Company Research Report: BILL Operations, LLC
Company Overview
Name: BILL Operations, LLC
Mission: To simplify, digitize, and automate back-office financial processes for small and mid-sized businesses. BILL aims to connect businesses and facilitate smooth financial transactions by making paper-based processes obsolete.
Founding Details: The company was founded by René Lacerte.
Key People:
- René Lacerte: CEO and Founder
- John Rettig: President and Chief Financial Officer
- Sarah Acton: Chief Customer Officer
- Raj Aji: Chief Legal and Compliance Officer
- Bobbie Grafeld: Chief People Officer
- Ken Moss: Chief Technology Officer
- Sofya Pogreb: Chief Operating Officer
- Irana Wasti: Chief Product Officer
- Mary Kay Bowman: EVP, GM of Payments and Financial Services
Headquarters: San Jose, California, USA
Number of Employees: No information is available.
Revenue: BILL’s core revenues jumped 173% in 2022 as reported by the Middle Market 100 list.
What the Company is Known For: BILL is renowned for its financial operations platform that helps automate accounts payable (AP), accounts receivable (AR), and spend and expense management tasks. Known for streamlining financial workflows, the company transforms how businesses manage cash inflows and outflows.
Products
1. BILL Accounts Payable
- Description: Automates the AP process from bill creation to payments with an easy integration with accounting software.
- Key Features:
- ACH payments
- Pay by card
- International payments
- Simplified invoicing and approvals
2. BILL Accounts Receivable
- Description: Streamlines incoming cash processes, helping businesses get paid faster.
- Key Features:
- Invoice management
- Customer payment portal
- Accounts receivable automation
3. BILL Spend & Expense
- Description: Offers spend and expense management tools integrated with corporate credit card solutions.
- Key Features:
- Business credit lines ($500-$5M)
- Budget management
- Expense management
- Virtual cards and reimbursements
- Integration with accounting software like QuickBooks and NetSuite
4. Integrated Financial Operations Platform
- Description: A unified platform for managing AP, AR, spend, and expense for end-to-end financial automation.
- Key Features:
- Single login for all operations
- Sync with leading accounting software
- AI-driven efficiency and error reduction
Recent Developments
New Product Launches and Features:
- BILL Insights & Forecasting: Introduced in March 2024, it’s a predictive cash flow tool to enhance the visibility and management of business finances.
- BILL Spend & Expense API: Launched to facilitate easy integration and enhance the functionality.
- New Purchase Order Capabilities: Announced in October 2023 to give small and midsize businesses better control over financial workflows.
- Improved Vendor Network and Security Features: Enhanced in recent updates to streamline AP and expense management processes.
Partnerships:
- Partnered with Regions Bank to develop CashFlowIQ, enhancing money management for business clients.
- Collaborated with Airwallex to enable faster international payments for business clients.
Awards and Recognition:
- Named G2's #1 Accounting and Finance Software in 2024.
- Included in Inc.'s Annual Power Partner Awards as one of the best B2B providers for SMBs.
Leadership Additions:
- Mary Kay Bowman joined as EVP, GM of Payments and Financial Services.
- Bobbie Grafeld appointed as Chief People Officer.
Acquisitions:
- Completed the acquisition of Finmark, a financial planning software provider, in November 2022.
Strategic Developments:
- BILL is focusing on expanding capabilities in AI and cloud-based technologies, helping SMBs transition from manual financial processes to automated systems.
- The company is actively advancing its software to cater to evolving business needs, including enhanced financial data security and mobile app functionalities.
This report covers key areas of BILL Operations, LLC and provides insights into its operational highlights and market strategies. The company continues to focus on automating back-office financial processes, helping businesses manage their financial operations effectively and efficiently.
