The Summary
As a business owner, Mike’s greatest financial challenge arose when contractors or larger accounts didn’t pay on time. It meant having to borrow money to keep SAFE Solutions in the black. “Relying on short-term loans while waiting for past-due receivables was negatively impacting our purchasing power and net profit,” Mike said.
And, because SAFE Solutions was on a cash-only basis with every vendor, they had to contact their accountant to check their balance before making payments.
So far, Mike’s favorite BILL Spend & Expense feature is the ability to create virtual cards with unique account numbers for each vendor. He can set a spending limit for each card based on the invoice or monthly payment amount, which means greater financial control—and not having to call every vendor when a credit card or bank account number changes.
