to authorize data sharing between the two platforms.
  3. Select Data to Sync: Choose which lists and data points to sync, such as customers, vendors, items, invoices, bills, and payments.
  4. Automatic Updates: Once integrated, changes made in one system will automatically update in the other after syncing.

Integrating accounting software with financial management tools like offers several benefits for financial tracking:

  • Real-Time Data Synchronization: Keeps financial information current for accurate financial health assessment and informed decision-making.
  • Enhanced Accuracy: Reduces manual data entry, minimizing errors and ensuring consistent, reliable financial records.
  • Streamlined Processes: Automates tasks like invoice approval and payment processing, saving time and simplifying workflows.
  • Improved Cash Flow Management: Provides a comprehensive view of cash flows and ensures timely payments, aiding in effective cash management.
  • Comprehensive Reporting: Generates detailed, customizable financial reports for thorough analysis and insights.
  • Compliance and Audit Readiness: Maintains accurate records and detailed audit trails, facilitating regulatory compliance and simplifying audits.

Setting Up Payment Processing on

To effectively set up payment processing on, follow these detailed steps for both payables (outgoing payments) and receivables (incoming payments):

Step 1: Account Setup: Using the steps outlined in the section above, sign up for a account if you don’t already have one. Choose the plan that best suits your business needs.

Step 2: Connect Your Bank Account: Go to the “Settings” menu and select “Bank Accounts”.

Step 3: Add a New Bank Account: Click on “Add Bank Account” and enter your bank details. Follow the prompts to complete the verification process, which may involve confirming micro-deposits.

Step 4A: Set Up Payables (Outgoing Payments)

  • Go to the “Payables” tab and select “Vendors”: Add or import your vendor details, including payment terms and contact information. Choose your preferred payment methods for each vendor

Step 5: Set up an approval process to ensure payments are reviewed and authorized by the appropriate personnel before being sent.

Step 4B: Set Up Receivables (Incoming Payments)

  • Go to the “Receivables” tab and select “Customers”: Add or import customer details, including billing addresses and contact information. Customize your invoice templates under “Settings” > “Invoice Templates” (Read below for steps on how to customize and create an invoice template). 

Step 6: Enable the customer portal feature, allowing customers to view and pay invoices online. This can be done in the “Receivables” settings.

Step 7: Automate and Monitor Payments

  • Set up recurring invoices for regular customers to automate the billing process.
  • Configure automatic payment reminders to notify customers of upcoming or overdue payments.
  • Use your dashboard to monitor the status of both payables and receivables. You can see which invoices have been sent, viewed, and paid.

Note: Double-check all your settings, including bank accounts, payment methods, and customer/vendor information. Perform a test payment to ensure the system is working correctly and that funds are being transferred as expected.

Managing Customers on

To add a new customer contact

Step 1: Navigate to the Customers Section: Go to the “Receivables” tab.

Step 2: Select the customer name you are adding the contact to 

Step 3: Click on “ Add Contacts”.

Step 4: Enter the customer’s details, such as name, email, and billing address. Include any specific notes or terms for this customer.

Step 5: Set Payment Preferences: Define how you will receive payments from the customer (e.g., ACH transfer, credit card, check).

Step 6: Click “save”

To edit a contact

Step 1: Go to the “Customers”section in the navigation menu.

Step 2: Choose the customer whose contact you want to edit.

Step 3: Click on “Contacts”.

Step 4: Click the “more options “dots (⋮)” next to the contact you wish to edit.

Step 5: Select “Edit”.

Step 6: Update the contact details as needed.

Step 7: Click “Save”.

To delete a customer contact

Step 1: Select Customers in the navigation menu

Step 2: the customer the contact is being deleted from

Step 3: Select Contacts

Step 4: Select the more options dots ⋮

Step 5: Select Delete

Step 6: Select Yes to confirm

To restore a deleted customer contact

Step 1: Select Customers in the navigation menu

Step 2: Select the customer you are deleting the contact from

Step 3: Select “Contacts”

Step 4: Select the Active dropdown, select “Inactive or all”

Step 5: Select the more options “dots ⋮”for the contact to reactivate

Step 6: Select “Restore contact”

Tips for Maintaining Customer Records

  1. Use a single, centralized system to store all customer information to ensure data consistency and accessibility.

  1. Update customer records regularly to keep information current and accurate.

  1. Organize customers into categories based on criteria such as location, purchase history, or customer type for easier management and targeting.

  1. Ensure each customer profile includes all relevant details, such as contact information, transaction history, and preferences.

  1. Implement data validation checks to prevent entry errors and ensure the accuracy of information.

  1. Restrict access to customer records to authorized personnel only to maintain data security and privacy.

  1. Regularly back up your customer database to prevent data loss in case of system failures or other issues.

  1. Use customer relationship management (CRM) tools to automate and streamline the organization and updating of customer information.

