Friday, December 13, 2013 - 11:03

By Mark Orttung, President and COO, Bill.com

One of our greatest successes this year has been the rapid growth of the Bill.com Business Payments Network. As of December 2013, our first-of-its-kind Network has enabled more than 275,000 members to pay and get paid millions of bills worth over $12 billion annually, and to share financial data and collaborate with trading partners.

To drive future growth, Bill.com is bringing the power and ease of Bill.com to serve new, broader markets. A key component of this initiative is the Bill.com App Center, which showcases partner applications with seamless integrations to the Bill.com Platform using the resources available in our Developer Program. These applications — along with connectors developed by integrators and custom applications designed by customers — create financial process efficiencies and capabilities previously unattainable by customers.

Since the App Center’s September roll out, our partners have enjoyed significant business upside, inspiring us to take the next step. I’m pleased that we can now offer a more comprehensive program that gives developers a simple way to integrate applications with the Bill.com Platform. The new developer website (accessible at http://developer.bill.com) presents the revamped Bill.com Developer Program and  offers sample code, use cases and FAQs to help commercial application developers, integrators, and customers develop applications on the Bill.com Platform.

The Bill.com Platform provides application developers, integrators, and customers advantages unmatched by any other development platform. The Platform enables developers and integrators to add automated payments to their solutions, bridging the “last mile” between financial applications and payments. In addition, they are able to leverage financial and payment data across trading partners, with no data loss or inefficiencies. With the capabilities enabled by the Bill.com Platform, developers can easily create end-to-end solutions to support the workflows for financial professionals.

We thank the developer community for inspiring us to refine the Bill.com Developer Program. We look forward to seeing the new and exciting ways our powerful platform will be used for financial process innovations.

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Friday, December 13, 2013 - 10:34

Bill.com, the leader in integrated bill payment, invoicing and cash flow management solutions for businesses, announced that it will offer a free webinar, “Quick-Start Training for a Paperless 2014” on Wednesday, December 18, at 10 a.m. PT. Registration is available here

Hosted by Bill.com Founder and CEO René Lacerte, the webinar will walk attendees through the simple steps needed to banish paper checks and bills as well as stop the paper chase around their offices. He will explain how to make a quick and easy transition from paper to a cloud-based environment, covering the benefits of—and different approaches to—automation as well what to look for in a cloud solution.

 

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Tuesday, December 10, 2013 - 11:05

The crisp mornings and falling snowflakes make summer vacations seem like a distant past, but we want to remember the fun of summer vacation, so we caught up with our Bills on Vacation photo contest winner Cindy Schroeder, of Bright Bookkeeping, to see how she is enjoying her prize and talk about how she and her clients use Bill.com.

BDC:I understand you follow us on Twitter and Facebook and won the grand prize for our Bills on Vacation photo contest - a GoPro Hero 3 - What have you used or plan to use the camera for?

Cindy:  Well this all begins with a funny story - I met Bill.com’s CEO René at Scaling New Heights this year, I attended a lunch and just happened to sit next to him. Then some time had passed since the conference and I was working late and noticed the contest and thought “I have funny picture, maybe it will make René laugh,” and submitted it.

It was a surprise to win! I haven’t used the camera yet but I thought it would be fun to take with me to the 2014 Figure Skating Nationals in Boston or cool to strap to myself on a roller coaster at a Disney park, since it is more of an action camera versus a point and shoot.

BDC: Your caption on your winning submission was “Bill.com helps me stay a Mouseketeer even during the work week!” How has Bill.com helped you be a Mousekeeter, or just escape your desk, and keep your business running?

Cindy: I have always been a huge Walt Disney fan and Mouseketeer at heart.  I had two industry conferences located near Disney this year so we decided to purchase annual passes and make the most of them with extra trips throughout the year.
 
I was able to keep my business running which is imperative, even from the Magic Kingdom thanks to Bill.com’s mobile optimized site, either with my iPad or on my phone. It’s easy to navigate and simple to use.

BDC: What would you say is your favorite aspect of Bill.com’s service?

Cindy: Ah, that’s easy - I love that I don’t have to run around to get checks signed. Many of my clients use ACH payments and I haven’t found much resistance from clients or vendors in adopting ACH, especially once they realize how easy it is.

