Tuesday, November 26, 2013 - 14:28

René Lacerte, Founder & CEO, BIll.com

Countdown to Paperless

7, 6, 5...

4... Download your free Inc. Magazine Guide to Cloud-based Automation

Learn why going paperless with a cloud-based solution gives you:

  • Huge savings of time and money
  • Real-time insight into business performance
  • Secure mobile access, and much more

     Download here.

3... Get all your questions answered

Attend a free “Ask Me Anything” session online with a well-known financial executive who had your same questions not so long ago. 

Join us for a webinar with live Q&A featuring Jim Cook, Chief Financial Officer, Mozilla on Tuesday, December 10, 2013a – 11AM PT / 2PM ET

     Register here.

2... Take a free guided tour online

Not a canned demo – a private, one-on-one tour with a cloud-solution expert

     Reserve now.

1... Try Bill.com now – no credit card required

It’s even easier than it sounds, because Bill.com works with your accounting software, set-up takes less than 60 minutes on average, and expert, friendly help by phone is now free.

     Get started.

Happy Paperless New Year!

Hundreds of thousands of businesses have already gone paperless by moving their finances to the cloud, boosting productivity and slashing costs via:

  • Streamlined bill payment and approvals
  • Accelerated invoicing and collections
  • Simplified cash flow projection and control

     Try it now.

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Tuesday, November 19, 2013 - 14:33

The new features in Bill.com’s November Release ease the process of integrating applications with Bill.com and enhance the overall customer experience. You can read more about them below.

Bill.com customers can access a more detailed explanation of the features in our Release Notes; they may also review the Answers Pages for additional information.

For a live discussion of the new features, attend our Release Webinar on November 25, 2013 at 9am PT. You can register for the Webinar.

Improved Integration

  • Improved Import/Export: Expands the types of data that can be imported into Bill.com. The process is also simpler, cleaner, and easier to use. Anyone who wants to integrate data from accounting systems or financial applications that don’t currently sync with Bill.com can do so efficiently.
  • Salesforce.com App (Beta): Turn Salesforce.com Opportunities into invoices in Bill.com, with the click of a button. Contact Customer Support if you would like to participate in the beta.
  • Intacct 2.0 (Private Beta): Our improved Intacct sync features two-way syncs for both AP and AR for the first time! Users can keep Intacct and Bill.com up-to-date with no double data entry. Contact Customer Support if you would like to participate in the beta.

Enhanced Customer Experience

  • Bill.com Document Anti-Virus Protection: All files uploaded to your Bill.com account are now scanned for viruses. Any files determined to contain a virus cannot be downloaded from Bill.com or emailed to a customer.
  • Improved account verification for Vendors: We’ve simplified the back-end bank account verification process, which will result in far fewer account verification failures, and keep things effortless for you and your vendors. 
  • Home Page Notifications help to keep you informed: Notifications at the top of the Home Page will keep you abreast of new features, updates and enhancements, use cases for existing features, and other great resources we think might be useful to you.

  • Combo Buttons: Removes extra clicks from the process of entering data in Bill.com; allows you to save the record you’re working on, and immediately start working on a new one, with just one click.

  • Duplicate record detection: When you enter Vendors, Customers, and other records, we’ll alert you if we detect any duplicates, helping to prevent future confusion and record correction.

  • De-clutter your Inbox, by deleting multiple files: Select a number of files from the Inbox to delete all at once, instead of one by one.

 

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Monday, November 11, 2013 - 21:10

By René Lacerte, CEO and Founder, Bill.com

Just the facts, please

Today we are announcing that we have raised an additional $38M in capital, bringing our total to over $80M during the past seven years.  This round was led by Rory O’Driscoll of Scale Venture Partners, included all of our existing investors and introduced new support from some premier financial institutions – Bank of America, American Express and Fifth Third Bank.  And, to cap all of this off, Pete Kight, the founder of Checkfree, the world’s largest consumer bill payment system, also participated.

Our vision

Our vision is to make business-to-business (B2B) payments easy.  That means we must eliminate the mundane manual processes that surround B2B payments.  We feel that we are well on our way to doing that (hence our monthly NetPromoter score of 70+) and are excited to get more done faster with this new capital. 