  1. Keep logs of all interactions with customers, including emails, phone calls, and meetings, to maintain a comprehensive history.

Moreover, it’s important that you keep and ensure accurate data. Accurate data does these for your business: 

  • Ensures reliable and consistent information.
  • Reduces the need for corrections and enhances productivity.
  • Prevents costly errors in financial records.
  • Improves service and builds trust.
  • Meets regulatory requirements and standards.
  • Provides a reliable basis for informed decisions.
  • Minimizes the risk of data breaches and fraud. 
  • Optimizes the use of resources and prevents wastage.

Setting Up and Customizing Invoice Templates on

Step 1: Go to the “Settings” menu, typically found by clicking on your profile or the gear icon.

Step 2: Under the “Receivables” section, select “Invoice Templates”.

Step 3: Click on “Add New Template” to start creating your customized invoice template.

Step 4: Select a base layout that fits your business needs from the available options.

Step 5: Upload your company logo to personalize the invoice. This is usually done by clicking on the logo placeholder or an upload button.

Step 6: Enter your business details, such as company name, address, phone number, and email address. Ensure this information is accurate and up-to-date.

Step 7: Customize the fields you want to include on your invoice, such as:

  • Invoice number
  • Invoice date
  • Due date
  • Itemized list of products/services
  • Quantity and price
  • Tax rates
  • Total amount due

Step 8: Specify your payment terms, such as net 30, net 60, or any custom terms you offer.

Step 9: Include any additional notes or terms and conditions relevant to the invoice, such as late payment fees or discount details.

Step 10: Customize the message that appears on the invoice, such as a thank you note or payment instructions.

Step 11: Choose a color scheme or theme that matches your brand's aesthetic.

Step 12: Preview the invoice template to ensure all elements look correct and align with your branding.

Step 13: Once satisfied with the customization, click **Save** to store your new template.

Step 14: If you want this template to be used for all future invoices, set it as the default template.

Using Your Customized Invoice Template

Step 1: Go to the **Receivables** section and select “Invoices”.

Step 2: When creating a new invoice, choose your customized template from the template dropdown menu.

Step 3: Fill in the required details, such as customer information, items/services provided, and amounts.

Step 4: Review the completed invoice and send it to your customer via email or generate a PDF for manual delivery.

Best Practices for Sending Invoices to Customers

  • Invoice Immediately: Send invoices as soon as the work is completed or the product is delivered to ensure timely payment.
  • Set Clear Payment Terms: Clearly state payment due dates and terms on the invoice to avoid confusion and delays.
  • Consistent Branding: Ensure your invoices include your company logo and branding for a professional appearance.
  • Simple Format and Presentation: Use a clean and easy-to-read layout, with all necessary information clearly labeled. Break down the services or products provided, including descriptions, quantities, and prices. Highlight the total amount due, including taxes and any applicable discounts.
  • Specify Payment Methods: Offer various payment methods (e.g., credit card, ACH transfer, PayPal) to make it convenient for customers to pay. Provide clear instructions for each payment method, including any necessary account details.
  • Automate Where Possible: Use automated invoicing for regular customers to save time and ensure consistency. Set up automated payment reminders for overdue invoices to prompt customers without manual follow-up.
  • Customer Message: Add a personalized message or thank-you note to show appreciation and strengthen customer relationships. Send a friendly follow-up email to confirm receipt of the invoice and address any questions the customer might have
  • Ensure Accuracy: Review the invoice for accuracy, including customer details, amounts, and terms, before sending. Keep customer records up-to-date to avoid errors and ensure invoices reach the correct recipient.
  • Monitor and Track Invoices: Use an invoicing system that allows you to track the status of sent invoices (e.g., viewed, paid, overdue). Regularly review invoicing reports to identify patterns, track outstanding payments, and manage cash flow.
  • Maintain a professional tone in all communication, including follow-up emails for overdue payments. Address any disputes or issues raised by customers quickly and professionally to maintain good relationships.

Payment Options Available Through offers a variety of payment options to facilitate seamless and efficient transactions for both payables (outgoing payments) and receivables (incoming payments). 

  1. For Receivables (Incoming Payments):
  • Automated Clearing House (ACH) Transfers: ACH transfers allow customers to pay directly from their bank account to yours. They are typically low-cost, secure, and faster processing compared to checks.
  • Credit and Debit Cards: Customers can pay invoices using major credit and debit cards. They are convenient for customers who prefer to use cards, and payments are processed quickly.
  • eChecks: Electronic checks are a digital version of traditional paper checks, but they are faster in processing and less hassle than handling physical checks
  • PayPal: Customers can pay using their PayPal account as it offers a widely used and trusted payment method, especially for online transactions.
  • International Payments: allows you to accept payments from international customers through cross-border ACH or wire transfers.


