Melio vs Bill.com: A Comparison Guide for Small Businesses

Introduction

As a small business owner, you have a lot on your plate. From managing your finances to servicing your clients, there are countless tasks to juggle on a daily basis.

Having said that, one important aspect of running your small business that cannot be overlooked is choosing the right payment and invoicing software. The right choice will streamline your financial processes and make your life easier.

With so many options available, it can be tough to decide which platform is the best fit for your business and which one is trusted by others in your industry. That's where Melio and Bill.com come in.

These two platforms are popular choices among small business owners, but they have key differences that make them better suited to some businesses over others. In this article, we'll take a look at the features, benefits, and drawbacks of each platform to help you make an informed decision.

An Overview of Melio and Bill

Melio

Based in New York, Melio believes that by enabling more payment choices and simplifying the way businesses interact with one another, they can level the B2B commerce playing field and keep small businesses in business.

With this in mind, they created a digital B2B payment platform that not only saves time but also improves cash flow. With Melio, you can choose exactly how you pay and get paid. Melio has a growing community of small businesses that spend more time on their customers and less time on their accounting functions.

Bill.com

Bill.com's mission is to make it simple to connect and do business. They have made paper-based manual translation processing obsolete by transforming how their customers manage their cash flow. Their objective is to free up their customers to run their businesses.

They help companies to streamline their financial workflow, generate invoices and approve them online. BILL has a leadership team with top-notch skills in automation and financial processes and uses this expertise to benefit its customers. 400,000 businesses use BILL to help automate their financial operations.

Feature Comparison at a Glance

Detailed Comparison of Key Features

1. Automation of Data Entry

Melio: Makes it possible to upload bills and invoices by taking a photo and creating a PDF or JPEG. Vendors can email invoices directly to your Melio address. The bill is automatically read by AI technology and payment is scheduled for your approval.

Bill.com: Artificial intelligence automatically captures and enters invoice information and sends it for review. They have a special focus on automation, with powerful AI and machine learning capabilities.

2. Dashboard

Melio: Provides an intuitive and easy-to-navigate interface. From the dashboard, you can manage all your financial information, saving time and decreasing mental effort.

Bill.com: Allows you to see pending approvals, sent invoices, and payment activity at a glance, increasing control over the accounting function.

3. Payable Features

Both platforms offer robust accounts payable features that integrate with current software and automate tasks.

Melio Features:

• Photo capture of bills/invoices
• Sync with accounting software
• Multiple payment methods
• Pay multiple bills together
• Split bills into multiple payments
• Cross-border payments
• User roles and permissions

Bill.com Process:

1. Capture using automated processes
2. Approve online with workflow
3. Pay using multiple payment methods
4. Sync with current systems

4. Integrations

Melio:

• QuickBooks Online
• MS Dynamics 365
• FreshBooks
• Xero (coming soon)

Bill.com:

• QuickBooks
• Sage Intacct
• Oracle NetSuite
• Xero
• Multiple other accounting platforms

5. Payment Options

Melio:

• Free bank transfers
• Credit card payments
• Check payments (5-7 business days)
• Fast check option (3 days)
• No vendor sign-up required

Bill.com:

• ACH
• Credit card
• Check
• International wire transfer
• Access to 4.7M member network

6. Security

Both platforms maintain high security standards:

Melio:

• State-of-the-art cryptographic algorithms
• AICPA SOC 2 compliant
• PCI DSS certification
• Employee fraud detection training

Bill.com:

• Multi-layered security
• AICPA SOC 2 compliant
• HIPAA compliant
• No third-party payment issuance

Making Your Decision

Consider these questions when choosing between platforms:

• How easy will it be to implement and use the software?
• How many users need system access?
• Do the features meet your specific needs?
• Will it integrate with your current accounting software?
• How accessible is your data?
• Are the security measures sufficient?
• What do customer reviews indicate?

Conclusion

According to small business reviewers, Melio edges out Bill.com in several areas:

• Setup and implementation
• Ease of use and administration
• Ongoing innovation
• Future updates and features
• Support quality

Bill.com excels in:

• Accounts payable automation
• Breadth of integration options
• Enterprise-level features

Industry Fit:

• Melio: Best for accounting, marketing, and advertising firms
• Bill.com: Ideal for accounting, non-profit, computing, and financial services companies

Before making your final decision, consider signing up for free trials and requesting product demos to test specific functions. Both platforms come highly recommended, and with this information, you're well-equipped to make the right choice for your business.