Why the strategic investment from banks

In this round we received awesome validation from core financial institutions, representing some of the best brands in the world.  Bank of America, American Express and Fifth Third Bank are some of the best brands when it comes to financial services.  The banks invested in us because they see the direction we are leading and they know that while consumer online bill payment has 80% penetration (thanks to companies like Checkfree), businesses have only 20% penetration.  Banks and visionaries like Pete Kight recognize that businesses will move to the cloud and make payments from all of their devices.  Their validation shows the power of what we have built and their belief that Bill.com is the leader when it comes to business payments.

Why I am pumped

Raising money is always challenging and I never take it for granted.  I was fortunate in this round that we actually had term sheets from five lead investors, and all of them were great.  There were a few things that tipped the scale (pun intended) in favor of Scale.  The primary reason was Rory’s experience both as an entrepreneur and as an investor backing some of the best B2B SaaS companies around – Box, Docusign, and Exact Target.  Successful VCs will tell you that one of the most important skills they have is pattern recognition.   Recognizing trends and management teams from a distance is critical.  Being recognized as part of a B2B SaaS pattern is great external validation.

How big is the opportunity

Business payments is a massive market with over 6B transactions a year worth more than $23T.  Today Bill.com manages more than $12B.  The opportunity is enormous and one we are well positioned to seize. To date we have spent $40M building a system that enables collaboration across people, systems (accounting and banking), and documents so that businesses can automate their payables, receivables and cash management. Our system today reduces the time to manage your payables, receivables and cash by 75%. 

Now, it is time to double down—and that is exactly what we are doing.  The investment we received today of $38M is almost double the investment we have received in the last seven years.  This capital will allow us to extend our benefits to so many more businesses through so many more partners.

What we will do with the money

At Bill.com, we are defining a new category: The Business Payments Network.  And, like any network, you need to care and feed it. $38M will allow us to do both with new product features and broader distribution channels.

Bill.com first and foremost is a product company with essentially five products: AP,AR, cashflow management, Sync, and document management.  We have a long list of features to add that will increase the efficiency in each of these areas.  As we always have, we will focus on making the end-to-end business processes of small and mid market businesses more efficient.  We have a number of areas where our accountant and bookkeeper partners have pushed us to improve their processes as well and we’re excited to continue to strengthen our tools for them.

In addition, we are busy implementing and partnering with some of the leading financial institutions in the country.  Once we hire more folks (yep, we’re hiring), we’ll be able to work with even more partners.

Thank you!

If you are a customer or a partner reading this, thank you.  Thank you for your awesome support and feedback, which makes us better every day. 

And if you are neither of those but are interested in being a customer or joining the team, please let us know.

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Monday, November 11, 2013 - 16:13

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Monday, November 4, 2013 - 07:45

By Lisa Lang, SVP of Marketing, Bill.com

Bill.com

Ever get the feeling you may be outgrowing your accounting software? Have you already upgraded, but found that your costs keep mounting? Or are your AP/AR functions still stuck in the 90s – bogged down in time-consuming, paper-based, processes that waste your resources? All these problems can be solved easily, by supercharging your accounting software with a cloud-based solution.

 

 

  • QuickBooks users can double or triple the life of their software, and even avoid switching altogether.
  • NetSuite users can save thousands on bill approval routing and electronic payments.
  • All system users, such as Intacct, Xero and Peachtree users, can eliminate time-consuming, paper-based manual processes throughout their companies.

Cloud-based supercharging will bring you all these benefits and more:

  • Collaborate more easily with staff, vendors and customers
  • Improve processes and controls for better protection against errors and fraud
  • Move money easily online or offline, streamlining payables and speeding receivables collection
  • Go mobile, now that you’re no longer tied to the location where paper documents are stored
  • Access all your documents online from anywhere, any time.

Hundreds of thousands of businesses have already moved their payables, receivables and cash flow management to the cloud, boosting productivity and slashing costs via:

  • Streamlined bill payment and approvals
  • Accelerated invoicing and collections
  • Simplified cash flow projection and control

It takes less than 60 minutes to accomplish all the above and more. So why wait? Avoid the hassles and cost of upgrading to a new, more expensive accounting system.
To learn more, take the Guided Tour today.