You put everything into Bill.com and so do they, meaning that your private bank information is concealed from the other party, protecting everyone involved, you send & recieve money faster and with better notification via email.

BDC: The end of the year and the holiday season can get crazy for many businesses - what are some steps you think business owners or finance managers could take to help business run smoothly and be able to step away from their desk during the holiday season?

Cindy: I would say the first step would be to pick one new technology to help you work more virtually. Identify what that could be by asking: What current procedure gives me the biggest headache? Bill pay, invoicing, email, document storage and access- whatever it is, there is a solution that can make you more efficient and let you spend more time with your family during the holidays instead of at your desk. Many applications offer trainings or trials that you can take advantage of now, before the end of the year.

For more about how to go paperless before 2014 - Join us for our Countdown Webinar. Register here.

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Friday, December 6, 2013 - 15:57
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Friday, December 6, 2013 - 13:39

By Brian Jacobs, General Partner, Emergence Capital Partners

(Reposted from Emergence Capital Partners Blog)

Last night, we honored some of our portfolio companies at the Emergence Capital Annual CEO Forum, an afternoon and dinner with all of our portfolio company CEOs.  Here is the text of my toast to Rene Lacerte, founder and CEO of Bill.com:

"Every year, we celebrate with our CEOs at the end of the year.  We want to thank you for your tireless efforts and we want to recognize some of you who achieved significant milestones during the year.

At Emergence Capital, our mission is to build industry leading SaaS companies, and if we are doing our job – and we think we are – then by coming to this dinner you are almost guaranteed to meet famous software entrepreneurs who have disrupted billion dollar markets.

If you have been coming for a few years, you may have sat next to Lars Dalgaard, or Aaron Levie.  If it’s your first time, then you may be sitting next to the next Peter Gassner or David Sacks.  If fact if you are here, you much more likely to become a famous software entrepreneur or a billionaire, then almost any audience I can think of.

In addition to our Company of the Year Award, we also give something called the Emergence Award.  The Emergence Award is not for the big successful sale or IPO, but a company that is working its tail off, executing, making their customers happy, often without much public recognition."

Read the entire text here.

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Tuesday, November 26, 2013 - 14:28

René Lacerte, Founder & CEO, BIll.com

Bill.com

2013 has been an amazing year for Bill.com. We have seen growing traction with the banking industry, made major strides in automating once mundane tasks for accountants and bookkeepers, grown our Business Payments Network to record numbers, received countless awards and accolades, and even secured another $38 million in funding to help us reach more businesses and bring our growing community even better solutions. It has been a great yearone of the best ever and the energy at the company is palpable.

I make it a habit to acknowledge my gratitudes daily and with so many wonderful successes, Thanksgiving is a great time to call some of them out.  And, so, I would like to thank:

  • Our employees: Our team is dedicated and determined to make a difference in the world.  I have been blown away by the dedication, commitment and passion through out the organization this year.  Every challenge has not been seen as an obstacle, but instead a catalyst.  I am especially grateful that new recruits notice this approach and share the same enthusiasm as we do.  I know it is our passion that makes Bill.com so beloved by our customers—just look at our amazing Net Promoter scores (which judge customer loyalty) for validation.
  • Our customers: You push us to do amazing things and you give us the feedback we need to make change happen. This year, I had several opportunities to be on panels with our customers or to do webinars with them, all of which were true pleasures. You get what we are trying to do, and it is your inspiration that drives our passion. Bill.com is truly a community effort.
  • Our investors: Your belief in the Bill.com vision is helping us bring our technology to more people than ever before possible.
  • Our partners: Together, we are making business easier for people and solving business problems that span all company functions.
  • The cloud: It may seem strange to thank a technology but, without it, we simply couldn’t exist. I believe the cloud is a game changer for how we build and consume technology. The cloud makes automation possible in our mobile world. It gives us the freedom to work effectively from anywhere at any time, with all the data we need at hand. And, it creates so much more collaboration within companies and between customers and vendors. 
  • My family: The fact is that Bill.com was founded from my desire as a CEO to find a way to escape the mundane day-to-day tasks of business so I could focus on the bigger ideas and issues at hand. But clearing away minutiae also gives you more time to enjoy your family, and I am grateful to have mine—and to have more time to spend with them.

Have a wonderful Thanksgiving.

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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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