BILL has integrated its accounts payable (AP), accounts receivable (AR), and spend and expense management solutions into a single platform.
The new BILL Financial Operations Platform allows small- to medium-sized businesses (SMBs) to optimize and manage their cash flow effectively, the provider of financial automation software for SMBs said in a Thursday (Sept. 7) press release.
“We’ve pioneered a more integrated and comprehensive experience to give SMBs the ability to optimize and manage their financial operations in one place — helping them make the right financial decisions so their businesses can thrive,” Irana Wasti, chief product officer at BILL, said in the release.
The company said that over 80% of SMBs believe that automation is crucial for managing their finances and achieving strategic goals. These SMBs are seeking comprehensive and integrated solutions to effectively manage their cash flow.
The BILL Financial Operations Platform provides real-time insights into cash flow and offers various funding choices and payment options, including virtual card, international payments, Pay By Card, the BILL Divvy Corporate Card and real-time payments like Instant Transfer, the release said.
The new platform consists of three core components, per the release. BILL Accounts Payable streamlines invoice entry, approvals and payment options. BILL Accounts Receivable automates invoicing, payment tracking and collections. The third component, BILL Spend & Expense, combines free software with corporate cards, offering real-time visibility and customizable control over business finances.
The integrated platform introduces new features such as single login access, streamlined cash flow tasks, automatic synchronization with accounting software and simplified user roles, according to the press release.
Accountants partnering with BILL will be able to access the integrated platform through the Accountant Console, which will offer visibility and control across client accounts, enhancing client advisory services, the release said.
The BILL Financial Operations Platform is now available, and the new BILL Accountant Console will be generally available in the fourth quarter, per the release.
BILL previewed the launch of this unified platform experience for small businesses in August during its quarterly earnings call, saying the new product fulfills a priority it set a year ago.
“Our tightly woven solution with consolidated insights and unified data enables businesses to manage more of their financial back-office in one place than ever before,” BILL CEO and Founder Rene Lacerte said at the time.
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