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Monday, November 4, 2013 - 07:00

By Christina Del Villar, Senior Director of Marketing, Bill.com

Chris Fenster

In 2008, Chris Fenster came up with a novel way to solve a crucial problem many small companies face. Having spent the previous 13 years as a CFO in four different start-up environments, the head of Propeller Industries had learned a lot about how to – and how not to – build a company.

“Small companies often leave strategic, mission-critical functions at risk by not involving all the critical players,” says Fenster. “We solve this with an integrated team that includes expertise at all levels – bookkeeper, controller and CFO – which clients can use part-time, paying only for what they need.”

Chris’ entrepreneurial passion took root in 1992, when he left a consulting firm to get his hands dirty with some real-world business experience. And he did actually get his hands dirty – by joining a small bike shop.
After two years, Chris and his partner had built Start to Finish into one of the largest independent bicycle dealerships in the US, eventually selling to their largest supplier.

“Building an actual company was intoxicating,” he says. “We had no idea what we were doing. We took insane risks and made nearly every mistake in the book. But a great team of people – including the expert coaches we brought in – helped us thrive.”

Today the Propeller Industries team helps other businesses thrive, providing sound financial management for 70 early-stage growth companies. What makes this possible is a secure, cloud-based “technology ecosystem” that leverages a variety of best-in-class solutions, including paperless A/P, electronic routing for bill approvals and payments, real-time reporting, mobile access to data, and much more.

Propeller first used this breakthrough technology themselves, eliminating time-consuming, paper-based processes internally and supercharging their accounting process – making Chris Fenster one of the first “No Check” CEOs – before rolling it out to their clients.

“Bill.com showed up at exactly the right time in the life of our business,” says Chris. “By automating so many tedious, manual processes, it enables us and our clients to concentrate on our goals.”

# # #

Would you like to automate your time-consuming, paper-based manual processes by moving them to the cloud? Take the Guided Tour today.

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Friday, November 1, 2013 - 14:06

 Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, released a survey revealing the three barriers that are keeping the franchise industry from reaching its true potential.

Bill.com surveyed 460 owners and finance leaders of franchises to discover what were the top issues facing the franchise industry today. Respondents identified three major obstacles to growth:

    • managing and controlling costs;
    • accurately anticipating cash flow; and
    • suffering day-to-day distractions from long-term goals.

A full white paper, “How to Super-Size Franchise Success: Survey Reveals Top Three Barriers to Growth, Identifies Financial Automation as Solution,” is available today for free download.

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Thursday, October 31, 2013 - 13:16

By René Lacerte, Founder and CEO, Bill.com

In today’s digital age, going paperless in every way possible is the only logical choice. Why kill a tree when you can read a book on your Kindle? Why print out email when you have it on your smart phone on your person all the time? And why send a check when you can send an ePayment instead? Going electronic just makes sense. Going paperless saves time, money and precious resources. So why are so many companies dependent on their paper?

It’s simple--because we are human and change is hard.

Let’s face it, companies thrive on order and routine. People like to know what their jobs are and to perform them to the best of their ability. When you ask them to fundamentally change how they work, it scares them. At Bill.com, we understand that. When we first asked accountants to give up their Excel spreadsheets and paper based processes, our biggest competition was not some other company, it was their fear to leave a tried-and-true (although ultimately broken) solution.

Going paperless requires the same type of courage that any other major decision requires. To be a change leader you need to be prepared to step forward and make that leap into the unknown.  That leap is scary, but with the right preparation you will survive--and the benefits are incredible. Here are a few lessons I have learned along the way:

  • Focus on the results, not the change. Show your employees how much better their lives will be by demonstrating what the future will look like. Focus on the end product, not the process
  • Be action-oriented: don’t delay or overexplain. Just get change underway. Get a plan in place and go
  • Be confident in your beliefs. Don’t second-guess yourself
  • Be open to new ideas: Even though confidence is key, single-mindedness does have its limits. I have learned countless lessons from my teams, and some of our greatest innovations have not been what we started out doing.

So, if you are looking to make the move to paperless, don’t delay. The time is now, and the immense savings are real. Just take that first step and make a change.

