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Small and Medium-Sized Businesses Flock to Financial Operations Platforms Amid Economic Uncertainty

Small and medium-sized businesses (SMBs) are increasingly turning to financial operations platforms to enhance their cash flow management in the midst of economic unpredictability, BILL CEO René Lacerte revealed Thursday (Aug. 22).

In a recent earnings call, Lacerte emphasized that BILL, a financial operations platform tailored for SMBs, is witnessing growth by assisting SMBs with their operational needs.

According to Lacerte, “This growth signifies the incredible value our products and services offer to SMBs.” Lacerte highlighted BILL’s recent achievements, stating, “We transform the intricate back-office financial tasks that consume SMBs’ time and money into streamlined automated solutions that provide visibility and control. We empower SMBs to operate more efficiently.”

In the fiscal year concluded on June 30, BILL experienced a 22% increase in total revenue, with the number of businesses leveraging its platform soaring from 461,000 to 474,600, as per a deck shared during the call.

SMBs are embracing purpose-built financial operations platforms to replace manual processes, automate financial operations, facilitate payment transactions, monitor budgets and cash flow, and attain insights, visibility, and control, the presentation revealed.

This platform enables SMBs to gain real-time insights into cash flow and financial standing, empowering them to make informed decisions more effortlessly, according to the presentation.

To further cater to this growing demand, BILL has enhanced its offerings. Over the past fiscal year, the company introduced its integrated platform merging its accounts payable (AP) and spend and expense management solutions; integrated a data and analytics layer into the platform to provide businesses with a holistic cash flow view; and incorporated artificial intelligence (AI) throughout the platform to streamline and personalize the user experience, as Lacerte mentioned during the call.

Lacerte highlighted, “Furthermore, we revamped our mobile application from scratch to leverage our evolving platform, ensuring our customers can seamlessly manage their operations whether at the office or on the go.”

In addition, BILL collaborates with accounting firms to help them deliver enhanced services to their clients, along with financial institutions and software companies to deliver embedded solutions to their customers, shared Lacerte.

“The foundation of our ecosystem strategy revolves around expanding our reach and catering to SMBs wherever they choose to conduct business,” he added.

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