Financial operations platform BILL has introduced new capabilities for small businesses and accounting firms.
The San Jose company announced Wednesday (Oct. 25) that it was rolling out automation technology to help small and medium-sized businesses (SMBs) and accounting practices gain more control over and visibility into their accounts payable (AP) workflows.
“Small businesses and accountants move fast and want to focus on growing and managing their businesses,” BILL Chief Product Officer Irana Wasti said in a news release.
“To do this, they need tools that can increase efficiency, and give them confidence in their financial operations. New purchase order capabilities from BILL will deliver better visibility, greater accuracy, and faster matching to help streamline financial workflows.”
BILL says its SMB and accountant customers that use Intuit QuickBooks desktop software can now view purchase orders, and match and pay invoices in one workspace.
In addition, customers can now synch purchase order (POs) and receipt details from QuickBooks Desktop to BILL, letting them track the progress and status of POs, “and automate two-way and three-way matching between POs, receipts, and invoices to streamline AP processes,” the release said.
The product launch comes at a time when SMBs are under increased pressure to rein in costs as access to funding from traditional lenders grows scarce.
Data from a recent study conducted by PYMNTS Intelligence and Cross River, the share of SMBs that reported having access to business financing sources fell from 42% to 39% between April and July.
Even bigger firms, which tend to be financially stable, faced obstacles to accessing financing, with just 46% reporting access to business financing in July, down from 59% in April.
“The study reveals that smaller SMBs — generating less than $1 million in annual revenue — are particularly vulnerable during tough economic times,” PYMNTS wrote earlier this month. “Nearly 10% of these smaller firms consider themselves at risk of closure.”
BILL also recently integrated its AP, accounts receivable (AR), and spend and expense management solutions into one tool, dubbed the BILL Financial Operations Platform.
Announced last month, the platform lets SMBs optimize and manage their cash flow effectively, the company said.
“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,” Wasti said at the time.
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