 

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Wednesday, October 30, 2013 - 15:52

By René Lacerte, Founder and CEO, Bill.com

Scary Types of Check Fraud

It’s finally here—the spookiest time of the year. Jack-o-lanterns light the way as little witches and goblins head out to trick or treat. And they will not be disappointed because, after all, childhood is a magical time. But for us adults, there are goblins not just hiding around the corner, but walking around in broad daylight.

Fraud, specifically check fraud, is one ghoulie we fear crossing our path even more than a black cat. So, in honor of this spookiest of days, I offer you four especially frightening forms of check fraud:

Forgery: Forgery most often occurs when employees issue a check without getting the proper authorization. Given the many checks written at any time at a company, it would be very easy for forged checks—especially if they aren’t for huge sums—to slip through the cracks, enabling employees to easily embezzle funds. On the other hand, when you are using a cloud-based AP/AR system, all of your payments are routed and properly tracked. No money can slip through the cracks. And when you do ePayments, you never have to worry about a paper check even existing.

Counterfeiting and Alteration: Counterfeiting means completely creating a fake check using easily available desktop publishing software. All you need to create a counterfeit check is a scanner, some software and a quality laser printer. Check alteration is when chemicals or solvents are used to erase handwriting on a check, which can then be replaced with different names and amounts. This is a frightening practice but incredibly widespread. Checks are often stolen from the mail to be altered and used. Of course, when using ePayments, you never have to worry about this (plus you save on postage) since your payments and receivables are electronic.

Check Kiting: This practice involves opening accounts at multiple banks and then using the “float time” of available funds to create fraudulent balances. If your customer is paying you via check instead of ePayment then it is easy to accept a check from them, even thinking it was legitimate, only to find it has bounced. With ePayments, checks can never bounce because money is only being moved when it is actually there.

Paperhanging: In this scenario, criminals purposefully write checks on closed accounts (their own or others) as well as reorder checks on closed accounts. Of course, how would a company ever know if their customer’s payment was on a legitimate check or not? Imagine the time it would waste if every time you got a check you needed to do a background investigation to make sure that the account was legitimate. Of course, this would cost you even more money, so why would you ever do this? And that is exactly why companies lose money to paperhanging every year.

I think you can see what I am getting at with each of these examples. In this digital day, paper checks are about as welcome as a box of raisins on Halloween. Companies lose billions of dollars every year due to check fraud and it is no longer necessary because checks are simply a relic of the past.   

So, get rid of that checkbook and move to the cloud. And have a safe, fun and chocolate-filled Halloween!

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Sunday, October 27, 2013 - 10:39

By René Lacerte, Founder and CEO, Bill.com

Rene Lacerte of Bill.com

Today our award-winning Bill.com Banking Platform got even better. We’ve listened to feedback from both banks and the SMBs they are trying to serve better, and we’ve fine-tuned our platform to better serve their needs. The latest version of the Bill.com Banking Platform includes full integration with our recently announced App Center and new features such as bank-customizable notifications and approvals.

In its first 30 days, the Bill.com App Center has already been embraced by SMBs looking to simplify their overall workflow by integrating the Bill.com cash flow management process with key business applications such as expense management.  Now, with the next generation of the Bill.com Banking Platform, banks will be able to integrate these same powerful features into their offerings, giving them more ways to add value to their customers’ business. We know their customers will be pleased.

Our banking platform also has some new features like configurable notifications and approvals. Configurable notifications enable bank partners to brand and tailor all communications with their clients, allowing for a more seamless client experience. In addition, with configurable approvals, banks can control the approval parameters on an account-by-account basis, giving them far more flexibility. Banks are also able to use these features within their own system if they have already built a custom online experience, meaning they can get all the advantages of the new Bill.com Banking Platform while still reaping benefits from the work they have already done.

Bill.com has grown into the fastest-growing business payments network in the nation because we have made it simple for our customers to pay and get paid effectively and efficiently. With today’s new platform, we have continued to demonstrate our commitment to harnessing the power of the cloud to bring banks ways to help their customers thrive and, in doing so, help the banks themselves build new revenue streams while increasing customer loyalty. We look forward to the great experiences banks will build—and their customers will enjoy—with our latest platform.

Read more about the platform in our recent Press Release.

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