  1. For Payables (Outgoing Payment
  • ACH Transfers: Send payments directly to your vendors’ bank accounts. It’s cost-effective and secure, with faster settlement times than checks.
  • Paper Checks: can issue and mail paper checks to your vendors on your behalf.
  • International Payments: Pay international vendors through wire transfers or cross-border ACH. It supports global business operations by allowing payments in different currencies.
  • Virtual Cards: Generate one-time-use virtual credit card numbers to pay vendors. Enhances security and can offer cashback or rewards.

Leveraging Reporting and Analytics on

Using's reporting and analytics features can greatly enhance your financial management by providing valuable insights into your business's financial health. First, you have to know the key reports you have acess to.

Key Reports Available in

  1. Accounts Payable Aging Report: Shows outstanding bills and how long they have been unpaid.
  • Usage: Helps identify overdue bills and manage cash flow by highlighting which payments need to be prioritized.
  • Action: Negotiate with vendors for extended terms if necessary, and ensure timely payments to maintain good vendor relationships.

  1. Accounts Receivable Aging Report: Lists outstanding invoices and their aging.
  • Usage: Spot overdue customer invoices and analyze the aging pattern to identify slow-paying customers.
  • Action: Implement stricter credit controls or follow up more aggressively with overdue accounts to improve cash inflow.

  1. Cash Forecast Report: Projects future cash flow based on current receivables and payables.
  • Usage: Understand projected cash flow trends and anticipate future cash positions.
  • Action: Make informed decisions on investments, expense management, and loan requirements to ensure liquidity.

  1. Payment Status Report: Provides a summary of all payments made, including their status (e.g., pending, completed).
  • Usage: Monitor the status of outgoing payments to ensure they are processed on time.
  • Action: Address any delays or issues in the payment process to maintain good vendor relationships and avoid late fees.

  1. Invoice Status Report: Tracks the status of invoices sent to customers.
  • Usage: Track the lifecycle of invoices from issuance to payment.
  • Action: Follow up on unpaid invoices, resend invoices if necessary, and use the data to optimize your billing cycle.

  1. Expense Report: Summarizes expenses incurred over a specified period.
  • Usage: Review overall spending and identify patterns or areas where expenses are higher than expected.
  • Action: Adjust budgets, implement cost-saving measures, and optimize spending to improve profitability.

Tips for Using Financial Reports Effectively

  • Schedule regular reviews of these reports to stay on top of your financial health.
  • Use historical data to set benchmarks and track performance against these benchmarks.
  • Look for patterns and trends in the reports to make proactive decisions.
  • Share relevant reports with key stakeholders to ensure informed decision-making across the organization.
  • Set up automated alerts for critical metrics, such as overdue invoices or low cash flow, to take timely action.

FAQs (Frequently Asked Questions)

  1. How can I cancel my Account?


  1. Log In to Your Account
  2. Go to the “Settings” page.
  3. Under “Your Account with Us”, open the drop-down menu and select “Billing”. 


Note: If you are an Account Administrator but do not see the “Billing” option, complete the “Cancellation Request Form” to initiate the account cancellation process.

  1. On the “Billing” page, find and select the option to “Cancel Service”.

  1. You will be prompted to provide a reason for cancellation from a drop-down menu. Choose the option that best describes why you want to close your account. 


  1. Follow the instructions to finalize the cancellation. Your account will be closed at the end of your current billing cycle, and you will retain access until then without incurring further charges.

  1. How can I reconcile a clearing account?


  1. Collect your bank statements, transaction lists, and the clearing account transactions from your accounting software for the reconciliation period.

  1. Export and review transactions, noting details like dates, amounts, and vendor/customer names.

  1. Compare and match transactions with corresponding entries in your bank statements and accounting software.

  1. Ensure all transactions are accurately recorded in your accounting software, correcting any discrepancies.

  1. Ensure the clearing account balance is zero by verifying all transactions and making necessary journal entries.

  1. Mark each matched transaction as cleared in your accounting software, resolve any outstanding items, and confirm the clearing account balance is accurate.

  1. Double-check the reconciliation, ensure accuracy, and save your reconciliation report along with supporting documents.

  1. How can I delete an invoice on 


  1. Ensure that the invoice is unpaid. This is the only way it gets deleted.
  2. Select Invoices in the navigation menu
  3. Select the invoice number
  4. Select Delete
  5. Select Yes, delete to confirm

Note: For auditing purposes, deactivated invoices cannot be completely removed from your account.


In summary, using for your business ensures: 

  1. Streamlined Processes
  2. Improved Cash Flow Management
  3. Enhanced Security
  4. Integration is well-positioned to benefit from the ongoing digital transformation of financial operations in SMBs. With its focus on automation, efficiency, and integration, the company aims to continue expanding its customer base and enhancing its product offerings to meet the evolving needs of businesses.

Essentially, it’s a scalable platform, and would be a safe financial system for your business in the long run. 

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